KeyCorp cuts Global Payments (NYSE: GPN) price target to $140.00

Global Payments (NYSE: GPN – Get a rating) had its price target reduced by KeyCorp stock research analysts from $165.00 to $140.00 in a note issued to investors on Friday, Target Stock Advisor reports. The brokerage currently has an “overweight” rating on shares of the business services provider. KeyCorp’s price target would indicate a potential upside of 20.60% from the current stock price.

A number of other research analysts have also recently commented on the stock. Robert W. Baird reaffirmed an “outperform” rating and set a $156.00 price target on Global Payments shares in a Tuesday, August 30 research note. Raymond James lowered its price target on Global Payments shares from $190.00 to $174.00 and set an “outperform” rating for the company in a Tuesday, Aug. 2 research note. Wolfe Research lowered its price target on Global Payments shares from $200.00 to $160.00 in a Wednesday, July 20 research note. Credit Suisse Group downgraded shares of Global Payments from an ‘outperform’ rating to a ‘neutral’ rating and lowered its price target for the company from $180.00 to $145.00 in a research note Wednesday, August 3. Finally, Truist Financial raised its price target on Global Payments from $150.00 to $160.00 and gave the stock a “buy” rating in a Tuesday, August 2 report. Six analysts gave the stock a hold rating and twenty-two gave the stock a buy rating. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $172.46.

Global payments down 3.8%

GPN shares opened at $116.09 on Friday. The company has a 50-day moving average price of $126.88 and a 200-day moving average price of $126.48. Global Payments has a 12-month low of $105.52 and a 12-month high of $165.17. The company has a market capitalization of $32.18 billion, a price/earnings ratio of 644.98, a PEG ratio of 0.82 and a beta of 1.02. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt ratio of 0.45.

Global Payments (NYSE: GPN – Get a rating) last announced its results on Monday, August 1. The business services provider reported earnings per share of $2.36 for the quarter, beating the consensus estimate of $2.34 by $0.02. Global Payments had a net margin of 0.87% and a return on equity of 9.24%. The company posted revenue of $2.28 billion in the quarter, versus a consensus estimate of $2.09 billion. In the same quarter a year earlier, the company posted EPS of $1.92. The company’s revenue for the quarter increased 6.7% year over year. Research analysts expect Global Payments to post 9 earnings per share for the current fiscal year.

Global Payments said its board of directors launched a stock buyback plan on Monday, Aug. 1 that allows the company to repurchase $1.50 billion of outstanding stock. This repurchase authorization allows the business services provider to repurchase up to 4.2% of its shares through purchases on the open market. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Global Payments

In other Global Payments news, CAO David M. Sheffield sold 3,500 shares of the company in a transaction that took place on Wednesday, August 10. The stock was sold at an average price of $133.20, for a total value of $466,200.00. As a result of the transaction, the chief accounting officer now directly owns 28,737 shares of the company, valued at approximately $3,827,768.40. The sale was disclosed in a filing with the SEC, accessible via the SEC website. 1.19% of the shares are currently held by company insiders.

Institutional investors weigh on global payments

Several institutional investors and hedge funds have recently changed their positions in GPN. MUFG Americas Holdings Corp acquired a new equity stake in Global Payments during Q1 valued at approximately $25,000. MCF Advisors LLC acquired a new equity stake in Global Payments during Q1 worth approximately $27,000. Hazlett Burt & Watson Inc. acquired a new equity stake in Global Payments during Q1 valued at approximately $27,000. Western Pacific Wealth Management LP acquired a new stake in Global Payments in the fourth quarter worth $29,000. Finally, MV Capital Management Inc. increased its position in Global Payments by 117.6% in the first quarter. MV Capital Management Inc. now owns 222 shares of the business services provider worth $30,000 after purchasing an additional 120 shares during the period. 85.61% of the shares are held by institutional investors and hedge funds.

Global Payments Company Profile

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Global Payments Inc provides payment technology and software solutions for card, electronic, check and digital payments in the Americas, Europe and Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions and Business and Consumer Solutions. The Merchant Solutions segment offers authorization services, settlement and financing services, customer care and support functions, chargeback resolution, terminal leasing, sales and deployment, payment security, consolidated billing and statements, and online reporting services.

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Analyst Recommendations for Global Payments (NYSE: GPN)

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