Global Payments Inc. (NYSE:GPN) Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP trimmed its holdings in Global Payments Inc. (NYSE:GPN) by 63.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 72,302 shares of the business services provider’s stock after selling 127,485 shares during the period. Cinctive Capital Management LP’s holdings in Global Payments were worth $7,405,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GPN. Pzena Investment Management LLC boosted its position in shares of Global Payments by 3.4% in the third quarter. Pzena Investment Management LLC now owns 6,638,862 shares of the business services provider’s stock worth $679,952,000 after acquiring an additional 215,399 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Global Payments by 65.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,982,496 shares of the business services provider’s stock valued at $203,047,000 after purchasing an additional 785,539 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Global Payments by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,957,914 shares of the business services provider’s stock valued at $189,307,000 after buying an additional 193,137 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Global Payments by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,541,541 shares of the business services provider’s stock worth $157,885,000 after buying an additional 44,296 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Global Payments by 31.4% in the 3rd quarter. Bank of Montreal Can now owns 1,342,370 shares of the business services provider’s stock worth $135,606,000 after buying an additional 320,985 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Global Payments Price Performance

Shares of NYSE:GPN opened at $118.96 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.65. The firm’s 50 day moving average is $106.57 and its two-hundred day moving average is $103.76. The firm has a market capitalization of $30.27 billion, a P/E ratio of 22.40, a PEG ratio of 0.91 and a beta of 0.97. Global Payments Inc. has a 52 week low of $91.60 and a 52 week high of $141.77.

Global Payments Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Friday, December 13th. Global Payments’s dividend payout ratio is presently 18.83%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. BMO Capital Markets dropped their price target on Global Payments from $126.00 to $122.00 and set a “market perform” rating for the company in a research note on Wednesday, September 25th. Royal Bank of Canada cut their price target on shares of Global Payments from $143.00 to $130.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Barclays dropped their price objective on shares of Global Payments from $145.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, September 30th. KeyCorp reduced their target price on shares of Global Payments from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Wednesday, September 25th. Finally, Jefferies Financial Group lowered their price target on Global Payments from $130.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $136.57.

About Global Payments

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.