Pictet Asset Management Ltd. boosted its stake in Global Payments Inc. (NYSE:GPN) by 12.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,239,214 shares of the business services provider’s stock after buying an additional 132,962 shares during the period. Pictet Asset Management Ltd. owned approximately 0.81% of Global Payments worth $113,524,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the company. Point72 Asia Hong Kong Ltd purchased a new position in Global Payments during the first quarter worth approximately $200,000. Raymond James Trust N.A. boosted its stake in Global Payments by 12.6% in the first quarter. Raymond James Trust N.A. now owns 4,240 shares of the business services provider’s stock valued at $342,000 after buying an additional 474 shares in the last quarter. IFP Advisors Inc boosted its stake in Global Payments by 9.3% in the first quarter. IFP Advisors Inc now owns 6,420 shares of the business services provider’s stock valued at $518,000 after buying an additional 545 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in Global Payments during the second quarter valued at approximately $246,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new stake in Global Payments during the first quarter valued at approximately $233,000. 98.62% of the stock is owned by institutional investors.
Shares of Global Payments Inc. (NYSE GPN) traded down 0.26% on Thursday, hitting $94.35. 324,010 shares of the stock traded hands. Global Payments Inc. has a 52 week low of $64.63 and a 52 week high of $97.99. The stock has a market cap of $14.39 billion, a price-to-earnings ratio of 73.20 and a beta of 1.09. The stock has a 50 day moving average price of $93.01 and a 200-day moving average price of $85.64.
Global Payments (NYSE:GPN) last posted its earnings results on Thursday, August 3rd. The business services provider reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The business had revenue of $847.90 million for the quarter, compared to analyst estimates of $837.76 million. Global Payments had a net margin of 6.65% and a return on equity of 18.32%. Global Payments’s revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.76 EPS. On average, equities research analysts forecast that Global Payments Inc. will post $3.95 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.04%. The ex-dividend date of this dividend is Thursday, September 14th. Global Payments’s payout ratio is 3.07%.
Several brokerages have recently issued reports on GPN. Stifel Nicolaus started coverage on Global Payments in a research report on Thursday, June 1st. They set a “buy” rating and a $102.00 price target on the stock. BMO Capital Markets raised their target price on Global Payments from $91.00 to $93.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. Credit Suisse Group increased their price objective on Global Payments from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Monday, May 15th. Wells Fargo & Company upgraded Global Payments from a “market perform” rating to an “outperform” rating and raised their target price for the company from $90.00 to $110.00 in a report on Friday, August 4th. Finally, Barclays PLC reiterated a “buy” rating and issued a $96.00 price objective on shares of Global Payments in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eighteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $94.58.
In other news, Director Ruth Ann Marshall sold 5,402 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $92.26, for a total value of $498,388.52. Following the transaction, the director now owns 41,476 shares of the company’s stock, valued at approximately $3,826,575.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director William I. Jacobs sold 600 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $94.20, for a total transaction of $56,520.00. Following the completion of the sale, the director now directly owns 49,103 shares of the company’s stock, valued at approximately $4,625,502.60. The disclosure for this sale can be found here. Insiders sold a total of 111,496 shares of company stock worth $10,491,048 in the last three months. Insiders own 0.93% of the company’s stock.
About Global Payments
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates through three segments: North America, Europe and Asia-Pacific. The Company’s segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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