Covington Capital Management Maintains Position in Global Payments Inc. (GPN)
Covington Capital Management held its position in shares of Global Payments Inc. (NYSE:GPN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,650 shares of the business services provider’s stock at the end of the 2nd quarter. Covington Capital Management’s holdings in Global Payments were worth $239,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in shares of Global Payments by 11,779.8% in the 2nd quarter. Janus Henderson Group PLC now owns 2,292,798 shares of the business services provider’s stock valued at $207,086,000 after acquiring an additional 2,273,498 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Global Payments by 162.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,284,298 shares of the business services provider’s stock valued at $296,636,000 after acquiring an additional 2,030,880 shares in the last quarter. Capital International Investors purchased a new stake in shares of Global Payments in the 2nd quarter valued at approximately $173,900,000. Nomura Asset Management Co. Ltd. lifted its position in shares of Global Payments by 2,062.0% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 758,483 shares of the business services provider’s stock valued at $61,195,000 after acquiring an additional 723,400 shares in the last quarter. Finally, Capital Guardian Trust Co. purchased a new stake in shares of Global Payments in the 2nd quarter valued at approximately $49,793,000. 97.84% of the stock is owned by institutional investors and hedge funds.
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Several brokerages recently commented on GPN. Robert W. Baird restated a “buy” rating and issued a $106.00 price target on shares of Global Payments in a research report on Tuesday, September 5th. Mizuho restated a “buy” rating and issued a $105.00 price target on shares of Global Payments in a research report on Sunday. Royal Bank Of Canada reduced their price target on shares of Global Payments from $103.00 to $90.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Stifel Nicolaus restated a “buy” rating and issued a $103.00 price target (up previously from $102.00) on shares of Global Payments in a research report on Friday, August 4th. Finally, Buckingham Research began coverage on shares of Global Payments in a research report on Monday, October 2nd. They issued a “buy” rating and a $113.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. Global Payments has an average rating of “Buy” and an average target price of $101.01.
Shares of Global Payments Inc. (GPN) traded up 0.59% on Friday, hitting $99.64. 579,472 shares of the stock traded hands. The firm has a market capitalization of $15.19 billion, a PE ratio of 77.30 and a beta of 1.11. The firm’s 50 day moving average is $96.20 and its 200 day moving average is $90.66. Global Payments Inc. has a 52 week low of $64.63 and a 52 week high of $100.34.
Global Payments (NYSE:GPN) last announced its quarterly earnings data on Thursday, August 3rd. The business services provider reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The business had revenue of $847.90 million for the quarter, compared to analyst estimates of $837.76 million. Global Payments had a net margin of 6.65% and a return on equity of 18.32%. The firm’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. On average, analysts expect that Global Payments Inc. will post $3.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. Global Payments’s payout ratio is 2.45%.
In related news, insider David E. Mangum sold 75,794 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $94.51, for a total transaction of $7,163,290.94. Following the transaction, the insider now directly owns 112,930 shares in the company, valued at $10,673,014.30. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Alan M. Silberstein sold 600 shares of the business’s stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $90.94, for a total transaction of $54,564.00. Following the transaction, the director now owns 47,893 shares in the company, valued at $4,355,389.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 163,549 shares of company stock worth $15,644,471. 0.93% of the stock is owned by corporate insiders.
Global Payments Company Profile
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.
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