Raymond James Cuts Global Payments (NYSE:GPN) Price Target to $174.00

Global Payments (NYSE:GPNGet Rating) had its target price decreased by Raymond James from $190.00 to $174.00 in a research note published on Tuesday, Benzinga reports. Raymond James currently has an outperform rating on the business services provider’s stock.

A number of other research analysts have also recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Global Payments in a report on Tuesday, May 17th. They issued a neutral rating and a $151.00 target price for the company. Keefe, Bruyette & Woods dropped their target price on shares of Global Payments from $175.00 to $155.00 in a report on Monday, July 11th. Truist Financial increased their target price on shares of Global Payments from $150.00 to $160.00 and gave the company a buy rating in a report on Tuesday. Mizuho dropped their target price on shares of Global Payments from $148.00 to $132.00 and set a neutral rating for the company in a report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Global Payments from $123.00 to $141.00 and gave the company an equal weight rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $175.03.

Global Payments Price Performance

Shares of NYSE:GPN opened at $128.60 on Tuesday. The company has a quick ratio of 1.06, a current ratio of 0.87 and a debt-to-equity ratio of 0.45. The company has a market cap of $36.21 billion, a P/E ratio of 714.48, a PEG ratio of 0.78 and a beta of 1.04. Global Payments has a 52 week low of $105.52 and a 52 week high of $179.27. The company has a 50-day moving average price of $118.48 and a 200 day moving average price of $129.30.

Global Payments (NYSE:GPNGet Rating) last announced its quarterly earnings data on Monday, August 1st. The business services provider reported $2.36 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.02. The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.09 billion. Global Payments had a net margin of 0.87% and a return on equity of 9.24%. The firm’s revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.92 earnings per share. Research analysts predict that Global Payments will post 9.05 earnings per share for the current year.

Global Payments Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.78%. Global Payments’s dividend payout ratio (DPR) is presently 555.59%.

Global Payments declared that its board has authorized a stock buyback plan on Monday, August 1st that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Global Payments

In related news, EVP David Lawrence Green sold 16,252 shares of Global Payments stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $130.10, for a total transaction of $2,114,385.20. Following the transaction, the executive vice president now owns 97,818 shares in the company, valued at approximately $12,726,121.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.19% of the company’s stock.

Institutional Investors Weigh In On Global Payments

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Global Payments by 3.5% during the 4th quarter. State Street Corp now owns 11,472,284 shares of the business services provider’s stock worth $1,550,823,000 after buying an additional 387,950 shares during the period. Boston Partners increased its position in shares of Global Payments by 7.3% in the 1st quarter. Boston Partners now owns 5,051,165 shares of the business services provider’s stock worth $691,018,000 after purchasing an additional 345,616 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Global Payments by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 4,766,200 shares of the business services provider’s stock worth $642,546,000 after purchasing an additional 208,681 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Global Payments by 10.6% in the 1st quarter. JPMorgan Chase & Co. now owns 3,395,277 shares of the business services provider’s stock worth $464,607,000 after purchasing an additional 326,254 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Global Payments by 2.5% in the 2nd quarter. Victory Capital Management Inc. now owns 3,006,129 shares of the business services provider’s stock worth $332,598,000 after purchasing an additional 73,722 shares during the last quarter. Hedge funds and other institutional investors own 84.53% of the company’s stock.

About Global Payments

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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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