Weitz Investment Management Inc. lessened its stake in shares of Global Payments Inc. (NYSE:GPN – Free Report) by 8.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 505,000 shares of the business services provider’s stock after selling 45,000 shares during the quarter. Global Payments accounts for about 2.3% of Weitz Investment Management Inc.’s holdings, making the stock its 18th biggest holding. Weitz Investment Management Inc. owned approximately 0.21% of Global Payments worth $39,087,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of GPN. Traynor Capital Management Inc. grew its position in Global Payments by 3.5% in the fourth quarter. Traynor Capital Management Inc. now owns 4,221 shares of the business services provider’s stock worth $327,000 after buying an additional 141 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Global Payments by 1.6% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,260 shares of the business services provider’s stock worth $794,000 after acquiring an additional 163 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Global Payments by 43.2% during the 3rd quarter. Allworth Financial LP now owns 610 shares of the business services provider’s stock worth $51,000 after acquiring an additional 184 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Global Payments by 0.6% in the 3rd quarter. Van ECK Associates Corp now owns 30,262 shares of the business services provider’s stock worth $2,514,000 after acquiring an additional 187 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its position in shares of Global Payments by 1.8% during the fourth quarter. New Mexico Educational Retirement Board now owns 11,248 shares of the business services provider’s stock worth $871,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.
Global Payments Stock Up 4.8%
NYSE:GPN opened at $65.45 on Friday. The firm has a market capitalization of $17.90 billion, a price-to-earnings ratio of -32.09, a PEG ratio of 0.35 and a beta of 0.76. Global Payments Inc. has a 1-year low of $61.16 and a 1-year high of $90.64. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.86. The business’s fifty day moving average price is $68.94 and its 200 day moving average price is $73.11.
Global Payments Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 12th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 12th. This represents a $1.00 dividend on an annualized basis and a yield of 1.5%. Global Payments’s payout ratio is presently -49.02%.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on GPN. TD Cowen reaffirmed a “hold” rating and set a $74.00 target price (down from $86.00) on shares of Global Payments in a report on Thursday. Raymond James Financial downgraded Global Payments from an “outperform” rating to a “market perform” rating in a report on Thursday, March 26th. Argus reduced their price objective on shares of Global Payments from $100.00 to $95.00 in a research note on Friday, May 8th. Zacks Research cut shares of Global Payments from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Global Payments from $90.00 to $76.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 7th. Five analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Global Payments has an average rating of “Hold” and an average target price of $84.73.
About Global Payments
Global Payments Inc (NYSE: GPN) is a worldwide provider of payment technology and software solutions that enables commerce for merchants, issuers and enterprises. The company develops and operates payment processing networks, point-of-sale systems and cloud-based software that facilitate electronic transactions across in-store, online and mobile channels. Its services span merchant acquiring, payment gateway services, omnichannel commerce platforms, and solutions for recurring and subscription billing.
Global Payments offers a range of products and services including integrated payment terminals and point-of-sale software, e-commerce and gateway technologies, fraud prevention and tokenization tools, and business analytics and reporting.
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