Alpha Paradigm Partners LLC purchased a new position in shares of Global Payments Inc. (NYSE:GPN) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 1,434 shares of the business services provider’s stock, valued at approximately $269,000.
Several other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Global Payments by 10.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,423,916 shares of the business services provider’s stock worth $891,772,000 after acquiring an additional 436,041 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Global Payments by 20.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,268,255 shares of the business services provider’s stock worth $800,472,000 after purchasing an additional 715,042 shares during the last quarter. Legal & General Group Plc raised its position in shares of Global Payments by 3.2% during the 2nd quarter. Legal & General Group Plc now owns 1,726,085 shares of the business services provider’s stock worth $323,710,000 after purchasing an additional 53,783 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Global Payments by 4.1% during the 1st quarter. Nuveen Asset Management LLC now owns 1,539,864 shares of the business services provider’s stock worth $310,406,000 after purchasing an additional 60,110 shares during the last quarter. Finally, Ceredex Value Advisors LLC raised its position in shares of Global Payments by 14.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 1,383,755 shares of the business services provider’s stock worth $259,510,000 after purchasing an additional 173,721 shares during the last quarter. 86.76% of the stock is currently owned by institutional investors and hedge funds.
Shares of Global Payments stock opened at $152.50 on Thursday. The company has a fifty day moving average price of $163.03 and a 200 day moving average price of $185.78. 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 twelve month low of $148.69 and a twelve month high of $220.81. The stock has a market cap of $44.80 billion, a price-to-earnings ratio of 52.59, a price-to-earnings-growth ratio of 1.14 and a beta of 1.16.
Global Payments declared that its Board of Directors has approved a stock repurchase program on Monday, August 2nd that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 10th were given a $0.25 dividend. This is a boost from Global Payments’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, September 9th. Global Payments’s dividend payout ratio is presently 16.64%.
In other news, Director Joia M. Johnson acquired 590 shares of the firm’s stock in a transaction on Thursday, August 5th. The stock was bought at an average cost of $170.40 per share, with a total value of $100,536.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Connie D. Mcdaniel purchased 1,150 shares of Global Payments stock in a transaction dated Tuesday, August 10th. The shares were bought at an average cost of $173.48 per share, for a total transaction of $199,502.00. Following the transaction, the director now directly owns 13,970 shares of the company’s stock, valued at approximately $2,423,515.60. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 4,686 shares of company stock valued at $800,475. 1.00% of the stock is currently owned by corporate insiders.
Several brokerages have weighed in on GPN. Wedbush reiterated an “outperform” rating on shares of Global Payments in a report on Monday, August 2nd. Jefferies Financial Group began coverage on Global Payments in a report on Tuesday, September 7th. They issued a “buy” rating and a $235.00 price target for the company. Morgan Stanley cut their price target on Global Payments from $219.00 to $185.00 and set an “equal weight” rating for the company in a report on Friday, September 10th. BMO Capital Markets boosted their price target on Global Payments from $206.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, September 9th. Finally, JPMorgan Chase & Co. boosted their price target on Global Payments from $220.00 to $224.00 and gave the company an “overweight” rating in a report on Tuesday, August 17th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $219.35.
About Global Payments
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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