Coronation Fund Managers Ltd. Increases Holdings in Global Payments Inc. (NYSE:GPN)

Coronation Fund Managers Ltd. lifted its holdings in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 13.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,000 shares of the business services provider's stock after purchasing an additional 32,721 shares during the quarter. Global Payments accounts for approximately 1.6% of Coronation Fund Managers Ltd.'s portfolio, making the stock its 25th largest position. Coronation Fund Managers Ltd. owned about 0.11% of Global Payments worth $28,268,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of GPN. State of Alaska Department of Revenue lifted its position in Global Payments by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 28,253 shares of the business services provider's stock worth $3,776,000 after buying an additional 135 shares during the last quarter. First Trust Direct Indexing L.P. lifted its position in Global Payments by 16.5% in the 1st quarter. First Trust Direct Indexing L.P. now owns 5,827 shares of the business services provider's stock worth $779,000 after buying an additional 827 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in Global Payments by 6.2% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,670 shares of the business services provider's stock worth $892,000 after buying an additional 389 shares during the last quarter. Fidelis Capital Partners LLC lifted its position in Global Payments by 5.1% in the 1st quarter. Fidelis Capital Partners LLC now owns 1,930 shares of the business services provider's stock worth $258,000 after buying an additional 93 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in Global Payments by 8.3% in the 1st quarter. Daiwa Securities Group Inc. now owns 28,618 shares of the business services provider's stock worth $3,825,000 after buying an additional 2,193 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GPN. Stephens lowered their price objective on Global Payments from $130.00 to $125.00 and set an "overweight" rating for the company in a research report on Friday, October 18th. BMO Capital Markets decreased their target price on Global Payments from $126.00 to $122.00 and set a "market perform" rating for the company in a report on Wednesday, September 25th. Sanford C. Bernstein cut Global Payments from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $135.00 to $112.00 in a research note on Tuesday, October 22nd. TD Cowen reduced their price target on Global Payments from $125.00 to $122.00 and set a "buy" rating on the stock in a research note on Wednesday, September 25th. Finally, Susquehanna reissued a "positive" rating and issued a $147.00 target price on shares of Global Payments in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $136.50.

Insiders Place Their Bets

In other Global Payments news, CAO David M. Sheffield sold 1,651 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.73, for a total transaction of $166,305.23. Following the transaction, the chief accounting officer now owns 20,531 shares in the company, valued at approximately $2,068,087.63. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.98% of the stock is currently owned by company insiders.

Global Payments Stock Performance

Global Payments stock traded up $0.73 during midday trading on Friday, hitting $104.44. 2,469,218 shares of the company were exchanged, compared to its average volume of 2,104,946. The firm has a market capitalization of $26.57 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 0.77 and a beta of 0.97. Global Payments Inc. has a fifty-two week low of $91.60 and a fifty-two week high of $141.77. The business has a fifty day simple moving average of $104.60 and a two-hundred day simple moving average of $103.97. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.92 and a current ratio of 0.93.

Global Payments (NYSE:GPN - Get Free Report) last posted its earnings results on Wednesday, August 7th. The business services provider reported $2.93 EPS for the quarter, topping the consensus estimate of $2.90 by $0.03. The firm 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 11.94% and a net margin of 13.61%. Global Payments's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $2.48 earnings per share. On average, sell-side analysts forecast that Global Payments Inc. will post 11.05 earnings per share for the current year.

Global Payments Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.00 dividend on an annualized basis and a yield of 0.96%. Global Payments's dividend payout ratio is currently 18.83%.

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.