NuWave Investment Management LLC Sells 3,322 Shares of Global Payments Inc. (NYSE:GPN)

NuWave Investment Management LLC lowered its stake in Global Payments Inc. (NYSE:GPNGet Rating) by 75.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,064 shares of the business services provider’s stock after selling 3,322 shares during the quarter. NuWave Investment Management LLC’s holdings in Global Payments were worth $146,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Cardinal Capital Management Inc. bought a new position in Global Payments in the first quarter valued at approximately $13,097,000. Stableford Capital II LLC acquired a new stake in shares of Global Payments in the first quarter valued at approximately $682,000. Veriti Management LLC raised its holdings in shares of Global Payments by 14.1% in the first quarter. Veriti Management LLC now owns 3,689 shares of the business services provider’s stock valued at $505,000 after purchasing an additional 456 shares during the last quarter. Sage Capital Advisors llc raised its holdings in shares of Global Payments by 0.6% in the first quarter. Sage Capital Advisors llc now owns 27,102 shares of the business services provider’s stock valued at $3,656,000 after purchasing an additional 174 shares during the last quarter. Finally, Optimum Investment Advisors raised its holdings in shares of Global Payments by 8.7% in the first quarter. Optimum Investment Advisors now owns 1,884 shares of the business services provider’s stock valued at $258,000 after purchasing an additional 150 shares during the last quarter. 84.53% of the stock is currently owned by hedge funds and other institutional investors.

GPN opened at $111.30 on Thursday. Global Payments Inc. has a twelve month low of $105.52 and a twelve month high of $196.88. The company has a 50-day simple moving average of $125.98 and a 200 day simple moving average of $133.57. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $31.34 billion, a price-to-earnings ratio of 31.89, a P/E/G ratio of 0.71 and a beta of 0.99.

Global Payments (NYSE:GPNGet Rating) last posted its quarterly earnings data on Monday, May 2nd. The business services provider reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.05. Global Payments had a net margin of 11.66% and a return on equity of 8.79%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the prior year, the business posted $1.72 earnings per share. Global Payments’s revenue was up 8.3% compared to the same quarter last year. Sell-side analysts anticipate that Global Payments Inc. will post 9.09 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, June 10th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, June 9th. This represents a $1.00 annualized dividend and a yield of 0.90%. Global Payments’s dividend payout ratio is 28.65%.

GPN has been the topic of a number of recent research reports. Stephens initiated coverage on shares of Global Payments in a report on Wednesday, April 6th. They issued an “overweight” rating and a $170.00 price objective on the stock. StockNews.com initiated coverage on shares of Global Payments in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley lowered their price objective on shares of Global Payments from $156.00 to $123.00 and set an “equal weight” rating on the stock in a report on Tuesday. Citigroup lowered their price objective on shares of Global Payments from $195.00 to $180.00 in a report on Monday, April 25th. Finally, Wells Fargo & Company initiated coverage on shares of Global Payments in a report on Monday, April 4th. They set an “overweight” rating and a $194.00 target price on the stock. Five analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.30.

In related news, EVP David Lawrence Green sold 16,252 shares of the company’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $130.10, for a total transaction of $2,114,385.20. Following the completion of the sale, the executive vice president now owns 97,818 shares of the company’s stock, valued at $12,726,121.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.19% of the company’s stock.

Global Payments Profile (Get Rating)

Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Business and Consumer Solutions. The Merchant Solutions segment 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 on-line reporting services.

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Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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