Connor Clark & Lunn Investment Management Ltd. decreased its stake in Global Payments Inc. (NYSE:GPN – Free Report) by 71.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,141 shares of the business services provider’s stock after selling 25,703 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Global Payments were worth $1,067,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in GPN. Glassman Wealth Services increased its holdings in shares of Global Payments by 94.3% in the 1st quarter. Glassman Wealth Services now owns 239 shares of the business services provider’s stock worth $25,000 after buying an additional 116 shares during the last quarter. Clear Street Markets LLC bought a new position in shares of Global Payments in the 4th quarter worth $27,000. Venturi Wealth Management LLC bought a new position in shares of Global Payments in the 1st quarter worth $29,000. MV Capital Management Inc. increased its holdings in shares of Global Payments by 166.7% in the 1st quarter. MV Capital Management Inc. now owns 296 shares of the business services provider’s stock worth $31,000 after buying an additional 185 shares during the last quarter. Finally, Vigilant Capital Management LLC bought a new position in shares of Global Payments in the 1st quarter worth $34,000. Institutional investors own 85.68% of the company’s stock.
Analyst Upgrades and Downgrades
GPN has been the topic of several recent research reports. StockNews.com initiated coverage on shares of Global Payments in a report on Thursday, August 17th. They set a “buy” rating on the stock. Evercore ISI initiated coverage on shares of Global Payments in a report on Friday, May 5th. They set a $116.00 target price on the stock. Truist Financial increased their target price on shares of Global Payments from $145.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday. The Goldman Sachs Group increased their target price on shares of Global Payments from $128.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, August 2nd. Finally, Morgan Stanley increased their target price on shares of Global Payments from $144.00 to $146.00 and gave the company an “overweight” rating in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.63.
Insider Transactions at Global Payments
In other news, CAO David M. Sheffield sold 2,016 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $119.47, for a total value of $240,851.52. Following the transaction, the chief accounting officer now owns 25,045 shares in the company, valued at $2,992,126.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.30% of the company’s stock.
Global Payments Trading Down 0.2 %
NYSE:GPN opened at $123.45 on Wednesday. Global Payments Inc. has a one year low of $92.27 and a one year high of $136.64. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.08 and a quick ratio of 1.08. The company’s 50-day simple moving average is $111.24 and its 200 day simple moving average is $107.56. The firm has a market capitalization of $32.10 billion, a P/E ratio of 41.15, a PEG ratio of 0.86 and a beta of 1.00.
Global Payments (NYSE:GPN – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The business services provider reported $2.62 EPS for the quarter, topping the consensus estimate of $2.43 by $0.19. Global Payments had a net margin of 8.65% and a return on equity of 10.98%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm posted $2.23 earnings per share. Global Payments’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, analysts forecast that Global Payments Inc. will post 9.67 EPS for the current fiscal year.
Global Payments Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.00 annualized dividend and a dividend yield of 0.81%. Global Payments’s dividend payout ratio is presently 33.33%.
Global Payments Profile
Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Consumer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.
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