CIBC Asset Management Inc Sells 2,345 Shares of Global Payments Inc. (NYSE:GPN)

CIBC Asset Management Inc lessened its position in Global Payments Inc. (NYSE:GPN) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,528 shares of the business services provider’s stock after selling 2,345 shares during the period. CIBC Asset Management Inc’s holdings in Global Payments were worth $4,112,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Lake Street Advisors Group LLC acquired a new position in Global Payments in the 4th quarter worth about $210,000. McKinley Carter Wealth Services Inc. increased its holdings in Global Payments by 35.4% in the 4th quarter. McKinley Carter Wealth Services Inc. now owns 46,953 shares of the business services provider’s stock worth $5,963,000 after purchasing an additional 12,273 shares in the last quarter. Cibc World Markets Corp increased its holdings in Global Payments by 29.1% in the 4th quarter. Cibc World Markets Corp now owns 82,672 shares of the business services provider’s stock worth $10,499,000 after purchasing an additional 18,615 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Global Payments by 6.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 255,468 shares of the business services provider’s stock worth $32,064,000 after purchasing an additional 15,655 shares in the last quarter. Finally, Foundations Investment Advisors LLC acquired a new position in Global Payments in the 4th quarter worth about $212,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity

In other news, CAO David M. Sheffield sold 1,651 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.73, for a total value of $166,305.23. Following the transaction, the chief accounting officer now owns 20,531 shares in the company, valued at $2,068,087.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.98% of the company’s stock.

Global Payments Stock Up 0.4 %

Shares of NYSE:GPN opened at $110.04 on Thursday. The business’s 50 day simple moving average is $102.13 and its two-hundred day simple moving average is $111.90. The firm has a market cap of $28.09 billion, a P/E ratio of 21.83, a PEG ratio of 0.71 and a beta of 0.98. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.92 and a current ratio of 0.92. Global Payments Inc. has a 52-week low of $91.60 and a 52-week high of $141.77.

Global Payments (NYSE:GPN) last announced its quarterly earnings results on Wednesday, August 7th. The business services provider reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.90 by $0.03. The business had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.32 billion. Global Payments had a return on equity of 11.93% and a net margin of 14.26%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.48 earnings per share. As a group, research analysts forecast that Global Payments Inc. will post 11.07 EPS for the current fiscal year.

Global Payments Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.25 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.91%. Global Payments’s dividend payout ratio is presently 19.84%.

Wall Street Analysts Forecast Growth

GPN has been the subject of several recent research reports. TD Cowen decreased their price target on Global Payments from $152.00 to $125.00 and set a “buy” rating for the company in a research note on Friday, June 21st. BMO Capital Markets increased their price target on Global Payments from $124.00 to $126.00 and gave the company a “market perform” rating in a research note on Thursday, August 8th. Keefe, Bruyette & Woods decreased their price target on Global Payments from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Monday, July 8th. StockNews.com cut Global Payments from a “buy” rating to a “hold” rating in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. increased their price target on Global Payments from $111.00 to $118.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Global Payments presently has a consensus rating of “Moderate Buy” and an average target price of $140.71.

Global Payments Company Profile

Global Payments Inc provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through two segments, Merchant Solutions and Issuer Solutions. The Merchant Solutions segment offers authorization, settlement and funding, customer support, chargeback resolution, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services.