Global Payments Inc. (NYSE:GPN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
According to Zacks, “Global Payments' shares have outperformed its industry year to date. The company incurred significant debt to fund the Heartland acquisition. This also pushed up interest expenses, which have dented the company’s bottom line. Further, an increase in interest expenses may reduce the company’s operating cash flow and could hinder its ability to fund operations, capital expenditures, acquisitions, share repurchases or dividends. Global Payments derives nearly 30% of its revenues from international operations, so it remains exposed to changes in currency exchange rates. Nevertheless, the company’s investment in future growth, efforts to progress with the Heartland integration and successfully refinancing its credit facilities bode well for the long term.”
A number of other analysts also recently commented on GPN. Mizuho initiated coverage on Global Payments in a research note on Tuesday, June 27th. They issued a “buy” rating and a $105.00 target price on the stock. Royal Bank Of Canada restated a “buy” rating and issued a $90.00 target price on shares of Global Payments in a research note on Friday, July 7th. Credit Suisse Group restated an “outperform” rating and issued a $97.00 target price (up previously from $91.00) on shares of Global Payments in a research note on Thursday, July 13th. William Blair restated an “outperform” rating on shares of Global Payments in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $100.00 target price on shares of Global Payments in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and twenty-one have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $100.21.
Global Payments (GPN) opened at 98.52 on Monday. Global Payments has a 1-year low of $64.63 and a 1-year high of $100.34. The stock has a 50 day moving average price of $95.75 and a 200 day moving average price of $90.29. The company has a market cap of $15.02 billion, a P/E ratio of 76.43 and a beta of 1.11.
Global Payments (NYSE:GPN) last issued its earnings results on Thursday, August 3rd. The business services provider reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07. Global Payments had a return on equity of 18.32% and a net margin of 6.65%. The firm had revenue of $847.90 million for the quarter, compared to the consensus estimate of $837.76 million. During the same quarter in the prior year, the business earned $0.76 earnings per share. The company’s revenue was up 18.4% compared to the same quarter last year. On average, equities research analysts anticipate that Global Payments will post $3.96 EPS for the current fiscal year.
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In other Global Payments news, Director Alan M. Silberstein sold 600 shares of the stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $97.70, for a total transaction of $58,620.00. Following the completion of the transaction, the director now owns 46,693 shares of the company’s stock, valued at $4,561,906.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David E. Mangum sold 75,794 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $94.51, for a total value of $7,163,290.94. Following the transaction, the insider now directly owns 112,930 shares of the company’s stock, valued at approximately $10,673,014.30. The disclosure for this sale can be found here. Insiders sold a total of 137,549 shares of company stock valued at $13,043,823 in the last ninety days. 0.93% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Point72 Asia Hong Kong Ltd acquired a new position in shares of Global Payments during the first quarter valued at approximately $200,000. JPMorgan Chase & Co. raised its holdings in shares of Global Payments by 162.0% during the second quarter. JPMorgan Chase & Co. now owns 3,284,298 shares of the business services provider’s stock valued at $296,636,000 after acquiring an additional 2,030,880 shares during the last quarter. Aviva PLC raised its holdings in shares of Global Payments by 0.6% during the second quarter. Aviva PLC now owns 93,792 shares of the business services provider’s stock valued at $8,472,000 after acquiring an additional 560 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Global Payments by 0.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 424,631 shares of the business services provider’s stock valued at $38,353,000 after acquiring an additional 3,167 shares during the last quarter. Finally, Nationwide Fund Advisors raised its holdings in shares of Global Payments by 3.5% during the second quarter. Nationwide Fund Advisors now owns 259,572 shares of the business services provider’s stock valued at $23,445,000 after acquiring an additional 8,821 shares during the last quarter. 97.84% of the stock is owned by institutional investors and hedge funds.
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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