Geode Capital Management LLC Raises Position in Global Payments Inc (GPN)

Geode Capital Management LLC boosted its holdings in Global Payments Inc (NYSE:GPN) by 7.0% during the fourth quarter, Holdings Channel reports. The fund owned 1,969,663 shares of the business services provider’s stock after acquiring an additional 128,466 shares during the period. Geode Capital Management LLC’s holdings in Global Payments were worth $202,756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Fort L.P. boosted its stake in shares of Global Payments by 86.6% during the 4th quarter. Fort L.P. now owns 14,320 shares of the business services provider’s stock worth $1,477,000 after purchasing an additional 6,646 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Global Payments by 0.8% during the 4th quarter. California State Teachers Retirement System now owns 255,185 shares of the business services provider’s stock worth $26,317,000 after purchasing an additional 2,077 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in shares of Global Payments by 157.5% during the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 3,265 shares of the business services provider’s stock worth $336,000 after purchasing an additional 1,997 shares during the last quarter. Brown Advisory Securities LLC boosted its stake in shares of Global Payments by 17.7% during the 4th quarter. Brown Advisory Securities LLC now owns 1,966 shares of the business services provider’s stock worth $201,000 after purchasing an additional 295 shares during the last quarter. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Global Payments during the 4th quarter worth about $14,886,000. 99.32% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Jeffrey Steven Sloan sold 167,545 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $129.59, for a total value of $21,712,156.55. Following the transaction, the chief executive officer now owns 579,207 shares in the company, valued at $75,059,435.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. B. Baldwin, Jr. sold 4,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $146.36, for a total transaction of $622,030.00. Following the completion of the transaction, the director now owns 48,382 shares in the company, valued at approximately $7,081,189.52. The disclosure for this sale can be found here. Insiders sold 211,079 shares of company stock worth $27,503,399 in the last 90 days. 0.88% of the stock is currently owned by insiders.

GPN opened at $147.96 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 1.03 and a current ratio of 1.03. Global Payments Inc has a 1 year low of $94.81 and a 1 year high of $152.24. The company has a market capitalization of $23.65 billion, a P/E ratio of 28.51, a P/E/G ratio of 1.53 and a beta of 1.20.

Global Payments (NYSE:GPN) last released its earnings results on Thursday, May 2nd. The business services provider reported $1.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.12. Global Payments had a net margin of 13.69% and a return on equity of 19.83%. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the company earned $1.13 earnings per share. The company’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, equities research analysts anticipate that Global Payments Inc will post 5.79 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.04 annualized dividend and a yield of 0.03%. Global Payments’s payout ratio is 0.77%.

Several equities research analysts have issued reports on the stock. Susquehanna Bancshares raised shares of Global Payments from a “neutral” rating to a “positive” rating and raised their price target for the stock from $130.00 to $170.00 in a research note on Tuesday, May 7th. Morgan Stanley raised their price target on shares of Global Payments from $128.00 to $137.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. JPMorgan Chase & Co. raised their price target on shares of Global Payments from $140.00 to $151.00 and gave the stock an “overweight” rating in a research note on Monday, May 6th. KeyCorp raised their price target on shares of Global Payments from $135.00 to $155.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Finally, Cantor Fitzgerald raised their price target on shares of Global Payments from $143.00 to $163.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $143.10.

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Global Payments Company Profile

Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments. The company operates in three segments: North America, Europe, and Asia-Pacific. It offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, and online reporting services.

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Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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