Fragasso Financial Advisors Inc Reduces Position in Global Payments Inc. (NYSE:GPN)

Fragasso Financial Advisors Inc trimmed its position in Global Payments Inc. (NYSE:GPN) by 30.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,001 shares of the business services provider’s stock after selling 1,289 shares during the quarter. Fragasso Financial Advisors Inc’s holdings in Global Payments were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in GPN. Norges Bank bought a new stake in shares of Global Payments in the fourth quarter worth about $365,933,000. Kodai Capital Management LP bought a new stake in shares of Global Payments in the 4th quarter worth approximately $69,029,000. Natixis increased its stake in shares of Global Payments by 830.2% during 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 during the period. Lord Abbett & CO. LLC raised its holdings in shares of 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 valued at $90,602,000 after acquiring an additional 493,164 shares in the last quarter. Finally, Pzena Investment Management LLC lifted its stake in Global Payments by 27.8% in the fourth quarter. Pzena Investment Management LLC now owns 2,192,227 shares of the business services provider’s stock worth $278,413,000 after acquiring an additional 477,390 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Global Payments

In other news, VP Andrea M. Carter sold 3,300 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $111.34, for a total value of $367,422.00. Following the transaction, the vice president now directly owns 25,209 shares in the company, valued at approximately $2,806,770.06. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.98% of the stock is owned by insiders.

Global Payments Stock Performance

Shares of NYSE GPN traded up $0.36 during trading on Tuesday, reaching $93.02. 2,862,540 shares of the company traded hands, compared to its average volume of 2,290,345. The firm has a 50 day simple moving average of $97.59 and a 200-day simple moving average of $116.06. Global Payments Inc. has a 52-week low of $91.60 and a 52-week high of $141.77. The stock has a market capitalization of $23.74 billion, a PE ratio of 18.71, a P/E/G ratio of 0.63 and a beta of 0.98. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.68.

Wall Street Analyst Weigh In

GPN has been the subject of several research reports. Keefe, Bruyette & Woods decreased their price objective on shares of Global Payments from $150.00 to $140.00 and set an “outperform” rating for the company in a report on Monday, July 8th. TD Cowen cut their price objective on Global Payments from $152.00 to $125.00 and set a “buy” rating on the stock in a research report on Friday, June 21st. Morgan Stanley upped their target price on Global Payments from $160.00 to $164.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. StockNews.com cut Global Payments from a “buy” rating to a “hold” rating in a research note on Monday, June 10th. Finally, Evercore ISI reduced their price target on Global Payments from $170.00 to $160.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, Global Payments currently has a consensus rating of “Moderate Buy” and an average price target of $145.35.

Global Payments Company Profile

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.