Bridgewater Associates LP Cuts Holdings in Global Payments Inc (GPN)
Bridgewater Associates LP lowered its position in shares of Global Payments Inc (NYSE:GPN) by 76.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,998 shares of the business services provider’s stock after selling 6,317 shares during the quarter. Bridgewater Associates LP’s holdings in Global Payments were worth $255,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. raised its stake in Global Payments by 1.3% during the third quarter. BlackRock Inc. now owns 10,862,520 shares of the business services provider’s stock valued at $1,383,883,000 after buying an additional 143,470 shares in the last quarter. FMR LLC raised its position in shares of Global Payments by 3.6% during the 3rd quarter. FMR LLC now owns 10,063,461 shares of the business services provider’s stock worth $1,282,085,000 after purchasing an additional 350,835 shares during the period. JPMorgan Chase & Co. raised its position in shares of Global Payments by 14.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,520,530 shares of the business services provider’s stock worth $575,914,000 after purchasing an additional 581,025 shares during the period. Janus Henderson Group PLC raised its position in shares of Global Payments by 7.2% during the 3rd quarter. Janus Henderson Group PLC now owns 3,752,384 shares of the business services provider’s stock worth $478,053,000 after purchasing an additional 251,323 shares during the period. Finally, Frontier Capital Management Co. LLC raised its position in shares of Global Payments by 7.3% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,936,436 shares of the business services provider’s stock worth $246,702,000 after purchasing an additional 132,080 shares during the period. Hedge funds and other institutional investors own 97.43% of the company’s stock.
GPN opened at $106.32 on Friday. Global Payments Inc has a 12 month low of $97.46 and a 12 month high of $129.25. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $16.93 billion, a P/E ratio of 22.81, a price-to-earnings-growth ratio of 1.23 and a beta of 1.16.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.04%. The ex-dividend date of this dividend is Thursday, December 13th. Global Payments’s dividend payout ratio is currently 1.00%.
GPN has been the topic of a number of research reports. BMO Capital Markets initiated coverage on Global Payments in a research report on Wednesday, September 26th. They set an “outperform” rating and a $139.00 price target on the stock. Deutsche Bank increased their price target on Global Payments to $140.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. Guggenheim cut Global Payments from a “buy” rating to a “neutral” rating in a research report on Monday, November 5th. Robert W. Baird increased their price target on Global Payments from $136.00 to $142.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 17th. Finally, KeyCorp increased their price target on Global Payments from $130.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $123.30.
In other Global Payments news, Director Robert H. B. Baldwin, Jr. sold 3,125 shares of the stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $116.07, for a total transaction of $362,718.75. Following the completion of the transaction, the director now directly owns 80,324 shares of the company’s stock, valued at approximately $9,323,206.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alan M. Silberstein sold 700 shares of the stock in a transaction on Wednesday, November 14th. The shares were sold at an average price of $109.66, for a total value of $76,762.00. Following the transaction, the director now directly owns 42,169 shares of the company’s stock, valued at $4,624,252.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,899 shares of company stock worth $9,528,952. 0.98% of the stock is owned by insiders.
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Global Payments Profile
Global Payments Inc provides payment technology and software solutions for credit cards, debit cards, electronic payments, and check-related services. It 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, online reporting, industry compliance, and payment card industry security services.
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