Global Payments (NYSE:GPN – Get Rating) had its price target cut by Deutsche Bank Aktiengesellschaft from $222.00 to $188.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a buy rating on the business services provider’s stock.
Other equities analysts have also recently issued research reports about the company. Credit Suisse Group cut Global Payments from an outperform rating to a neutral rating and cut their price objective for the stock from $180.00 to $145.00 in a research report on Wednesday. Mizuho lowered their price target on Global Payments from $148.00 to $132.00 and set a neutral rating on the stock in a research note on Wednesday. Morgan Stanley boosted their price target on Global Payments from $123.00 to $141.00 and gave the company an equal weight rating in a research note on Tuesday. Citigroup lowered their price target on Global Payments from $195.00 to $180.00 in a research note on Monday, April 25th. Finally, Barclays lowered their price target on Global Payments from $182.00 to $160.00 in a research note on Tuesday, May 3rd. Six investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $175.03.
Global Payments Price Performance
NYSE GPN opened at $128.60 on Tuesday. Global Payments has a twelve month low of $105.52 and a twelve month high of $179.27. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.06 and a current ratio of 0.87. The stock has a market capitalization of $36.21 billion, a PE ratio of 714.48, a P/E/G ratio of 0.78 and a beta of 1.04. The stock has a 50-day simple moving average of $118.48 and a 200 day simple moving average of $129.30.
Global Payments Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.78%. The ex-dividend date is Thursday, September 15th. Global Payments’s dividend payout ratio is 555.59%.
Global Payments declared that its board has authorized a share buyback plan on Monday, August 1st that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP David Lawrence Green sold 16,252 shares of the stock in a transaction on Friday, June 3rd. The stock was sold at an average price of $130.10, for a total value of $2,114,385.20. Following the transaction, the executive vice president now owns 97,818 shares of the company’s stock, valued at approximately $12,726,121.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.19% of the stock is currently owned by company insiders.
Institutional Trading of Global Payments
Several hedge funds have recently added to or reduced their stakes in the business. Nichols & Pratt Advisers LLP MA raised its stake in Global Payments by 15.0% during the 2nd quarter. Nichols & Pratt Advisers LLP MA now owns 36,971 shares of the business services provider’s stock worth $4,090,000 after buying an additional 4,829 shares during the period. Asio Capital LLC acquired a new stake in Global Payments during the 2nd quarter worth $2,155,000. Aviva PLC raised its stake in Global Payments by 49.9% during the 2nd quarter. Aviva PLC now owns 160,025 shares of the business services provider’s stock worth $17,705,000 after buying an additional 53,283 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Global Payments by 5.3% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 157,513 shares of the business services provider’s stock worth $17,427,000 after purchasing an additional 7,928 shares in the last quarter. Finally, Thoroughbred Financial Services LLC bought a new position in Global Payments during the 2nd quarter worth about $293,000. Institutional investors and hedge funds own 84.53% of the company’s stock.
About Global Payments
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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