Wedge Capital Management L L P NC trimmed its position in shares of Global Payments Inc. (NYSE:GPN) by 15.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 546,250 shares of the business services provider’s stock after selling 97,612 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.36% of Global Payments worth $51,910,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Frontier Capital Management Co. LLC increased its holdings in Global Payments by 0.9% in the third quarter. Frontier Capital Management Co. LLC now owns 1,836,396 shares of the business services provider’s stock worth $174,513,000 after purchasing an additional 16,898 shares in the last quarter. Andra AP fonden increased its holdings in shares of Global Payments by 76.0% during the third quarter. Andra AP fonden now owns 18,300 shares of the business services provider’s stock valued at $1,739,000 after acquiring an additional 7,900 shares in the last quarter. Westpac Banking Corp increased its holdings in shares of Global Payments by 29.1% during the third quarter. Westpac Banking Corp now owns 17,628 shares of the business services provider’s stock valued at $1,675,000 after acquiring an additional 3,973 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Global Payments during the third quarter valued at approximately $843,000. Finally, Penserra Capital Management LLC increased its holdings in shares of Global Payments by 76.9% during the third quarter. Penserra Capital Management LLC now owns 4,289 shares of the business services provider’s stock valued at $407,000 after acquiring an additional 1,865 shares in the last quarter. 97.90% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have weighed in on the company. BMO Capital Markets boosted their price objective on Global Payments from $103.00 to $115.00 and gave the stock a “positive” rating in a research report on Thursday. Nomura upped their price target on Global Payments from $83.00 to $85.00 and gave the company a “reduce” rating in a research report on Thursday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $108.00 price target (up previously from $103.00) on shares of Global Payments in a research report on Thursday. Piper Jaffray Companies upped their price target on Global Payments to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 8th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $121.00 price objective (up from $103.00) on shares of Global Payments in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $104.56.
In other Global Payments news, Director William I. Jacobs sold 8,428 shares of Global Payments stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $94.05, for a total value of $792,653.40. Following the completion of the sale, the director now directly owns 40,675 shares in the company, valued at $3,825,483.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Guido Francesco Sacchi sold 25,927 shares of Global Payments stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $95.22, for a total transaction of $2,468,768.94. Following the completion of the sale, the executive vice president now owns 34,622 shares of the company’s stock, valued at $3,296,706.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 77,155 shares of company stock valued at $7,478,710. Company insiders own 0.93% of the company’s stock.
Global Payments Inc. (NYSE GPN) traded up $0.67 during mid-day trading on Monday, reaching $99.52. 230,819 shares of the company were exchanged, compared to its average volume of 1,080,000. Global Payments Inc. has a 52-week low of $64.63 and a 52-week high of $104.83. The stock has a market capitalization of $15,840.00, a P/E ratio of 26.57, a P/E/G ratio of 1.81 and a beta of 1.14. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.27.
Global Payments (NYSE:GPN) last announced its quarterly earnings data on Wednesday, November 8th. The business services provider reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.12. Global Payments had a net margin of 7.14% and a return on equity of 18.50%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $917.31 million. During the same quarter in the prior year, the firm posted $0.89 earnings per share. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. analysts predict that Global Payments Inc. will post 3.75 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.04%. The ex-dividend date is Thursday, December 14th. Global Payments’s payout ratio is currently 2.27%.
WARNING: “Global Payments Inc. (NYSE:GPN) Position Lowered by Wedge Capital Management L L P NC” was reported by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this piece on another website, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece can be read at https://ledgergazette.com/2017/11/13/wedge-capital-management-l-l-p-nc-has-51-91-million-position-in-global-payments-inc-gpn.html.
About Global Payments
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates through three segments: North America, Europe and Asia-Pacific. The Company’s segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
Receive News & Ratings for Global Payments Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Payments Inc. and related companies with MarketBeat.com's FREE daily email newsletter.