Global Payments Inc. (NYSE:GPN – Get Rating) – Investment analysts at Oppenheimer lowered their FY2023 earnings estimates for shares of Global Payments in a research note issued on Monday, August 1st. Oppenheimer analyst D. Gabriele now anticipates that the business services provider will post earnings of $10.68 per share for the year, down from their prior estimate of $10.73. Oppenheimer currently has a “Outperform” rating and a $144.00 target price on the stock. The consensus estimate for Global Payments’ current full-year earnings is $9.09 per share.
A number of other equities analysts have also recently commented on GPN. BMO Capital Markets lifted their target price on shares of Global Payments from $217.00 to $232.00 in a research report on Wednesday. Citigroup decreased their target price on shares of Global Payments from $195.00 to $180.00 in a research report on Monday, April 25th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Global Payments from $222.00 to $188.00 and set a “buy” rating on the stock in a research report on Tuesday. Wolfe Research decreased their target price on shares of Global Payments from $200.00 to $160.00 in a research report on Wednesday, July 20th. Finally, Mizuho decreased their target price on shares of Global Payments from $148.00 to $132.00 and set a “neutral” rating on the stock in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, Global Payments has a consensus rating of “Moderate Buy” and an average target price of $175.03.
Global Payments Price Performance
Global Payments (NYSE:GPN – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The business services provider reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.34 by $0.02. Global Payments had a net margin of 0.87% and a return on equity of 9.24%. The company had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the firm posted $1.92 EPS. The firm’s revenue was up 6.7% compared to the same quarter last year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in GPN. MUFG Americas Holdings Corp bought a new position in shares of Global Payments in the first quarter worth approximately $25,000. Bell Investment Advisors Inc lifted its stake in shares of Global Payments by 128.6% in the fourth quarter. Bell Investment Advisors Inc now owns 192 shares of the business services provider’s stock worth $26,000 after buying an additional 108 shares in the last quarter. MCF Advisors LLC bought a new position in shares of Global Payments in the first quarter worth approximately $27,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Global Payments during the first quarter valued at approximately $27,000. Finally, Western Pacific Wealth Management LP purchased a new position in shares of Global Payments during the fourth quarter valued at approximately $29,000. Institutional investors own 84.53% of the company’s stock.
Insider Buying and Selling
In other news, EVP David Lawrence Green sold 16,252 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were 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 in the company, valued at $12,726,121.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.19% of the stock is currently owned by insiders.
Global Payments declared that its board has authorized a stock repurchase plan on Monday, August 1st that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the business services provider to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
Global Payments Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Thursday, September 15th. Global Payments’s payout ratio is currently 555.59%.
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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