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

Coatue Management LLC decreased its position in Global Payments Inc. (NYSE:GPN) by 6.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,293,332 shares of the business services provider’s stock after selling 82,122 shares during the quarter. Coatue Management LLC owned approximately 0.44% of Global Payments worth $242,551,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. boosted its stake in Global Payments by 260.9% during the first quarter. Itau Unibanco Holding S.A. now owns 27,420 shares of the business services provider’s stock worth $5,527,000 after acquiring an additional 19,823 shares in the last quarter. Sculptor Capital LP bought a new position in shares of Global Payments in the first quarter worth approximately $104,623,000. Addenda Capital Inc. raised its holdings in shares of Global Payments by 18.1% during the second quarter. Addenda Capital Inc. now owns 12,277 shares of the business services provider’s stock valued at $2,302,000 after purchasing an additional 1,878 shares during the last quarter. Tiger Eye Capital LLC purchased a new position in shares of Global Payments during the first quarter valued at approximately $9,022,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Global Payments by 30.0% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 13,851 shares of the business services provider’s stock valued at $2,598,000 after purchasing an additional 3,200 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

A number of analysts have commented on GPN shares. Zacks Investment Research cut shares of Global Payments from a “buy” rating to a “hold” rating and set a $179.00 target price for the company. in a report on Thursday, September 9th. Raymond James reduced their target price on shares of Global Payments from $240.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, August 3rd. Mizuho reaffirmed a “hold” rating and set a $190.00 target price on shares of Global Payments in a report on Monday, August 2nd. Barclays reduced their price objective on shares of Global Payments from $235.00 to $220.00 and set an “overweight” rating for the company in a research note on Wednesday, August 4th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price objective on shares of Global Payments in a research note on Monday, August 2nd. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $219.35.

In related news, CEO Jeffrey Steven Sloan purchased 2,946 shares of the firm’s stock in a transaction that occurred on Thursday, August 5th. The stock was purchased at an average cost of $169.87 per share, with a total value of $500,437.02. Following the completion of the acquisition, the chief executive officer now directly owns 291,264 shares in the company, valued at $49,477,015.68. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Connie D. Mcdaniel purchased 1,150 shares of the company’s stock in a transaction dated Tuesday, August 10th. The stock was purchased at an average price of $173.48 per share, with a total value of $199,502.00. Following the transaction, the director now owns 13,970 shares of the company’s stock, valued at $2,423,515.60. The disclosure for this purchase can be found here. Insiders have acquired 4,686 shares of company stock worth $800,475 over the last quarter. Insiders own 1.00% of the company’s stock.

GPN traded up $2.81 on Thursday, hitting $155.31. 25,376 shares of the company’s stock were exchanged, compared to its average volume of 1,899,292. Global Payments Inc. has a fifty-two week low of $148.69 and a fifty-two week high of $220.81. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $163.03 and a 200-day moving average price of $185.78. The stock has a market cap of $45.62 billion, a price-to-earnings ratio of 53.19, a P/E/G ratio of 1.14 and a beta of 1.16.

Global Payments (NYSE:GPN) last announced its quarterly earnings results on Sunday, August 1st. The business services provider reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.14. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Global Payments had a net margin of 10.83% and a return on equity of 7.70%. The company’s revenue was up 40.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.31 EPS. On average, equities analysts predict that Global Payments Inc. will post 7.82 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 24th. Shareholders of record on Friday, September 10th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, September 9th. This is a positive change from Global Payments’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 0.64%. Global Payments’s dividend payout ratio is 16.64%.

Global Payments declared that its board has authorized a stock repurchase plan on Monday, August 2nd that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About Global Payments

Global Payments, Inc engages in the provision of payment technology and software solutions. It operates through the following segments: Merchant Solutions, Issuer Solutions and Business & Consumer Solutions. The Merchant Solutions segment provides payments technology and software solutions to customers globally.

Featured Story: Why are percentage gainers important?

Want to see what other hedge funds are holding GPN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Global Payments Inc. (NYSE:GPN).

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

Receive News & Ratings for Global Payments Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Global Payments and related companies with MarketBeat.com's FREE daily email newsletter.