Sigma Investment Counselors Inc. Has $2.60 Million Stock Position in Global Payments Inc. (NYSE:GPN)

Sigma Investment Counselors Inc. raised its position in Global Payments Inc. (NYSE:GPNGet Rating) by 15.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 23,519 shares of the business services provider’s stock after purchasing an additional 3,130 shares during the period. Sigma Investment Counselors Inc.’s holdings in Global Payments were worth $2,602,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GPN. Calamos Advisors LLC raised its holdings in shares of Global Payments by 15.4% in the 1st quarter. Calamos Advisors LLC now owns 93,807 shares of the business services provider’s stock worth $12,837,000 after buying an additional 12,504 shares in the last quarter. Quent Capital LLC raised its holdings in shares of Global Payments by 44.5% in the 1st quarter. Quent Capital LLC now owns 1,201 shares of the business services provider’s stock worth $164,000 after buying an additional 370 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Global Payments by 3.2% in the 1st quarter. Truist Financial Corp now owns 1,018,948 shares of the business services provider’s stock worth $139,433,000 after buying an additional 31,217 shares in the last quarter. Raymond James & Associates raised its holdings in shares of Global Payments by 14.9% in the 1st quarter. Raymond James & Associates now owns 526,808 shares of the business services provider’s stock worth $72,090,000 after buying an additional 68,190 shares in the last quarter. Finally, Kentucky Retirement Systems raised its holdings in shares of Global Payments by 0.8% in the 1st quarter. Kentucky Retirement Systems now owns 18,150 shares of the business services provider’s stock worth $2,484,000 after buying an additional 141 shares in the last quarter. Institutional investors and hedge funds own 85.61% of the company’s stock.

Insiders Place Their Bets

In other Global Payments news, CAO David M. Sheffield sold 3,500 shares of Global Payments stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $133.20, for a total transaction of $466,200.00. Following the transaction, the chief accounting officer now directly owns 28,737 shares in the company, valued at $3,827,768.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.19% of the company’s stock.

Global Payments Trading Down 2.1 %

Shares of NYSE:GPN traded down $2.47 during midday trading on Friday, hitting $113.62. The company had a trading volume of 84,412 shares, compared to its average volume of 2,282,055. The firm has a fifty day simple moving average of $126.88 and a 200 day simple moving average of $126.48. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.45. The stock has a market cap of $31.49 billion, a price-to-earnings ratio of 644.98, a PEG ratio of 0.82 and a beta of 1.02. Global Payments Inc. has a 12 month low of $105.52 and a 12 month high of $165.17.

Global Payments (NYSE:GPNGet Rating) last posted its earnings results on Monday, August 1st. The business services provider reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.34 by $0.02. The firm had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.09 billion. Global Payments had a return on equity of 9.24% and a net margin of 0.87%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.92 earnings per share. On average, analysts predict that Global Payments Inc. will post 9 EPS for the current year.

Global Payments declared that its board has authorized a share repurchase program on Monday, August 1st that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the business services provider to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Global Payments Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $1.00 annualized dividend and a yield of 0.88%. Global Payments’s dividend payout ratio is presently 555.59%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GPN. Credit Suisse Group cut Global Payments from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $180.00 to $145.00 in a report on Wednesday, August 3rd. Keefe, Bruyette & Woods dropped their price target on Global Payments from $175.00 to $155.00 in a report on Monday, July 11th. Oppenheimer dropped their price target on Global Payments from $152.00 to $144.00 and set an “outperform” rating for the company in a report on Tuesday, August 2nd. Deutsche Bank Aktiengesellschaft dropped their price target on Global Payments from $222.00 to $188.00 and set a “buy” rating for the company in a report on Tuesday, August 2nd. Finally, Morgan Stanley raised their price target on Global Payments from $123.00 to $141.00 and gave the company an “equal weight” rating in a report on Tuesday, August 2nd. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $172.46.

Global Payments Profile

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Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Business and Consumer Solutions. The Merchant Solutions segment offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, and on-line reporting services.

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Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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