Global Payments (NYSE:GPN – Get Rating) had its price objective trimmed by Raymond James from $190.00 to $174.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the business services provider’s stock.
Other analysts also recently issued reports about the stock. Oppenheimer reduced their price target on shares of Global Payments from $152.00 to $144.00 and set an outperform rating for the company in a report on Tuesday. BMO Capital Markets increased their price target on shares of Global Payments from $217.00 to $232.00 in a report on Wednesday. Citigroup dropped their price objective on shares of Global Payments from $195.00 to $180.00 in a research note on Monday, April 25th. Stephens began coverage on shares of Global Payments in a research note on Wednesday, April 6th. They issued an overweight rating and a $170.00 price objective for the company. Finally, Barclays dropped their price objective on shares of Global Payments from $182.00 to $160.00 in a research note on Tuesday, May 3rd. Six investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $175.03.
Global Payments Price Performance
NYSE GPN opened at $128.60 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 1.06 and a debt-to-equity ratio of 0.45. The company has a fifty day simple moving average of $118.48 and a 200 day simple moving average of $129.30. The company has a market cap of $36.21 billion, a P/E ratio of 714.48, a P/E/G ratio of 0.78 and a beta of 1.04. Global Payments has a 1 year low of $105.52 and a 1 year high of $179.27.
Global Payments Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Thursday, September 15th. This represents a $1.00 dividend on an annualized basis and a yield of 0.78%. Global Payments’s payout ratio is 555.59%.
Global Payments declared that its Board of Directors has authorized a share buyback program on Monday, August 1st that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Insider Buying and Selling
In other Global Payments news, EVP David Lawrence Green sold 16,252 shares of Global Payments stock in a transaction on 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 transaction, the executive vice president now directly 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 SEC, which is available at the SEC website. 1.19% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Global Payments
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nichols & Pratt Advisers LLP MA boosted its position in Global Payments by 15.0% during the second quarter. Nichols & Pratt Advisers LLP MA now owns 36,971 shares of the business services provider’s stock worth $4,090,000 after purchasing an additional 4,829 shares during the period. Asio Capital LLC bought a new stake in shares of Global Payments in the second quarter valued at about $2,155,000. Aviva PLC boosted its position in shares of Global Payments by 49.9% in the second quarter. Aviva PLC now owns 160,025 shares of the business services provider’s stock valued at $17,705,000 after acquiring an additional 53,283 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Global Payments by 5.3% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 157,513 shares of the business services provider’s stock valued at $17,427,000 after acquiring an additional 7,928 shares during the period. Finally, Thoroughbred Financial Services LLC bought a new stake in shares of Global Payments in the second quarter valued at about $293,000. 84.53% of the stock is owned by institutional investors.
About Global Payments
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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