Westpac Banking Corp raised its stake in Global Payments Inc. (NYSE:GPN) by 6.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 30,071 shares of the company’s stock after buying an additional 1,838 shares during the period. Westpac Banking Corp’s holdings in Global Payments were worth $1,986,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pictet Asset Management Ltd. boosted its position in Global Payments by 18.4% in the first quarter. Pictet Asset Management Ltd. now owns 498,150 shares of the company’s stock valued at $30,362,000 after buying an additional 77,250 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Global Payments during the first quarter valued at about $2,603,000. Lazard Asset Management LLC boosted its position in Global Payments by 66.4% in the first quarter. Lazard Asset Management LLC now owns 113,522 shares of the company’s stock valued at $7,412,000 after buying an additional 45,281 shares during the last quarter. Rafferty Asset Management LLC boosted its position in Global Payments by 49.2% in the first quarter. Rafferty Asset Management LLC now owns 17,533 shares of the company’s stock valued at $1,145,000 after buying an additional 5,784 shares during the last quarter. Finally, Cupps Capital Management LLC acquired a new position in Global Payments during the first quarter valued at about $1,553,000. 96.56% of the stock is owned by institutional investors.
Shares of Global Payments Inc. (NYSE:GPN) traded down 0.04% on Thursday, hitting $76.75. The stock had a trading volume of 99,158 shares. The stock has a market capitalization of $11.79 billion, a PE ratio of 37.62 and a beta of 1.16. Global Payments Inc. has a one year low of $51.29 and a one year high of $79.93. The firm’s 50 day moving average is $75.34 and its 200-day moving average is $73.22.
Global Payments (NYSE:GPN) last posted its earnings results on Thursday, July 28th. The company reported $0.73 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.73. The firm had revenue of $747.10 million for the quarter, compared to analyst estimates of $568.81 million. Global Payments had a return on equity of 27.99% and a net margin of 9.37%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.22 earnings per share. Equities research analysts expect that Global Payments Inc. will post $3.47 earnings per share for the current fiscal year.
Several research firms have recently issued reports on GPN. Nomura decreased their price target on Global Payments from $65.00 to $64.00 and set a “reduce” rating for the company in a research note on Friday, June 3rd. Keefe, Bruyette & Woods increased their price target on Global Payments from $88.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, July 29th. JPMorgan Chase & Co. reissued a “buy” rating and issued a $83.00 price target on shares of Global Payments in a research note on Friday, July 29th. Barclays PLC increased their price target on Global Payments from $73.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, July 29th. Finally, Zacks Investment Research cut Global Payments from a “buy” rating to a “hold” rating in a research note on Tuesday, June 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company. Global Payments has an average rating of “Buy” and an average price target of $77.07.
In other news, COO David E. Mangum sold 8,400 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $74.71, for a total value of $627,564.00. Following the sale, the chief operating officer now directly owns 172,060 shares in the company, valued at $12,854,602.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert H. B. Baldwin, Jr. sold 6,500 shares of the business’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $76.61, for a total value of $497,965.00. Following the completion of the sale, the director now owns 362,063 shares in the company, valued at $27,737,646.43. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
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 in two segments: North America merchant services and International merchant services. The Company’s North America merchant services and International merchant services segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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