Boyar Asset Management Inc. Acquires 4,649 Shares of Global Payments Inc. (NYSE:GPN)

Boyar Asset Management Inc. boosted its stake in Global Payments Inc. (NYSE:GPN) by 215.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,804 shares of the business services provider’s stock after buying an additional 4,649 shares during the period. Boyar Asset Management Inc.’s holdings in Global Payments were worth $658,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lake Street Advisors Group LLC bought a new stake in shares of Global Payments in the 4th quarter worth approximately $210,000. McKinley Carter Wealth Services Inc. grew its stake in shares of Global Payments by 35.4% in the fourth quarter. McKinley Carter Wealth Services Inc. now owns 46,953 shares of the business services provider’s stock worth $5,963,000 after acquiring an additional 12,273 shares during the last quarter. Cibc World Markets Corp increased its holdings in shares of Global Payments by 29.1% during the fourth quarter. Cibc World Markets Corp now owns 82,672 shares of the business services provider’s stock valued at $10,499,000 after acquiring an additional 18,615 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Global Payments by 6.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 255,468 shares of the business services provider’s stock worth $32,064,000 after purchasing an additional 15,655 shares during the last quarter. Finally, Foundations Investment Advisors LLC bought a new position in Global Payments in the 4th quarter worth about $212,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at Global Payments

In other Global Payments news, CAO David M. Sheffield sold 1,651 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $100.73, for a total transaction of $166,305.23. Following the completion of the transaction, the chief accounting officer now owns 20,531 shares in the company, valued at approximately $2,068,087.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.98% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Global Payments from $111.00 to $118.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. StockNews.com lowered Global Payments from a “buy” rating to a “hold” rating in a report on Monday, June 10th. Wells Fargo & Company started coverage on Global Payments in a report on Wednesday, June 12th. They set an “equal weight” rating and a $100.00 price target on the stock. Mizuho reduced their price objective on Global Payments from $129.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, May 15th. Finally, Evercore ISI dropped their price target on shares of Global Payments from $170.00 to $160.00 and set an “outperform” rating on the stock in a report on Tuesday, June 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.71.

Global Payments Price Performance

Shares of Global Payments stock opened at $107.95 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.68. Global Payments Inc. has a 52 week low of $91.60 and a 52 week high of $141.77. The stock’s 50-day simple moving average is $102.64 and its 200-day simple moving average is $111.70. The company has a market capitalization of $27.55 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 0.71 and a beta of 0.98.

Global Payments (NYSE:GPN) last posted its quarterly earnings results on Wednesday, August 7th. The business services provider reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.90 by $0.03. The business had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.32 billion. Global Payments had a return on equity of 11.93% and a net margin of 14.26%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.48 EPS. As a group, analysts expect that Global Payments Inc. will post 11.07 earnings per share for the current fiscal year.

Global Payments Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.93%. The ex-dividend date is Friday, September 13th. Global Payments’s payout ratio is currently 19.84%.

Global Payments 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.