Montag & Caldwell LLC grew its holdings in shares of Global Payments Inc. (NYSE:GPN) by 3.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,058 shares of the business services provider’s stock after acquiring an additional 178 shares during the quarter. Montag & Caldwell LLC’s holdings in Global Payments were worth $949,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Kalos Management Inc. purchased a new position in shares of Global Payments during the 2nd quarter valued at about $1,079,000. Mackenzie Financial Corp raised its holdings in shares of Global Payments by 6.1% during the 2nd quarter. Mackenzie Financial Corp now owns 17,876 shares of the business services provider’s stock valued at $3,352,000 after buying an additional 1,023 shares in the last quarter. Marco Investment Management LLC raised its holdings in shares of Global Payments by 40.0% during the 2nd quarter. Marco Investment Management LLC now owns 14,638 shares of the business services provider’s stock valued at $2,745,000 after buying an additional 4,180 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Global Payments by 7.0% during the 2nd quarter. Deutsche Bank AG now owns 1,024,982 shares of the business services provider’s stock valued at $192,225,000 after buying an additional 66,817 shares in the last quarter. Finally, NorthCoast Asset Management LLC raised its holdings in shares of Global Payments by 63.9% during the 2nd quarter. NorthCoast Asset Management LLC now owns 14,489 shares of the business services provider’s stock valued at $2,722,000 after buying an additional 5,648 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.
In other Global Payments news, CEO Jeffrey Steven Sloan purchased 2,946 shares of the firm’s stock in a transaction dated Thursday, August 5th. The stock was purchased at an average price of $169.87 per share, for a total transaction of $500,437.02. Following the completion of the purchase, the chief executive officer now directly owns 291,264 shares of the company’s stock, valued at $49,477,015.68. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Connie D. Mcdaniel acquired 1,150 shares of Global Payments stock in a transaction that occurred on Tuesday, August 10th. The shares were purchased at an average price of $173.48 per share, with a total value of $199,502.00. Following the transaction, the director now owns 13,970 shares of the company’s stock, valued at approximately $2,423,515.60. The disclosure for this purchase can be found here. Insiders acquired 4,686 shares of company stock worth $800,475 over the last three months. Corporate insiders own 1.00% of the company’s stock.
Global Payments (NYSE:GPN) last released its earnings results on Sunday, August 1st. The business services provider reported $2.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.14. Global Payments had a return on equity of 7.70% and a net margin of 10.83%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the company posted $1.31 earnings per share. The company’s revenue for the quarter was up 40.5% compared to the same quarter last year. Equities research analysts anticipate that Global Payments Inc. will post 7.82 EPS for the current year.
Global Payments declared that its board has authorized a share repurchase plan on Monday, August 2nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.63%. This is an increase from Global Payments’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, September 9th. Global Payments’s payout ratio is 16.64%.
GPN has been the topic of a number of analyst reports. BMO Capital Markets lifted their price target on Global Payments from $206.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, September 9th. Morgan Stanley decreased their price target on Global Payments from $219.00 to $185.00 and set an “equal weight” rating on the stock in a research note on Friday, September 10th. Raymond James decreased their price target on Global Payments from $240.00 to $220.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 3rd. JPMorgan Chase & Co. lifted their price target on Global Payments from $220.00 to $224.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 17th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price target on shares of Global Payments in a research note on Monday, August 2nd. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, Global Payments has a consensus rating of “Buy” and an average price target of $218.38.
Global Payments Profile
Global Payments, Inc engages in the provision of payment technology and software solutions. It operates through the following segments: Merchant Solutions, Issuer Solutions and Business & Consumer Solutions. The Merchant Solutions segment provides payments technology and software solutions to customers globally.
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