Cardinal Capital Management Inc. Sells 7,320 Shares of Global Payments Inc. $GPN

Key Points

• Cardinal Capital Management Inc. reduced its stake in Global Payments Inc. by 6.7%, owning 102,386 shares valued at approximately $8.20 million as of the latest filing.
• Analysts have recently raised price targets for Global Payments, with projections ranging from $83.00 to $114.00, reflecting a generally optimistic outlook despite mixed ratings.
• Global Payments announced a quarterly dividend of $0.25, with a yield of 1.2%, set to be paid on September 26th to investors of record.

Cardinal Capital Management Inc. decreased its position in Global Payments Inc. (NYSE:GPN - Free Report) by 6.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 102,386 shares of the business services provider's stock after selling 7,320 shares during the quarter. Cardinal Capital Management Inc.'s holdings in Global Payments were worth $8,195,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Perigon Wealth Management LLC increased its position in shares of Global Payments by 3.8% during the first quarter. Perigon Wealth Management LLC now owns 3,932 shares of the business services provider's stock worth $385,000 after acquiring an additional 144 shares during the period. Transcend Capital Advisors LLC increased its position in shares of Global Payments by 7.9% during the first quarter. Transcend Capital Advisors LLC now owns 2,135 shares of the business services provider's stock worth $209,000 after acquiring an additional 157 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in shares of Global Payments by 5.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 3,027 shares of the business services provider's stock worth $242,000 after acquiring an additional 158 shares during the period. Pinnacle Associates Ltd. grew its stake in shares of Global Payments by 4.1% during the first quarter. Pinnacle Associates Ltd. now owns 4,342 shares of the business services provider's stock worth $425,000 after purchasing an additional 171 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in shares of Global Payments by 1.7% during the fourth quarter. Vident Advisory LLC now owns 10,382 shares of the business services provider's stock worth $1,163,000 after purchasing an additional 172 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. TD Cowen downgraded shares of Global Payments from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. JPMorgan Chase & Co. boosted their target price on shares of Global Payments from $85.00 to $95.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Mizuho upgraded shares of Global Payments from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $86.00 to $114.00 in a research note on Friday, July 25th. B. Riley reiterated a "buy" rating on shares of Global Payments in a research note on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Global Payments from $81.00 to $85.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 9th. Nine analysts have rated the stock with a Buy rating and nineteen have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $110.70.

Insider Activity

In other Global Payments news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of Global Payments stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $86.00, for a total transaction of $172,000.00. Following the completion of the sale, the general counsel owned 30,713 shares of the company's stock, valued at $2,641,318. This trade represents a 6.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.01% of the stock is owned by company insiders.

Global Payments Trading Down 1.1%

GPN stock traded down $0.92 during midday trading on Tuesday, hitting $86.03. The stock had a trading volume of 1,661,025 shares, compared to its average volume of 2,748,127. Global Payments Inc. has a 12-month low of $65.93 and a 12-month high of $120.00. The company's 50-day moving average price is $84.80 and its 200 day moving average price is $83.16. The firm has a market cap of $20.87 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 0.83 and a beta of 0.96. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.95 and a quick ratio of 0.95.

Global Payments (NYSE:GPN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The business services provider reported $3.10 earnings per share for the quarter, topping analysts' consensus estimates of $3.06 by $0.04. The firm had revenue of $2.36 billion during the quarter, compared to analysts' expectations of $2.36 billion. Global Payments had a net margin of 15.07% and a return on equity of 12.47%. The firm's revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.93 EPS. On average, equities research analysts predict that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.25 dividend. The ex-dividend date is Friday, September 12th. This represents a $1.00 annualized dividend and a yield of 1.2%. Global Payments's payout ratio is 17.48%.

About Global Payments

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.