Avantax Planning Partners Inc. lifted its stake in Global Payments Inc. (NYSE:GPN) by 29.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,285 shares of the business services provider’s stock after purchasing an additional 290 shares during the quarter. Avantax Planning Partners Inc.’s holdings in Global Payments were worth $241,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. boosted its position in shares of Global Payments by 260.9% in the 1st quarter. Itau Unibanco Holding S.A. now owns 27,420 shares of the business services provider’s stock worth $5,527,000 after purchasing an additional 19,823 shares in the last quarter. Sculptor Capital LP purchased a new stake in Global Payments during the 1st quarter valued at $104,623,000. Addenda Capital Inc. raised its stake in Global Payments by 18.1% during the 2nd quarter. Addenda Capital Inc. now owns 12,277 shares of the business services provider’s stock valued at $2,302,000 after buying an additional 1,878 shares during the last quarter. Tiger Eye Capital LLC purchased a new stake in Global Payments during the 1st quarter valued at $9,022,000. Finally, Cloverfields Capital Group LP raised its stake in Global Payments by 38.4% during the 1st quarter. Cloverfields Capital Group LP now owns 8,503 shares of the business services provider’s stock valued at $1,714,000 after buying an additional 2,360 shares during the last quarter. 86.76% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the stock. BMO Capital Markets boosted their target price on shares of Global Payments from $206.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, September 9th. Raymond James reduced their price objective on Global Payments from $240.00 to $220.00 and set an “outperform” rating for the company in a research note on Tuesday, August 3rd. Mizuho restated a “hold” rating and issued a $190.00 price objective on shares of Global Payments in a research note on Monday, August 2nd. Oppenheimer upped their price objective on Global Payments from $231.00 to $233.00 and gave the stock an “outperform” rating in a research note on Friday, July 9th. Finally, Barclays reduced their price objective on Global Payments from $235.00 to $220.00 and set an “overweight” rating for the company in a research note on Wednesday, August 4th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $218.38.
GPN opened at $162.11 on Wednesday. The firm has a 50-day simple moving average of $175.19 and a two-hundred day simple moving average of $192.52. Global Payments Inc. has a 52 week low of $153.33 and a 52 week high of $220.81. The company has a market capitalization of $47.62 billion, a PE ratio of 55.90, a price-to-earnings-growth ratio of 1.14 and a beta of 1.16. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.
Global Payments (NYSE:GPN) last released its quarterly earnings data on Sunday, August 1st. The business services provider reported $2.04 EPS for the quarter, beating the consensus estimate of $1.90 by $0.14. Global Payments had a net margin of 10.83% and a return on equity of 7.70%. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the firm earned $1.31 EPS. The business’s revenue was up 40.5% on a year-over-year basis. As a group, sell-side analysts expect that Global Payments Inc. will post 7.82 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 10th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Thursday, September 9th. This is an increase from Global Payments’s previous quarterly dividend of $0.20. Global Payments’s dividend payout ratio is 16.64%.
Global Payments declared that its Board of Directors has approved a share buyback program on Monday, August 2nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Global Payments Company 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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