Manning & Napier Advisors LLC Invests $6.16 Million in Global Payments Inc. (NYSE:GPN)

Manning & Napier Advisors LLC purchased a new position in Global Payments Inc. (NYSE:GPN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 55,000 shares of the business services provider's stock, valued at approximately $6,163,000.

Several other hedge funds and other institutional investors also recently modified their holdings of GPN. Cromwell Holdings LLC acquired a new stake in Global Payments during the third quarter worth about $25,000. Beaird Harris Wealth Management LLC acquired a new position in shares of Global Payments in the 3rd quarter worth approximately $25,000. Capital Performance Advisors LLP bought a new stake in shares of Global Payments during the 3rd quarter worth $33,000. Whittier Trust Co. of Nevada Inc. increased its stake in Global Payments by 59.6% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 383 shares of the business services provider's stock worth $39,000 after purchasing an additional 143 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of Global Payments by 134.4% during the second quarter. Quarry LP now owns 511 shares of the business services provider's stock valued at $49,000 after acquiring an additional 293 shares during the period. Institutional investors own 89.76% of the company's stock.

Global Payments Price Performance

Shares of GPN traded up $3.49 during mid-day trading on Thursday, hitting $113.81. 340,856 shares of the company traded hands, compared to its average volume of 1,451,883. The business has a 50-day moving average of $112.98 and a 200 day moving average of $107.87. The stock has a market capitalization of $28.96 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 0.78 and a beta of 1.00. Global Payments Inc. has a one year low of $91.60 and a one year high of $141.77. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65.

Analysts Set New Price Targets

GPN has been the subject of several research analyst reports. StockNews.com raised Global Payments from a "hold" rating to a "buy" rating in a research note on Thursday, January 23rd. Morgan Stanley increased their target price on shares of Global Payments from $156.00 to $166.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Royal Bank of Canada reduced their price objective on shares of Global Payments from $143.00 to $130.00 and set an "outperform" rating for the company in a research note on Thursday, October 31st. Stephens lowered Global Payments from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $125.00 to $120.00 in a report on Friday, January 10th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Global Payments from $118.00 to $115.00 and set a "neutral" rating on the stock in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $135.71.

Insider Transactions at Global Payments

In related news, Director Robert H. B. Baldwin, Jr. purchased 5,800 shares of the business's stock in a transaction dated Friday, December 13th. The shares were bought at an average price of $116.00 per share, with a total value of $672,800.00. Following the purchase, the director now directly owns 42,738 shares in the company, valued at $4,957,608. This trade represents a 15.70 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.98% of the stock is currently owned by corporate insiders.

Global Payments 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.