Global Payments Inc. (NYSE:GPN) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 4.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,260 shares of the business services provider's stock after selling 2,913 shares during the period. Corebridge Financial Inc.'s holdings in Global Payments were worth $6,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Beaird Harris Wealth Management LLC purchased a new position in Global Payments in the third quarter valued at approximately $25,000. Whipplewood Advisors LLC acquired a new stake in Global Payments during the 4th quarter worth $37,000. Quintet Private Bank Europe S.A. purchased a new stake in Global Payments in the fourth quarter valued at $38,000. LRI Investments LLC lifted its position in Global Payments by 94.4% in the third quarter. LRI Investments LLC now owns 517 shares of the business services provider's stock valued at $53,000 after acquiring an additional 251 shares during the last quarter. Finally, Manchester Capital Management LLC boosted its stake in Global Payments by 177.5% in the fourth quarter. Manchester Capital Management LLC now owns 469 shares of the business services provider's stock valued at $53,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on GPN shares. Morgan Stanley decreased their target price on Global Payments from $166.00 to $163.00 and set an "overweight" rating for the company in a research report on Friday, February 14th. Citigroup lowered their price target on Global Payments from $138.00 to $135.00 and set a "buy" rating on the stock in a report on Tuesday, February 18th. Stephens cut Global Payments from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $125.00 to $120.00 in a research report on Friday, January 10th. Keefe, Bruyette & Woods cut their price target on Global Payments from $140.00 to $135.00 and set an "outperform" rating for the company in a research note on Monday. Finally, Barclays dropped their price objective on shares of Global Payments from $135.00 to $125.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, Global Payments presently has an average rating of "Moderate Buy" and a consensus price target of $134.10.

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Global Payments Trading Up 0.5 %

Shares of GPN traded up $0.49 during mid-day trading on Wednesday, reaching $98.93. The company had a trading volume of 251,830 shares, compared to its average volume of 2,028,641. The stock has a market cap of $24.32 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 0.86 and a beta of 1.04. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. The firm has a fifty day simple moving average of $103.30 and a 200-day simple moving average of $107.16. Global Payments Inc. has a fifty-two week low of $90.99 and a fifty-two week high of $129.35.

Global Payments (NYSE:GPN - Get Free Report) last posted its earnings results on Thursday, February 13th. The business services provider reported $2.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.98 by ($0.14). Global Payments had a return on equity of 12.21% and a net margin of 15.54%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.31 billion. On average, sell-side analysts anticipate that Global Payments Inc. will post 11.89 EPS for the current fiscal year.

Global Payments Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.01%. Global Payments's dividend payout ratio is currently 16.18%.

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.