Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Holdings in Global Payments Inc. (NYSE:GPN)

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Global Payments Inc. (NYSE:GPNGet Rating) by 6.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 20,409 shares of the business services provider’s stock after purchasing an additional 1,293 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Global Payments were worth $2,258,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Invesco Ltd. lifted its position in Global Payments by 47.5% during the fourth quarter. Invesco Ltd. now owns 1,376,508 shares of the business services provider’s stock valued at $186,077,000 after purchasing an additional 443,434 shares during the period. Schroder Investment Management Group lifted its position in Global Payments by 5.8% during the fourth quarter. Schroder Investment Management Group now owns 22,133 shares of the business services provider’s stock valued at $2,991,000 after purchasing an additional 1,211 shares during the period. Hilltop Holdings Inc. lifted its position in Global Payments by 21.4% during the fourth quarter. Hilltop Holdings Inc. now owns 1,820 shares of the business services provider’s stock valued at $246,000 after purchasing an additional 321 shares during the period. Gotham Asset Management LLC bought a new position in Global Payments during the fourth quarter valued at approximately $2,903,000. Finally, Glassman Wealth Services lifted its position in Global Payments by 99.1% during the fourth quarter. Glassman Wealth Services now owns 225 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 112 shares during the period. Hedge funds and other institutional investors own 85.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GPN. Keefe, Bruyette & Woods lowered their price objective on shares of Global Payments from $175.00 to $155.00 in a research report on Monday, July 11th. Wolfe Research decreased their price target on shares of Global Payments from $200.00 to $160.00 in a research report on Wednesday, July 20th. BMO Capital Markets increased their price target on shares of Global Payments from $217.00 to $232.00 in a research report on Wednesday, August 3rd. Deutsche Bank Aktiengesellschaft decreased their price target 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, August 2nd. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $156.00 price target on shares of Global Payments in a research report on Tuesday, August 30th. Six analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $173.36.

Global Payments Stock Performance

Shares of NYSE:GPN opened at $116.09 on Friday. Global Payments Inc. has a 52 week low of $105.52 and a 52 week high of $165.17. The stock has a market capitalization of $32.18 billion, a P/E ratio of 644.98, a PEG ratio of 0.85 and a beta of 1.02. The firm has a fifty day simple moving average of $126.88 and a two-hundred day simple moving average of $126.48. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.45.

Global Payments (NYSE:GPNGet Rating) last issued its quarterly earnings data on Monday, August 1st. The business services provider reported $2.36 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 business had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the company posted $1.92 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, analysts expect that Global Payments Inc. will post 9 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.86%. Global Payments’s payout ratio is currently 555.59%.

Global Payments announced that its board has initiated a stock buyback program on Monday, August 1st that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the business services provider to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Global Payments

In other news, CAO David M. Sheffield sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $133.20, for a total value of $466,200.00. Following the completion of the sale, the chief accounting officer now owns 28,737 shares in the company, valued at approximately $3,827,768.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.19% 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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Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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