Global Payments Inc. (NYSE:GPN) Shares Bought by First Trust Direct Indexing L.P.

Posted by Defense World Staff on Sep 26th, 2023

First Trust Direct Indexing L.P. lifted its stake in shares of Global Payments Inc. (NYSE:GPN – Free Report) by 6.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,050 shares of the business services provider’s stock after purchasing an additional 258 shares during the period. First Trust Direct Indexing L.P.’s holdings in Global Payments were worth $399,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Global Payments in the 4th quarter valued at approximately $261,300,000. Mizuho Markets Americas LLC increased its holdings in shares of Global Payments by 3,956.9% in the first quarter. Mizuho Markets Americas LLC now owns 1,739,189 shares of the business services provider’s stock valued at $120,543,000 after purchasing an additional 1,696,319 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Global Payments during the 4th quarter worth approximately $131,733,000. Arrowstreet Capital Limited Partnership boosted its holdings in Global Payments by 101.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,256,929 shares of the business services provider’s stock worth $224,158,000 after buying an additional 1,136,866 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Global Payments by 50.0% in the 4th quarter. Morgan Stanley now owns 3,055,514 shares of the business services provider’s stock worth $303,474,000 after buying an additional 1,018,338 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Global Payments news, CFO Joshua J. Whipple sold 37,096 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $127.28, for a total value of $4,721,578.88. Following the completion of the sale, the chief financial officer now directly owns 39,772 shares in the company, valued at $5,062,180.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Global Payments news, CAO David M. Sheffield sold 2,016 shares of the 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 directly owns 25,045 shares in the company, valued at $2,992,126.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Joshua J. Whipple sold 37,096 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $127.28, for a total transaction of $4,721,578.88. Following the sale, the chief financial officer now owns 39,772 shares in the company, valued at approximately $5,062,180.16. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on GPN shares. Barclays upped their price objective on shares of Global Payments from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. JPMorgan Chase & Co. raised their price objective on Global Payments from $126.00 to $143.00 and gave the stock a “neutral” rating in a report on Tuesday, August 22nd. Oppenheimer reiterated an “outperform” rating and set a $122.00 target price on shares of Global Payments in a research report on Monday, July 24th. Redburn Atlantic cut Global Payments from a “neutral” rating to an “underweight” rating and set a $105.00 price target for the company. in a report on Monday, September 18th. Finally, Morgan Stanley boosted 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, Global Payments has an average rating of “Moderate Buy” and an average price target of $147.23.

View Our Latest Report on Global Payments

Global Payments Stock Up 0.3 %

NYSE GPN opened at $119.56 on Tuesday. The stock has a market capitalization of $31.08 billion, a PE ratio of 39.85, a PEG ratio of 0.82 and a beta of 0.97. Global Payments Inc. has a fifty-two week low of $92.27 and a fifty-two week high of $129.70. The business has a fifty day moving average price of $121.49 and a two-hundred day moving average price of $109.39. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.08 and a quick ratio of 1.08.

Global Payments (NYSE:GPN – Get Free Report) last released its earnings results on Tuesday, August 1st. The business services provider reported $2.62 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.19. Global Payments had a return on equity of 10.98% and a net margin of 8.65%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the business posted $2.23 EPS. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities analysts expect that Global Payments Inc. will post 9.68 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.00 annualized dividend and a yield of 0.84%. Global Payments’s payout ratio is 33.33%.

About Global Payments

(Free Report)

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.