DAVENPORT & Co LLC Has $352,000 Stake in Global Payments Inc. $GPN

DAVENPORT & Co LLC decreased its position in shares of Global Payments Inc. (NYSE:GPN) by 12.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,402 shares of the business services provider’s stock after selling 644 shares during the period. DAVENPORT & Co LLC’s holdings in Global Payments were worth $352,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its position in Global Payments by 4,866.7% during the 1st quarter. Golden State Wealth Management LLC now owns 447 shares of the business services provider’s stock worth $44,000 after acquiring an additional 438 shares during the last quarter. Tradewinds LLC. acquired a new position in Global Payments during the 1st quarter worth $685,000. Argyle Capital Management LLC lifted its position in Global Payments by 114.4% during the 1st quarter. Argyle Capital Management LLC now owns 18,305 shares of the business services provider’s stock worth $1,792,000 after acquiring an additional 9,768 shares during the last quarter. Malaga Cove Capital LLC lifted its position in Global Payments by 85.0% during the 1st quarter. Malaga Cove Capital LLC now owns 15,094 shares of the business services provider’s stock worth $1,478,000 after acquiring an additional 6,933 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in Global Payments by 1,828.3% during the 1st quarter. Teacher Retirement System of Texas now owns 45,932 shares of the business services provider’s stock worth $4,498,000 after acquiring an additional 43,550 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Transactions at Global Payments

In related news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $86.00, for a total value of $172,000.00. Following the completion of the transaction, the general counsel owned 30,713 shares of the company’s stock, valued at $2,641,318. This represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.01% of the stock is owned by company insiders.

Global Payments Stock Performance

NYSE:GPN opened at $82.89 on Monday. Global Payments Inc. has a 12-month low of $65.93 and a 12-month high of $120.00. 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 firm has a market capitalization of $20.11 billion, a PE ratio of 14.49, a price-to-earnings-growth ratio of 0.79 and a beta of 0.98. The firm has a 50-day moving average price of $85.90 and a 200 day moving average price of $82.14.

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

Global Payments Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 12th. Global Payments’s dividend payout ratio is 17.48%.

Analysts Set New Price Targets

A number of research firms have weighed in on GPN. Mizuho raised shares of Global Payments from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $86.00 to $114.00 in a research report on Friday, July 25th. Keefe, Bruyette & Woods upped their price objective on shares of Global Payments from $81.00 to $85.00 and gave the company a “market perform” rating in a research report on Wednesday, July 9th. B. Riley reaffirmed a “buy” rating on shares of Global Payments in a research report on Wednesday, July 16th. TD Cowen lowered shares of Global Payments from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. Finally, Evercore ISI upped their price objective on shares of Global Payments from $85.00 to $90.00 and gave the company an “in-line” rating in a research report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.75.

Global Payments Profile

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.