Korea Investment CORP decreased its holdings in shares of Global Payments Inc. (NYSE:GPN – Get Rating) by 28.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 278,885 shares of the business services provider’s stock after selling 110,018 shares during the quarter. Korea Investment CORP owned 0.10% of Global Payments worth $30,856,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Quent Capital LLC raised its stake in Global Payments by 44.5% during the first quarter. Quent Capital LLC now owns 1,201 shares of the business services provider’s stock worth $164,000 after acquiring an additional 370 shares in the last quarter. Raymond James & Associates raised its stake in Global Payments by 14.9% during the first quarter. Raymond James & Associates now owns 526,808 shares of the business services provider’s stock worth $72,090,000 after acquiring an additional 68,190 shares in the last quarter. Kentucky Retirement Systems raised its stake in Global Payments by 0.8% during the first quarter. Kentucky Retirement Systems now owns 18,150 shares of the business services provider’s stock worth $2,484,000 after acquiring an additional 141 shares in the last quarter. Seven Eight Capital LP acquired a new position in Global Payments during the first quarter worth about $254,000. Finally, Forum Financial Management LP increased its stake in shares of Global Payments by 6.8% in the first quarter. Forum Financial Management LP now owns 3,416 shares of the business services provider’s stock valued at $467,000 after buying an additional 217 shares during the period. Institutional investors and hedge funds own 85.61% of the company’s stock.
Global Payments Price Performance
Shares of GPN opened at $100.17 on Thursday. Global Payments Inc. has a 12-month low of $93.99 and a 12-month high of $153.76. The business’s fifty day moving average is $111.09 and its 200 day moving average is $118.46. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.54. The stock has a market cap of $27.09 billion, a P/E ratio of 455.34, a P/E/G ratio of 0.71 and a beta of 1.03.
Global Payments declared that its Board of Directors has authorized a stock repurchase plan on Monday, August 1st that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Global Payments Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 16th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Thursday, December 15th. Global Payments’s dividend payout ratio is currently 454.57%.
Insider Buying and Selling
In other news, Director M Troy Woods bought 5,247 shares of the business’s stock in a transaction that occurred on Friday, November 4th. The shares were bought at an average cost of $95.26 per share, for a total transaction of $499,829.22. Following the acquisition, the director now directly owns 287,688 shares in the company, valued at $27,405,158.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.19% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on GPN. Robert W. Baird downgraded Global Payments from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $144.00 to $118.00 in a research note on Monday, November 14th. BNP Paribas downgraded Global Payments from an “outperform” rating to a “neutral” rating and set a $115.00 price objective for the company. in a research note on Tuesday, October 18th. Exane BNP Paribas downgraded Global Payments from an “outperform” rating to a “neutral” rating and set a $115.00 price objective for the company. in a research note on Tuesday, October 18th. Keefe, Bruyette & Woods lowered their price objective on Global Payments from $155.00 to $150.00 in a research note on Monday, October 10th. Finally, Wedbush lowered their price objective on Global Payments to $150.00 in a research note on Friday, November 4th. Nine research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, Global Payments currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.63.
Global Payments Company Profile
Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Business and Consumer Solutions. The Merchant Solutions segment 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, and on-line reporting services.
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