Redwood Investments LLC purchased a new position in Global Payments Inc (NYSE:GPN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 62,216 shares of the business services provider’s stock, valued at approximately $9,963,000.
Several other large investors also recently bought and sold shares of GPN. Lenox Wealth Advisors LLC purchased a new position in shares of Global Payments during the 2nd quarter valued at $25,000. Cornerstone Advisors Inc. boosted its stake in Global Payments by 114.9% during the first quarter. Cornerstone Advisors Inc. now owns 202 shares of the business services provider’s stock worth $28,000 after buying an additional 108 shares during the period. Berman Capital Advisors LLC boosted its stake in Global Payments by 317.5% during the first quarter. Berman Capital Advisors LLC now owns 238 shares of the business services provider’s stock worth $32,000 after buying an additional 181 shares during the period. Lindbrook Capital LLC boosted its stake in Global Payments by 171.2% during the first quarter. Lindbrook Capital LLC now owns 320 shares of the business services provider’s stock worth $43,000 after buying an additional 202 shares during the period. Finally, Legacy Advisors LLC purchased a new position in Global Payments during the first quarter worth about $44,000. 97.97% of the stock is currently owned by institutional investors.
In other news, Director Robert H. B. Baldwin, Jr. sold 4,250 shares of Global Payments stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $146.36, for a total value of $622,030.00. Following the transaction, the director now directly owns 48,382 shares of the company’s stock, valued at approximately $7,081,189.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William I. Jacobs sold 600 shares of Global Payments stock in a transaction on Monday, July 15th. The shares were sold at an average price of $165.05, for a total transaction of $99,030.00. Following the completion of the transaction, the director now directly owns 30,188 shares in the company, valued at $4,982,529.40. The disclosure for this sale can be found here. Insiders sold a total of 5,550 shares of company stock worth $831,625 over the last ninety days. Corporate insiders own 0.88% of the company’s stock.
Global Payments (NYSE:GPN) last issued its earnings results on Tuesday, July 30th. The business services provider reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.05. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Global Payments had a net margin of 13.62% and a return on equity of 20.36%. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 earnings per share. As a group, equities analysts forecast that Global Payments Inc will post 5.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.01 dividend. The ex-dividend date is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.03%. Global Payments’s payout ratio is 0.77%.
Several brokerages have weighed in on GPN. Oppenheimer increased their target price on shares of Global Payments from $161.00 to $178.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Deutsche Bank increased their target price on shares of Global Payments from $162.00 to $182.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. KeyCorp increased their target price 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. BMO Capital Markets lowered shares of Global Payments from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $164.00 to $173.00 in a research note on Wednesday, May 29th. Finally, Wedbush increased their target price on shares of Global Payments from $168.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $164.74.
About Global Payments
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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