Coatue Management LLC Lowers Stock Holdings in Global Payments Inc (NYSE:GPN)

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Coatue Management LLC lowered its holdings in Global Payments Inc (NYSE:GPN) by 37.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,168,412 shares of the business services provider’s stock after selling 706,763 shares during the period. Global Payments accounts for 1.7% of Coatue Management LLC’s investment portfolio, making the stock its 22nd biggest position. Coatue Management LLC owned about 0.39% of Global Payments worth $198,186,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in GPN. Hudson Bay Capital Management LP grew its position in Global Payments by 47.5% during the second quarter. Hudson Bay Capital Management LP now owns 47,500 shares of the business services provider’s stock valued at $8,056,000 after acquiring an additional 15,300 shares during the period. Fulton Bank N. A. grew its position in Global Payments by 8.4% during the second quarter. Fulton Bank N. A. now owns 8,733 shares of the business services provider’s stock valued at $1,482,000 after acquiring an additional 676 shares during the period. Guggenheim Capital LLC grew its position in Global Payments by 19.3% during the first quarter. Guggenheim Capital LLC now owns 40,160 shares of the business services provider’s stock valued at $5,792,000 after acquiring an additional 6,500 shares during the period. AXA grew its position in Global Payments by 53.2% during the first quarter. AXA now owns 537,853 shares of the business services provider’s stock valued at $77,574,000 after acquiring an additional 186,687 shares during the period. Finally, UNIVEST FINANCIAL Corp grew its position in Global Payments by 7.0% during the second quarter. UNIVEST FINANCIAL Corp now owns 31,932 shares of the business services provider’s stock valued at $5,417,000 after acquiring an additional 2,083 shares during the period. 86.81% of the stock is owned by institutional investors and hedge funds.

In other news, Director William I. Jacobs sold 500 shares of the stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $166.25, for a total transaction of $83,125.00. Following the sale, the director now directly owns 24,893 shares in the company, valued at approximately $4,138,461.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

GPN has been the subject of a number of research reports. Guggenheim boosted their price target on Global Payments from $191.00 to $212.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Sanford C. Bernstein started coverage on Global Payments in a research report on Tuesday, August 18th. They issued an “outperform” rating and a $201.00 target price for the company. Wedbush reaffirmed an “outperform” rating on shares of Global Payments in a research report on Wednesday, July 22nd. Northcoast Research reaffirmed a “neutral” rating on shares of Global Payments in a research report on Tuesday, August 4th. Finally, Truist Financial upped their target price on Global Payments from $210.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $200.06.

Shares of Global Payments stock traded down $4.68 on Friday, reaching $172.56. 2,673,437 shares of the company were exchanged, compared to its average volume of 1,922,118. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50-day moving average is $173.64 and its two-hundred day moving average is $169.74. The firm has a market cap of $51.64 billion, a price-to-earnings ratio of 29.60, a P/E/G ratio of 1.42 and a beta of 1.10. Global Payments Inc has a 1-year low of $105.54 and a 1-year high of $209.62.

Global Payments (NYSE:GPN) last announced its quarterly earnings results on Monday, August 3rd. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.27. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Global Payments had a return on equity of 5.61% and a net margin of 5.68%. The business’s quarterly revenue was up 71.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 EPS. As a group, sell-side analysts forecast that Global Payments Inc will post 5.96 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Wednesday, September 9th. Global Payments’s payout ratio is 13.31%.

Global Payments Company Profile

Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments. The company operates in three segments: North America, Europe, and Asia-Pacific. It 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 online reporting services.

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Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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