Global Payments (GPN) Upgraded by Goldman Sachs Group to Buy
Global Payments (NYSE:GPN) was upgraded by research analysts at Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage presently has a $128.00 price objective on the business services provider’s stock, up from their prior price objective of $122.00. Goldman Sachs Group’s price objective suggests a potential upside of 17.76% from the company’s previous close.
Several other research firms have also weighed in on GPN. Deutsche Bank lifted their price objective on Global Payments to $140.00 and gave the company a “buy” rating in a research note on Friday, September 14th. BMO Capital Markets assumed coverage on Global Payments in a research note on Wednesday, September 26th. They issued an “outperform” rating and a $139.00 price objective on the stock. Robert W. Baird lifted their price objective on Global Payments from $136.00 to $142.00 and gave the company an “outperform” rating in a research note on Wednesday, October 17th. Zacks Investment Research lowered Global Payments from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, KeyCorp lifted their price objective on Global Payments from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, October 31st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $125.70.
NYSE:GPN traded down $0.55 during mid-day trading on Tuesday, reaching $108.70. The company’s stock had a trading volume of 14,683 shares, compared to its average volume of 1,449,161. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.13. Global Payments has a twelve month low of $94.81 and a twelve month high of $129.25. The firm has a market cap of $16.26 billion, a price-to-earnings ratio of 27.10, a PEG ratio of 1.00 and a beta of 1.14.
In related news, Director Robert H. B. Baldwin, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, December 14th. The stock was sold at an average price of $102.02, for a total transaction of $306,060.00. Following the completion of the transaction, the director now owns 74,899 shares in the company, valued at approximately $7,641,195.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan M. Silberstein sold 700 shares of the business’s stock in a transaction that occurred 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 owns 42,169 shares of the company’s stock, valued at approximately $4,624,252.54. The disclosure for this sale can be found here. Insiders have sold a total of 6,825 shares of company stock valued at $745,541 in the last 90 days. Insiders own 0.98% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Global Payments by 1.3% during the 3rd 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 during the period. FMR LLC boosted its position in 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 acquiring an additional 350,835 shares during the period. JPMorgan Chase & Co. boosted its position in 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 acquiring an additional 581,025 shares during the period. Janus Henderson Group PLC boosted its position in 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 acquiring an additional 251,323 shares during the period. Finally, Capital International Investors boosted its position in Global Payments by 6.1% during the 3rd quarter. Capital International Investors now owns 2,876,112 shares of the business services provider’s stock worth $366,417,000 after acquiring an additional 164,993 shares during the period. Institutional investors and hedge funds own 97.29% of the company’s stock.
About Global Payments
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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