Corvex Management LP purchased a new stake in Global Payments Inc (NYSE:GPN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 36,800 shares of the business services provider’s stock, valued at approximately $5,893,000. Global Payments makes up approximately 0.2% of Corvex Management LP’s investment portfolio, making the stock its 26th largest holding.
Other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in shares of Global Payments by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 749,934 shares of the business services provider’s stock worth $77,341,000 after buying an additional 19,347 shares during the period. Geode Capital Management LLC grew its stake in shares of Global Payments by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 1,969,663 shares of the business services provider’s stock worth $202,756,000 after purchasing an additional 128,466 shares during the period. Cornerstone Advisors Inc. lifted its holdings 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 acquiring an additional 108 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Global Payments by 51.5% during the first quarter. Teacher Retirement System of Texas now owns 3,281 shares of the business services provider’s stock worth $448,000 after acquiring an additional 1,115 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Global Payments by 6.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,214 shares of the business services provider’s stock worth $1,258,000 after acquiring an additional 583 shares in the last quarter.
Global Payments stock traded up $1.18 during midday trading on Wednesday, reaching $164.92. 1,359,118 shares of the company traded hands, compared to its average volume of 1,751,542. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. Global Payments Inc has a 12 month low of $94.81 and a 12 month high of $175.95. The firm has a market capitalization of $26.25 billion, a price-to-earnings ratio of 31.78, a price-to-earnings-growth ratio of 1.71 and a beta of 1.02. The business has a 50 day moving average of $163.24 and a two-hundred day moving average of $152.17.
Global Payments (NYSE:GPN) last announced its quarterly earnings data on Tuesday, July 30th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.05. The firm had revenue of $1.11 billion during 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 company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.29 earnings per share. As a group, equities analysts forecast that Global Payments Inc will post 5.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.02%. Global Payments’s payout ratio is currently 0.77%.
In other news, Director William I. Jacobs sold 10,980 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $175.27, for a total value of $1,924,464.60. Following the completion of the sale, the director now owns 40,568 shares in the company, valued at approximately $7,110,353.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alan M. Silberstein sold 700 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $156.18, for a total transaction of $109,326.00. The disclosure for this sale can be found here. Insiders sold a total of 33,710 shares of company stock valued at $5,556,969 in the last 90 days. Company insiders own 0.88% of the company’s stock.
A number of equities analysts have weighed in on GPN shares. Bank of America boosted their price target on Global Payments from $160.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Piper Jaffray Companies set a $195.00 price target on Global Payments and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Barclays boosted their price target on Global Payments from $180.00 to $195.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Robert W. Baird boosted their price target on Global Payments from $188.00 to $203.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, SunTrust Banks boosted their price target on Global Payments from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. 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’s stock. Global Payments has an average rating of “Buy” and a consensus target price of $168.65.
Global Payments Profile
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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