Red Spruce Capital LLC Cuts Stock Position in Global Payments Inc. (NYSE:GPN)

Red Spruce Capital LLC cut its stake in shares of Global Payments Inc. (NYSE:GPN) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,988 shares of the business services provider’s stock after selling 778 shares during the quarter. Red Spruce Capital LLC’s holdings in Global Payments were worth $2,153,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GPN. Optiver Holding B.V. acquired a new stake in shares of Global Payments in the 4th quarter worth $28,000. Whipplewood Advisors LLC purchased a new position in Global Payments during the fourth quarter worth about $37,000. Quintet Private Bank Europe S.A. acquired a new stake in Global Payments in the fourth quarter valued at about $38,000. True Wealth Design LLC purchased a new stake in Global Payments in the 4th quarter valued at approximately $40,000. Finally, Manchester Capital Management LLC boosted its holdings in Global Payments by 177.5% in the 4th quarter. Manchester Capital Management LLC now owns 469 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 300 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GPN. Citigroup reissued a “buy” rating on shares of Global Payments in a research note on Monday, April 21st. Cowen cut Global Payments from a “buy” rating to a “hold” rating in a research report on Monday, April 21st. TD Cowen downgraded Global Payments from a “buy” rating to a “hold” rating and set a $78.00 target price for the company. in a report on Monday, April 21st. KeyCorp boosted their target price on shares of Global Payments from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Finally, Bank of America cut their price target on shares of Global Payments from $156.00 to $149.00 and set a “buy” rating for the company in a report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Global Payments has an average rating of “Hold” and a consensus price target of $112.43.

Global Payments Stock Up 0.9%

Shares of NYSE:GPN opened at $75.70 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 0.66. Global Payments Inc. has a 52-week low of $65.93 and a 52-week high of $120.00. The stock’s fifty day simple moving average is $81.80 and its 200-day simple moving average is $99.76. The company has a market capitalization of $18.46 billion, a P/E ratio of 12.25, a P/E/G ratio of 0.86 and a beta of 0.96.

Global Payments (NYSE:GPN) last announced 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 15.54% and a return on equity of 12.21%. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the company posted $2.59 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. As a group, equities research analysts forecast that Global Payments Inc. will post 11.89 earnings per share for the current fiscal year.

Global Payments Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, June 13th. Global Payments’s dividend payout ratio is currently 16.13%.

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.