Coatue Management LLC reduced its position in Global Payments Inc. (NYSE:GPN) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,293,332 shares of the business services provider’s stock after selling 82,122 shares during the period. Coatue Management LLC’s holdings in Global Payments were worth $242,551,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of GPN. Massachusetts Financial Services Co. MA boosted its stake in shares of Global Payments by 10.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,423,916 shares of the business services provider’s stock worth $891,772,000 after acquiring an additional 436,041 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Global Payments by 20.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,268,255 shares of the business services provider’s stock valued at $800,472,000 after purchasing an additional 715,042 shares during the period. Legal & General Group Plc boosted its stake in Global Payments by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 1,726,085 shares of the business services provider’s stock valued at $323,710,000 after purchasing an additional 53,783 shares during the period. Nuveen Asset Management LLC boosted its stake in Global Payments by 4.1% during the 1st quarter. Nuveen Asset Management LLC now owns 1,539,864 shares of the business services provider’s stock valued at $310,406,000 after purchasing an additional 60,110 shares during the period. Finally, Ceredex Value Advisors LLC boosted its stake in Global Payments by 14.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 1,383,755 shares of the business services provider’s stock valued at $259,510,000 after purchasing an additional 173,721 shares during the period. 86.76% of the stock is currently owned by institutional investors.
A number of analysts have commented on the company. Zacks Investment Research downgraded Global Payments from a “buy” rating to a “hold” rating and set a $179.00 price objective for the company. in a research report on Thursday, September 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price objective on shares of Global Payments in a research report on Monday, August 2nd. JPMorgan Chase & Co. raised their price objective on Global Payments from $220.00 to $224.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 17th. BMO Capital Markets raised their price objective on Global Payments from $206.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, September 9th. Finally, Mizuho reissued a “hold” rating and issued a $190.00 target price on shares of Global Payments in a report on Monday, August 2nd. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, Global Payments presently has a consensus rating of “Buy” and a consensus target price of $219.35.
Global Payments (NYSE:GPN) last posted its earnings results on Sunday, August 1st. The business services provider reported $2.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $0.14. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.86 billion. Global Payments had a return on equity of 7.70% and a net margin of 10.83%. The company’s revenue for the quarter was up 40.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.31 earnings per share. Equities analysts forecast that Global Payments Inc. will post 7.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 10th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 9th. This is a positive change from Global Payments’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 0.64%. Global Payments’s payout ratio is currently 16.64%.
Global Payments declared that its Board of Directors has authorized a share repurchase program on Monday, August 2nd that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Connie D. Mcdaniel bought 1,150 shares of the stock in a transaction that occurred on Tuesday, August 10th. The shares were acquired at an average price of $173.48 per share, with a total value of $199,502.00. Following the completion of the transaction, the director now owns 13,970 shares in the company, valued at $2,423,515.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffrey Steven Sloan bought 2,946 shares of the stock in a transaction that occurred on Thursday, August 5th. The stock was bought at an average cost of $169.87 per share, for a total transaction of $500,437.02. Following the transaction, the chief executive officer now owns 291,264 shares of the company’s stock, valued at approximately $49,477,015.68. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 4,686 shares of company stock worth $800,475. Corporate insiders own 1.00% of the company’s stock.
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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