Prudential Financial Inc. Cuts Stake in Global Payments (GPN)

Prudential Financial Inc. lessened its holdings in Global Payments (NYSE:GPN) by 19.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,382 shares of the business services provider’s stock after selling 42,810 shares during the period. Prudential Financial Inc.’s holdings in Global Payments were worth $19,559,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of GPN. Atria Investments LLC raised its stake in shares of Global Payments by 32.4% in the 4th quarter. Atria Investments LLC now owns 4,609 shares of the business services provider’s stock valued at $462,000 after acquiring an additional 1,128 shares during the period. Bank of Montreal Can raised its stake in shares of Global Payments by 42.8% in the 4th quarter. Bank of Montreal Can now owns 156,231 shares of the business services provider’s stock valued at $15,661,000 after acquiring an additional 46,850 shares during the period. Schwab Charles Investment Management Inc. increased its stake in Global Payments by 9.3% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 554,013 shares of the business services provider’s stock worth $55,535,000 after buying an additional 47,000 shares during the period. Westpac Banking Corp increased its stake in Global Payments by 20.4% during the 4th quarter. Westpac Banking Corp now owns 21,228 shares of the business services provider’s stock worth $2,128,000 after buying an additional 3,600 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in Global Payments by 154.2% during the 4th quarter. State of Alaska Department of Revenue now owns 22,699 shares of the business services provider’s stock worth $2,274,000 after buying an additional 13,770 shares during the period. 96.38% of the stock is currently owned by institutional investors and hedge funds.

NYSE GPN opened at $113.76 on Monday. Global Payments has a one year low of $87.30 and a one year high of $118.94. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $18.15 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 1.36 and a beta of 1.13.

Global Payments (NYSE:GPN) last posted its quarterly earnings results on Thursday, May 3rd. The business services provider reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.03. Global Payments had a net margin of 13.27% and a return on equity of 17.66%. The business had revenue of $924.30 million during the quarter, compared to analyst estimates of $914.06 million. During the same period in the previous year, the business posted $0.85 EPS. The company’s quarterly revenue was up 17.3% on a year-over-year basis. equities analysts forecast that Global Payments will post 4.87 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, June 14th. Global Payments’s payout ratio is 1.00%.

Global Payments declared that its board has initiated a share repurchase plan on Thursday, February 15th that permits the company to buyback $600.00 million in shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Several equities research analysts recently issued reports on GPN shares. KeyCorp lifted their price target on shares of Global Payments from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Barclays lifted their price target on shares of Global Payments to $128.00 and gave the stock an “overweight” rating in a research note on Thursday, February 15th. They noted that the move was a valuation call. SunTrust Banks lifted their price target on shares of Global Payments to $145.00 and gave the stock a “buy” rating in a research note on Friday, March 2nd. Stephens reaffirmed a “buy” rating and set a $125.00 price target on shares of Global Payments in a research note on Tuesday, February 27th. Finally, Citigroup lifted their price target on shares of Global Payments from $122.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-two have given a buy rating to the company. Global Payments has an average rating of “Buy” and a consensus price target of $112.21.

In other Global Payments news, EVP David Lawrence Green sold 2,198 shares of the business’s stock in a transaction dated Friday, May 11th. The shares were sold at an average price of $116.45, for a total transaction of $255,957.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William I. Jacobs sold 600 shares of the business’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $118.27, for a total transaction of $70,962.00. The disclosure for this sale can be found here. Insiders have sold a total of 22,648 shares of company stock valued at $2,634,634 over the last three months. 0.98% of the stock is currently owned by company insiders.

Global Payments Profile

Global Payments Inc provides payment technology and software solutions for credit cards, debit cards, electronic payments, and check-related services. It 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, online reporting, industry compliance, and payment card industry security services.

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

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