Wedge Capital Management L L P NC Has $13.46 Million Stake in Global Payments Inc. (NYSE:GPN)

by · The Markets Daily

Wedge Capital Management L L P NC boosted its holdings in shares of Global Payments Inc. (NYSE:GPN – Free Report) by 11.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,401 shares of the business services provider’s stock after buying an additional 12,999 shares during the quarter. Wedge Capital Management L L P NC owned about 0.05% of Global Payments worth $13,458,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. New Covenant Trust Company N.A. acquired a new stake in shares of Global Payments in the first quarter valued at about $31,000. LRI Investments LLC acquired a new stake in shares of Global Payments in the first quarter valued at about $32,000. West Paces Advisors Inc. grew its position in shares of Global Payments by 54.5% in the first quarter. West Paces Advisors Inc. now owns 309 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 109 shares during the last quarter. POM Investment Strategies LLC acquired a new stake in shares of Global Payments in the second quarter valued at about $32,000. Finally, North Star Investment Management Corp. grew its position in shares of Global Payments by 154.7% in the first quarter. North Star Investment Management Corp. now owns 354 shares of the business services provider’s stock valued at $47,000 after purchasing an additional 215 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Global Payments Stock Performance

NYSE GPN opened at $102.63 on Tuesday. The firm has a market cap of $26.20 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 0.74 and a beta of 0.98. The company has a 50 day moving average of $105.69 and a 200-day moving average of $106.45. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.68. Global Payments Inc. has a 1-year low of $91.60 and a 1-year high of $141.77.

Global Payments (NYSE:GPN – Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The business services provider reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.03. The company had revenue of $2.57 billion during the quarter, compared to analyst estimates of $2.32 billion. Global Payments had a net margin of 14.26% and a return on equity of 11.93%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $2.48 earnings per share. On average, equities analysts forecast that Global Payments Inc. will post 11.07 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, September 13th. Global Payments’s dividend payout ratio is currently 19.84%.

Analyst Ratings Changes

Several brokerages have recently issued reports on GPN. Susquehanna reaffirmed a “positive” rating and issued a $147.00 price target on shares of Global Payments in a research report on Tuesday, September 17th. Evercore ISI reduced their target price on shares of Global Payments from $170.00 to $160.00 and set an “outperform” rating for the company in a research note on Tuesday, June 25th. BMO Capital Markets reduced their target price on shares of Global Payments from $126.00 to $122.00 and set a “market perform” rating for the company in a research note on Wednesday, September 25th. Oppenheimer started coverage on shares of Global Payments in a research note on Tuesday, October 1st. They issued a “market perform” rating for the company. Finally, Monness Crespi & Hardt reduced their target price on shares of Global Payments from $165.00 to $155.00 and set a “buy” rating for the company in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.55.

Read Our Latest Stock Analysis on GPN

Insider Activity at Global Payments

In related news, CAO David M. Sheffield sold 1,651 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $100.73, for a total value of $166,305.23. Following the completion of the sale, the chief accounting officer now owns 20,531 shares of the company’s stock, valued at $2,068,087.63. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.98% of the stock is currently owned by company insiders.

About Global Payments

(Free Report)

Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through two segments, Merchant Solutions and Issuer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.

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