JPMorgan Chase & Co. Cuts Global Payments (NYSE:GPN) Price Target to $90.00

Global Payments (NYSE:GPN) had its target price cut by JPMorgan Chase & Co. from $95.00 to $90.00 in a report issued on Thursday morning, MarketBeat Ratings reports. They currently have a neutral rating on the business services provider’s stock.

Several other brokerages also recently issued reports on GPN. TD Cowen cut their target price on shares of Global Payments from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Monday, January 12th. Deutsche Bank Aktiengesellschaft assumed coverage on Global Payments in a research note on Wednesday, January 14th. They set a “hold” rating and a $80.00 target price for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Global Payments in a research report on Thursday, January 22nd. Royal Bank Of Canada increased their price objective on shares of Global Payments from $93.00 to $95.00 and gave the company a “sector perform” rating in a research report on Wednesday, November 5th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $105.00 price target on shares of Global Payments in a research note on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $91.75.

Global Payments Price Performance

NYSE:GPN opened at $68.47 on Thursday. Global Payments has a 52-week low of $65.93 and a 52-week high of $107.27. The company has a market cap of $16.21 billion, a P/E ratio of 9.62, a P/E/G ratio of 0.45 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 0.85. The stock’s 50-day simple moving average is $76.37 and its 200 day simple moving average is $80.55.

Insider Activity

In other news, Director Robert H. B. Baldwin, Jr. bought 10,392 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was bought at an average cost of $81.42 per share, for a total transaction of $846,116.64. Following the transaction, the director owned 59,303 shares of the company’s stock, valued at $4,828,450.26. This represents a 21.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Lawrence Green sold 11,600 shares of the stock in a transaction that occurred on Wednesday, December 3rd. The stock was sold at an average price of $79.99, for a total transaction of $927,884.00. Following the sale, the insider owned 68,096 shares in the company, valued at $5,446,999.04. This represents a 14.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.01% of the company’s stock.

Hedge Funds Weigh In On Global Payments

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Global Payments by 0.6% in the third quarter. Vanguard Group Inc. now owns 23,542,460 shares of the business services provider’s stock valued at $1,955,908,000 after acquiring an additional 149,441 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of Global Payments by 4.6% during the 4th quarter. Pzena Investment Management LLC now owns 11,409,697 shares of the business services provider’s stock valued at $883,111,000 after purchasing an additional 500,887 shares during the last quarter. Ameriprise Financial Inc. increased its position in Global Payments by 7.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 7,349,876 shares of the business services provider’s stock worth $610,633,000 after purchasing an additional 499,695 shares in the last quarter. Glenview Capital Management LLC boosted its position in Global Payments by 13.8% in the second quarter. Glenview Capital Management LLC now owns 4,316,892 shares of the business services provider’s stock valued at $345,524,000 after buying an additional 523,209 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Global Payments during the fourth quarter worth $276,014,000. Institutional investors own 89.76% of the company’s stock.

Global Payments Company Profile

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.