Global Payments (GPN) Shares Gap Up Following Earnings Beat

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Shares of Global Payments Inc (NYSE:GPN) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $113.79, but opened at $117.42. Global Payments shares last traded at $122.75, with a volume of 2699350 shares.

The business services provider reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.01. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Global Payments had a return on equity of 18.38% and a net margin of 17.48%. The business’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS.

GPN has been the topic of a number of analyst reports. Robert W. Baird lifted their price target on Global Payments from $136.00 to $142.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 17th. KeyCorp upped their price target on Global Payments from $130.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 31st. Cantor Fitzgerald upped their price target on Global Payments from $136.00 to $143.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 31st. BMO Capital Markets upped their price target on Global Payments from $139.00 to $146.00 and gave the stock an “outperform” rating in a research note on Thursday, November 1st. Finally, Guggenheim cut Global Payments from a “buy” rating to a “neutral” rating in a research note on Monday, November 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $131.26.

In other Global Payments news, Director Robert H. B. Baldwin, Jr. sold 3,000 shares of the business’s stock in a transaction on Monday, January 14th. The stock was sold at an average price of $110.82, for a total value of $332,460.00. Following the sale, the director now directly owns 72,399 shares of the company’s stock, valued at $8,023,257.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.98% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Global Payments by 1.3% in the third quarter. BlackRock Inc. now owns 10,862,520 shares of the business services provider’s stock worth $1,383,883,000 after acquiring an additional 143,470 shares in the last quarter. FMR LLC lifted its holdings in shares of Global Payments by 3.6% during the third quarter. FMR LLC now owns 10,063,461 shares of the business services provider’s stock valued at $1,282,085,000 after purchasing an additional 350,835 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Global Payments by 9.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,447,043 shares of the business services provider’s stock valued at $561,752,000 after purchasing an additional 449,751 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Global Payments by 14.7% during the third quarter. JPMorgan Chase & Co. now owns 4,520,530 shares of the business services provider’s stock valued at $575,914,000 after purchasing an additional 581,025 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Global Payments by 7.2% during the third quarter. Janus Henderson Group PLC now owns 3,752,384 shares of the business services provider’s stock valued at $478,053,000 after purchasing an additional 251,323 shares in the last quarter. 98.47% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $18.18 billion, a PE ratio of 30.61, a price-to-earnings-growth ratio of 1.12 and a beta of 1.15. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.13.

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Global Payments Company Profile (NYSE:GPN)

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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