NFJ Investment Group LLC Trims Stake in Global Payments Inc. (NYSE:GPN)

NFJ Investment Group LLC trimmed its stake in Global Payments Inc. (NYSE:GPN) by 5.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 117,362 shares of the business services provider’s stock after selling 7,174 shares during the period. NFJ Investment Group LLC’s holdings in Global Payments were worth $22,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its stake in shares of Global Payments by 6.0% in the 2nd quarter. Commonwealth Equity Services LLC now owns 17,466 shares of the business services provider’s stock worth $3,275,000 after purchasing an additional 985 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Global Payments during the second quarter worth approximately $217,000. Great West Life Assurance Co. Can increased its holdings in Global Payments by 2.1% during the second quarter. Great West Life Assurance Co. Can now owns 242,975 shares of the business services provider’s stock valued at $45,552,000 after buying an additional 5,064 shares during the period. Callahan Advisors LLC increased its holdings in Global Payments by 18.1% during the second quarter. Callahan Advisors LLC now owns 25,834 shares of the business services provider’s stock valued at $4,845,000 after buying an additional 3,968 shares during the period. Finally, Baird Financial Group Inc. grew its holdings in Global Payments by 2.5% in the second quarter. Baird Financial Group Inc. now owns 18,830 shares of the business services provider’s stock worth $3,532,000 after purchasing an additional 453 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

GPN has been the subject of several research reports. Barclays lowered their price objective on shares of Global Payments from $235.00 to $220.00 and set an “overweight” rating for the company in a research note on Wednesday, August 4th. JPMorgan Chase & Co. boosted their target price on shares of Global Payments from $220.00 to $224.00 and gave the company an “overweight” rating in a research report on Tuesday, August 17th. Zacks Investment Research downgraded shares of Global Payments from a “buy” rating to a “hold” rating and set a $179.00 target price for the company. in a research report on Thursday, September 9th. Rosenblatt Securities restated a “buy” rating and set a $240.00 target price on shares of Global Payments in a research report on Monday, August 2nd. Finally, BMO Capital Markets boosted their target price on shares of Global Payments from $206.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, September 9th. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $218.38.

NYSE GPN traded up $5.36 during trading hours on Wednesday, hitting $161.94. 40,744 shares of the company’s stock were exchanged, compared to its average volume of 1,917,249. The stock has a 50-day simple moving average of $172.33 and a 200 day simple moving average of $191.18. The firm has a market cap of $47.57 billion, a price-to-earnings ratio of 53.99, a PEG ratio of 1.14 and a beta of 1.16. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.38. Global Payments Inc. has a 1-year low of $153.33 and a 1-year high of $220.81.

Global Payments (NYSE:GPN) last posted its quarterly earnings data on Sunday, August 1st. The business services provider reported $2.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $0.14. Global Payments had a return on equity of 7.70% and a net margin of 10.83%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the company earned $1.31 earnings per share. The firm’s quarterly revenue was up 40.5% on a year-over-year basis. On average, sell-side analysts anticipate that Global Payments Inc. will post 7.82 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 24th. Shareholders of record on Friday, September 10th will be issued a dividend of $0.25 per share. This is an increase from Global Payments’s previous quarterly dividend of $0.20. The ex-dividend date is Thursday, September 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.62%. Global Payments’s dividend payout ratio is 16.64%.

Global Payments announced that its Board of Directors has initiated a stock buyback program on Monday, August 2nd that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the business services provider to reacquire up to 3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

In other news, CEO Jeffrey Steven Sloan acquired 2,946 shares of the business’s stock in a transaction dated Thursday, August 5th. The stock was purchased at an average price of $169.87 per share, for a total transaction of $500,437.02. Following the completion of the transaction, the chief executive officer now directly owns 291,264 shares in the company, valued at approximately $49,477,015.68. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Connie D. Mcdaniel purchased 1,150 shares of the stock in a transaction that occurred on Tuesday, August 10th. The stock was acquired at an average cost of $173.48 per share, with a total value of $199,502.00. Following the acquisition, the director now owns 13,970 shares in the company, valued at approximately $2,423,515.60. The disclosure for this purchase can be found here. Over the last three months, insiders bought 4,686 shares of company stock worth $800,475. Insiders own 1.00% of the company’s stock.

Global Payments Profile

Global Payments, Inc engages in the provision of payment technology and software solutions. It operates through the following segments: Merchant Solutions, Issuer Solutions and Business & Consumer Solutions. The Merchant Solutions segment provides payments technology and software solutions to customers globally.

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

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