Wedbush Analysts Reduce Earnings Estimates for Global Payments Inc. (GPN)
Global Payments Inc. (NYSE:GPN) – Research analysts at Wedbush decreased their FY2017 earnings estimates for shares of Global Payments in a research note issued on Wednesday. Wedbush analyst M. Katri now forecasts that the brokerage will post earnings per share of $3.25 for the year, down from their prior forecast of $3.32. Wedbush has a “Outperform” rating and a $85.00 price target on the stock.
Global Payments (NYSE:GPN) last issued its quarterly earnings results on Wednesday, October 5th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.03. The company had revenue of $939.50 million for the quarter. Global Payments had a net margin of 8.74% and a return on equity of 22.33%. The firm’s revenue for the quarter was up 52.2% on a year-over-year basis. During the same quarter last year, the company earned $0.79 earnings per share.
GPN has been the subject of a number of other research reports. Robert W. Baird reiterated an “outperform” rating and set a $85.00 price objective on shares of Global Payments in a research report on Tuesday, September 6th. Zacks Investment Research upgraded Global Payments from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research report on Monday, October 3rd. William Blair reiterated an “outperform” rating on shares of Global Payments in a research report on Tuesday, September 27th. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $85.00 price target on shares of Global Payments in a research note on Wednesday, September 28th. Finally, Goldman Sachs Group Inc. raised Global Payments from a “neutral” rating to a “buy” rating and raised their price target for the stock from $80.00 to $88.00 in a research note on Thursday, September 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $77.92.
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Shares of Global Payments (NYSE:GPN) opened at 76.01 on Monday. Global Payments has a 52 week low of $51.29 and a 52 week high of $79.93. The firm’s 50-day moving average is $75.90 and its 200-day moving average is $74.02. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 39.12 and a beta of 1.09.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aperio Group LLC raised its position in Global Payments by 47.1% in the first quarter. Aperio Group LLC now owns 23,446 shares of the company’s stock worth $1,531,000 after buying an additional 7,507 shares in the last quarter. BlackRock Group LTD raised its position in Global Payments by 2.0% in the first quarter. BlackRock Group LTD now owns 515,022 shares of the company’s stock worth $33,630,000 after buying an additional 10,310 shares in the last quarter. Palisade Capital Management LLC NJ bought a new position in Global Payments during the first quarter worth about $7,167,000. Credit Agricole S A raised its position in Global Payments by 20.4% in the first quarter. Credit Agricole S A now owns 58,710 shares of the company’s stock worth $3,833,000 after buying an additional 9,959 shares in the last quarter. Finally, BB&T Securities LLC raised its position in Global Payments by 10.1% in the first quarter. BB&T Securities LLC now owns 6,160 shares of the company’s stock worth $402,000 after buying an additional 567 shares in the last quarter. Institutional investors and hedge funds own 96.56% of the company’s stock.
In related news, insider David E. Mangum sold 88,938 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $75.07, for a total transaction of $6,676,575.66. Following the completion of the transaction, the insider now owns 172,060 shares in the company, valued at approximately $12,916,544.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. B. Baldwin, Jr. sold 6,500 shares of the business’s stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $74.73, for a total value of $485,745.00. Following the transaction, the director now owns 349,063 shares of the company’s stock, valued at approximately $26,085,477.99. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 25th. Investors of record on Friday, November 11th will be given a dividend of $0.01 per share. The ex-dividend date is Tuesday, November 8th. This represents a $0.04 dividend on an annualized basis and a yield of 0.05%. Global Payments’s dividend payout ratio is currently 2.06%.
About Global Payments
Global Payments Inc is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates in two segments: North America merchant services and International merchant services. The Company’s North America merchant services and International merchant services segments primarily provide payment solutions for credit cards, debit cards, electronic payments and check-related services.
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