Global Payments Inc. $GPN Stock: CenterBook Partners LP Trims Stake

CenterBook Partners LP cut its holdings in shares of Global Payments Inc. (NYSE:GPN) by 92.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,118 shares of the business services provider’s stock after selling 35,883 shares during the quarter. CenterBook Partners LP’s holdings in Global Payments were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Western Wealth Management LLC purchased a new position in shares of Global Payments in the 1st quarter worth about $34,000. Nvwm LLC bought a new position in Global Payments during the third quarter valued at about $41,000. Mather Group LLC. increased its holdings in Global Payments by 25.2% during the third quarter. Mather Group LLC. now owns 622 shares of the business services provider’s stock worth $51,000 after buying an additional 125 shares during the last quarter. Fortitude Family Office LLC raised its position in Global Payments by 365.7% in the third quarter. Fortitude Family Office LLC now owns 624 shares of the business services provider’s stock worth $51,000 after acquiring an additional 490 shares during the period. Finally, Financial Network Wealth Advisors LLC raised its position in Global Payments by 30.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 674 shares of the business services provider’s stock worth $55,000 after acquiring an additional 159 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Global Payments Trading Up 4.4%

Shares of GPN stock opened at $92.04 on Friday. The company’s fifty day simple moving average is $87.16 and its two-hundred day simple moving average is $78.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.82 and a quick ratio of 0.82. Global Payments Inc. has a 1 year low of $61.16 and a 1 year high of $102.90. The stock has a market capitalization of $24.36 billion, a price-to-earnings ratio of 6.69, a PEG ratio of 0.43 and a beta of 0.83.

Global Payments (NYSE:GPN) last posted its quarterly earnings results on Thursday, November 5th. The business services provider reported $3.58 EPS for the quarter, hitting analysts’ consensus estimates of $3.58. The firm had revenue of $3.18 billion during the quarter, compared to analyst estimates of $3.18 billion. Global Payments had a positive return on equity of 14.43% and a negative net margin of 11.21%. The business’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same period last year, the company earned $3.26 earnings per share. As a group, analysts anticipate that Global Payments Inc. will post 13.66 earnings per share for the current year.

Global Payments Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 24th. Investors of record on Thursday, December 10th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 10th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Global Payments’s dividend payout ratio is -21.93%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Oppenheimer upgraded shares of Global Payments from a “market perform” rating to an “outperform” rating and set a $115.00 target price on the stock in a research note on Thursday, October 8th. Weiss Ratings upgraded shares of Global Payments from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, October 8th. Wolfe Research restated an “outperform” rating and set a $125.00 price target (up from $110.00) on shares of Global Payments in a research note on Tuesday, August 25th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $106.00 price target (up from $102.00) on shares of Global Payments in a report on Monday, August 31st. Finally, Cantor Fitzgerald upped their price objective on Global Payments from $91.00 to $103.00 and gave the company a “neutral” rating in a research note on Monday, November 9th. Thirteen analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Global Payments presently has a consensus rating of “Hold” and an average price target of $98.76.

Top Global Payments Stories

Investors following GPN have been watching these stories:

• Positive Sentiment: After reports that private-equity firms Clayton, Dubilier & Rice and GTCR had dropped their pursuit, GPN fell sharply on Thursday. Friday’s rebound suggests some investors may be buying after the decline. A technical analysis article identifies roughly $81 as a possible support level, though that is not a guarantee of a reversal. Stock of the Day: Where is the Bottom for Global Payments?
• Neutral Sentiment: Sanford C. Bernstein raised its price target for GPN but maintained a Hold rating, offering a more favorable valuation view without signaling a bullish change in its recommendation. Global Payments Stock Gets Price Target Increase from Sanford C. Bernstein
• Negative Sentiment: The reported end of takeover discussions removes the possibility of a deal premium that had supported investor expectations. The news triggered Thursday’s steep decline and remains the key near-term concern for GPN shareholders. CD&R, GTCR drop pursuit of Global Payments, sources say

About Global Payments

Global Payments Inc. is a payment technology and software company that helps businesses accept and manage payments. Its services support in-person, online and mobile transactions, along with point-of-sale systems and software for business operations. The company also provides technology to financial institutions and other organizations that issue payment cards. Its services include card processing, account management and related digital tools. Global Payments serves customers across a range of industries and operates internationally, with services available in many countries.