Global Payments (NYSE:GPN) Downgraded to Neutral at BTIG Research

Global Payments (NYSE:GPN) was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, MarketBeat Ratings reports.

A number of other research firms also recently weighed in on GPN. JPMorgan Chase & Co. increased their price target on Global Payments from $111.00 to $118.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. BNP Paribas raised Global Payments to a “strong sell” rating in a research note on Wednesday, September 4th. BMO Capital Markets boosted their target price on Global Payments from $124.00 to $126.00 and gave the stock a “market perform” rating in a research report on Thursday, August 8th. Susquehanna reiterated a “positive” rating and issued a $147.00 price target on shares of Global Payments in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company initiated coverage on shares of Global Payments in a report on Wednesday, June 12th. They set an “equal weight” rating and a $100.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $141.36.

Global Payments Price Performance

Global Payments stock opened at $97.67 on Wednesday. The business’s 50-day simple moving average is $105.63 and its 200 day simple moving average is $109.61. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.68. The stock has a market cap of $24.93 billion, a price-to-earnings ratio of 19.38, a P/E/G ratio of 0.71 and a beta of 0.98. Global Payments has a 12-month low of $91.60 and a 12-month high of $141.77.

Global Payments (NYSE:GPN) last issued its earnings results on Wednesday, August 7th. The business services provider reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.03. The company had revenue of $2.57 billion for the quarter, compared to analyst estimates of $2.32 billion. Global Payments had a net margin of 14.26% and a return on equity of 11.93%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.48 EPS. As a group, research analysts anticipate that Global Payments will post 11.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO David M. Sheffield sold 1,651 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $100.73, for a total value of $166,305.23. Following the sale, the chief accounting officer now owns 20,531 shares of the company’s stock, valued at $2,068,087.63. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On Global Payments

Hedge funds have recently modified their holdings of the stock. Pzena Investment Management LLC boosted its position in Global Payments by 194.2% during the second quarter. Pzena Investment Management LLC now owns 6,423,463 shares of the business services provider’s stock valued at $621,149,000 after purchasing an additional 4,240,388 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Global Payments by 188.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,157,728 shares of the business services provider’s stock valued at $109,857,000 after buying an additional 755,898 shares during the last quarter. Kodai Capital Management LP bought a new position in shares of Global Payments in the fourth quarter valued at $69,029,000. Natixis grew its stake in shares of Global Payments by 830.2% in the first quarter. Natixis now owns 589,520 shares of the business services provider’s stock valued at $78,795,000 after buying an additional 526,143 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Global Payments by 267.0% during the first quarter. Lord Abbett & CO. LLC now owns 677,854 shares of the business services provider’s stock worth $90,602,000 after acquiring an additional 493,164 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

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.