California Public Employees Retirement System reduced its holdings in shares of Global Payments Inc (NYSE:GPN) by 4.4% in the first quarter, Holdings Channel reports. The fund owned 291,397 shares of the business services provider’s stock after selling 13,476 shares during the quarter. California Public Employees Retirement System’s holdings in Global Payments were worth $39,782,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GPN. JPMorgan Chase & Co. lifted its holdings 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 acquiring an additional 581,025 shares during the period. Teachers Advisors LLC lifted its holdings in shares of Global Payments by 5.8% during the 3rd quarter. Teachers Advisors LLC now owns 228,681 shares of the business services provider’s stock worth $29,134,000 after acquiring an additional 12,564 shares during the period. TIAA CREF Investment Management LLC lifted its holdings in shares of Global Payments by 5.6% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 390,921 shares of the business services provider’s stock worth $49,803,000 after acquiring an additional 20,614 shares during the period. Legal & General Group Plc lifted its holdings in shares of Global Payments by 2.5% during the 3rd quarter. Legal & General Group Plc now owns 621,859 shares of the business services provider’s stock worth $79,224,000 after acquiring an additional 15,396 shares during the period. Finally, Federated Investors Inc. PA lifted its holdings in shares of Global Payments by 121.8% during the 3rd quarter. Federated Investors Inc. PA now owns 232,443 shares of the business services provider’s stock worth $29,614,000 after acquiring an additional 127,631 shares during the period. 99.81% of the stock is owned by hedge funds and other institutional investors.

In other Global Payments news, CEO Jeffrey Steven Sloan sold 167,545 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $129.59, for a total value of $21,712,156.55. Following the completion of the sale, the chief executive officer now owns 579,207 shares in the company, valued at approximately $75,059,435.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alan M. Silberstein sold 4,276 shares of Global Payments stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $132.43, for a total transaction of $566,270.68. Following the sale, the director now owns 51,049 shares of the company’s stock, valued at approximately $6,760,419.07. The disclosure for this sale can be found here. Insiders sold a total of 206,829 shares of company stock valued at $26,881,369 in the last 90 days. Corporate insiders own 0.88% of the company’s stock.

GPN opened at $148.22 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $23.07 billion, a price-to-earnings ratio of 28.56, a P/E/G ratio of 1.46 and a beta of 1.20. Global Payments Inc has a 1-year low of $94.81 and a 1-year high of $149.06.

Global Payments (NYSE:GPN) last posted its quarterly earnings data on Thursday, May 2nd. The business services provider reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.12. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Global Payments had a net margin of 13.69% and a return on equity of 19.83%. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.13 EPS. As a group, equities research analysts forecast that Global Payments Inc will post 5.79 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.03%. The ex-dividend date of this dividend is Thursday, June 13th. Global Payments’s payout ratio is presently 0.77%.

Several equities analysts recently issued reports on GPN shares. Cantor Fitzgerald lifted their price target on shares of Global Payments from $143.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Jefferies Financial Group started coverage on shares of Global Payments in a report on Thursday, February 28th. They set a “buy” rating and a $150.00 price target for the company. Wedbush lifted their price target on shares of Global Payments from $135.00 to $144.00 and gave the company an “outperform” rating in a report on Wednesday, March 13th. Barclays lifted their price target on shares of Global Payments from $133.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, February 19th. Finally, TheStreet raised shares of Global Payments from a “c” rating to a “b-” rating in a report on Wednesday, February 13th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $143.10.

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About Global Payments

Global Payments Inc provides payment technology and software solutions for card, electronic, check, and digital-based payments. The company operates in three segments: North America, Europe, and Asia-Pacific. 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, and online reporting services.

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Institutional Ownership by Quarter for Global Payments (NYSE:GPN)

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