Mackenzie Financial Corp Sells 11,286 Shares of Global Payments Inc. (NYSE:GPN)

Key Points

• Mackenzie Financial Corp reduced its stake in Global Payments by 11.4%, selling 11,286 shares and now holds 87,964 shares valued at approximately $8.6 million.
• Global Payments reported $2.82 EPS for its latest quarter, surpassing expectations, with a revenue of $2.20 billion which remained flat compared to the previous year.
• The company's stock is currently down 1.8%, with a market cap of $19.50 billion and a consensus rating of "Hold" from analysts, with an average price target of $111.65.

Mackenzie Financial Corp decreased its stake in shares of Global Payments Inc. (NYSE:GPN - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 87,964 shares of the business services provider's stock after selling 11,286 shares during the period. Mackenzie Financial Corp's holdings in Global Payments were worth $8,613,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Optiver Holding B.V. acquired a new stake in Global Payments in the fourth quarter valued at approximately $28,000. NBC Securities Inc. bought a new stake in Global Payments in the 1st quarter valued at $30,000. Larson Financial Group LLC boosted its stake in shares of Global Payments by 546.6% in the 1st quarter. Larson Financial Group LLC now owns 375 shares of the business services provider's stock valued at $37,000 after purchasing an additional 317 shares in the last quarter. True Wealth Design LLC acquired a new stake in shares of Global Payments in the 4th quarter valued at $40,000. Finally, Golden State Wealth Management LLC boosted its stake in shares of Global Payments by 4,866.7% in the 1st quarter. Golden State Wealth Management LLC now owns 447 shares of the business services provider's stock valued at $44,000 after purchasing an additional 438 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Global Payments Stock Down 0.9%

Shares of GPN traded down $0.69 during mid-day trading on Tuesday, hitting $78.20. 1,425,388 shares of the company's stock were exchanged, compared to its average volume of 2,781,880. The company has a market cap of $19.07 billion, a PE ratio of 12.61, a P/E/G ratio of 0.75 and a beta of 0.93. Global Payments Inc. has a 52 week low of $65.93 and a 52 week high of $120.00. The company has a 50-day simple moving average of $79.29 and a 200 day simple moving average of $88.24. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.94 and a quick ratio of 0.94.

Global Payments (NYSE:GPN - Get Free Report) last released its earnings results on Tuesday, May 6th. The business services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.73 by $0.09. Global Payments had a net margin of 15.48% and a return on equity of 12.33%. The business had revenue of $2.20 billion during the quarter, compared to analysts' expectations of $2.20 billion. During the same period last year, the business earned $2.59 earnings per share. The firm's revenue was down .3% on a year-over-year basis. On average, research analysts forecast that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Global Payments's dividend payout ratio (DPR) is currently 16.13%.

Analyst Ratings Changes

Several brokerages have recently commented on GPN. Wall Street Zen upgraded shares of Global Payments from a "hold" rating to a "buy" rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. reduced their price target on shares of Global Payments from $115.00 to $85.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company reduced their price target on shares of Global Payments from $105.00 to $77.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Royal Bank Of Canada downgraded shares of Global Payments from an "outperform" rating to a "sector perform" rating and set a $86.00 price target on the stock. in a research report on Friday, April 25th. Finally, Jefferies Financial Group cut Global Payments from a "buy" rating to a "hold" rating and set a $75.00 price objective for the company. in a report on Friday, April 18th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $111.65.

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.