Global Payments Inc. (NYSE:GPN) Stock Position Decreased by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. sold 115,668 shares of Global Payments Inc., decreasing its stake by 37.6%, making Global Payments approximately 1.0% of its investment portfolio.
• Global Payments reported earnings of $3.10 per share for the last quarter, exceeding expectations and showing a 1.6% revenue increase year-over-year.
• The company declared a quarterly dividend of $0.25 per share, with an annualized dividend of $1.00 and a yield of 1.2%.

Coronation Fund Managers Ltd. reduced its holdings in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 37.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 191,768 shares of the business services provider's stock after selling 115,668 shares during the quarter. Global Payments makes up 1.0% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 28th largest position. Coronation Fund Managers Ltd. owned approximately 0.08% of Global Payments worth $18,778,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in GPN. Optiver Holding B.V. purchased a new stake in shares of Global Payments during the fourth quarter worth about $28,000. NBC Securities Inc. purchased a new stake in shares of Global Payments during the first quarter worth about $30,000. True Wealth Design LLC purchased a new stake in shares of Global Payments during the fourth quarter worth about $40,000. Larson Financial Group LLC grew its holdings in shares of Global Payments by 546.6% during the first quarter. Larson Financial Group LLC now owns 375 shares of the business services provider's stock worth $37,000 after buying an additional 317 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Global Payments during the first quarter worth about $37,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Global Payments news, General Counsel Dara L. Steele-Belkin sold 2,000 shares of the 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 transaction, the general counsel directly owned 30,713 shares in the company, valued at $2,641,318. This represents a 6.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.01% of the stock is owned by company insiders.

Global Payments Stock Up 1.8%

Shares of GPN stock traded up $1.46 on Tuesday, hitting $82.29. The stock had a trading volume of 2,695,182 shares, compared to its average volume of 2,674,437. The firm has a market capitalization of $19.96 billion, a price-to-earnings ratio of 14.39, a P/E/G ratio of 0.78 and a beta of 0.93. The stock's 50 day moving average is $80.05 and its 200-day moving average is $87.27. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.95 and a current ratio of 0.95. Global Payments Inc. has a 52-week low of $65.93 and a 52-week high of $120.00.

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

Global Payments Announces Dividend

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

Analyst Upgrades and Downgrades

GPN has been the subject of a number of recent research reports. Royal Bank Of Canada reiterated a "sector perform" rating and set a $93.00 price target (up from $86.00) on shares of Global Payments in a report on Thursday, August 7th. KeyCorp reaffirmed an "overweight" rating and set a $100.00 price target (up previously from $90.00) on shares of Global Payments in a research report on Thursday, August 7th. Barclays dropped their price target on shares of Global Payments from $125.00 to $110.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. B. Riley reaffirmed a "buy" rating on shares of Global Payments in a research report on Wednesday, July 16th. Finally, Robert W. Baird dropped their price target on shares of Global Payments from $145.00 to $100.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Global Payments has an average rating of "Hold" and an average target price of $112.21.

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.