Envestnet Asset Management Inc. Has $23.76 Million Stock Position in Global Payments Inc. $GPN

Envestnet Asset Management Inc. decreased its holdings in shares of Global Payments Inc. (NYSE:GPN) by 23.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 296,851 shares of the business services provider’s stock after selling 93,243 shares during the quarter. Envestnet Asset Management Inc. owned 0.12% of Global Payments worth $23,760,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. LRI Investments LLC raised its stake in Global Payments by 53.4% during the second quarter. LRI Investments LLC now owns 382 shares of the business services provider’s stock worth $31,000 after acquiring an additional 133 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Global Payments by 5.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 3,027 shares of the business services provider’s stock worth $242,000 after acquiring an additional 158 shares in the last quarter. Valeo Financial Advisors LLC raised its stake in Global Payments by 5.1% during the second quarter. Valeo Financial Advisors LLC now owns 3,320 shares of the business services provider’s stock worth $266,000 after acquiring an additional 161 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Global Payments by 4.1% during the first quarter. Pinnacle Associates Ltd. now owns 4,342 shares of the business services provider’s stock worth $425,000 after acquiring an additional 171 shares in the last quarter. Finally, WESCAP Management Group Inc. raised its stake in Global Payments by 2.5% during the first quarter. WESCAP Management Group Inc. now owns 7,102 shares of the business services provider’s stock worth $695,000 after acquiring an additional 176 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

GPN has been the subject of a number of recent research reports. Wells Fargo & Company raised Global Payments to a “strong-buy” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Global Payments in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Global Payments from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. B. Riley reaffirmed a “buy” rating on shares of Global Payments in a report on Wednesday, July 16th. Finally, TD Cowen cut Global Payments from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and fourteen have assigned a Hold rating to the company. Based on data from MarketBeat, Global Payments has a consensus rating of “Hold” and an average target price of $103.37.

Insider Activity

In other Global Payments news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $86.00, for a total value of $172,000.00. Following the completion of the sale, the general counsel directly owned 30,713 shares of the company’s stock, valued at $2,641,318. This trade represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.01% of the stock is currently owned by corporate insiders.

Global Payments Price Performance

Shares of GPN opened at $77.11 on Tuesday. Global Payments Inc. has a 12-month low of $65.93 and a 12-month high of $120.00. The business’s fifty day moving average is $85.77 and its 200 day moving average is $81.73. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.61. The stock has a market cap of $18.71 billion, a P/E ratio of 13.48, a P/E/G ratio of 0.76 and a beta of 0.98.

Global Payments (NYSE:GPN) last posted its earnings results on Wednesday, August 6th. The business services provider reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $3.06 by $0.04. Global Payments had a return on equity of 12.47% and a net margin of 15.07%.The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the company earned $2.93 earnings per share. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. Sell-side analysts anticipate that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

About Global Payments

Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through two segments, Merchant Solutions and Issuer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.