Palestra Capital Management Exits Position in Global Payments Inc (GPN)

Global Payments Inc (GPN) : Palestra Capital Management has sold out all of its stake in Global Payments Inc during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 720,000 shares of Global Payments Inc which is valued at $53,776,800.

Other Hedge Funds, Including , Arrowstreet Capital Limited Partnership boosted its stake in GPN in the latest quarter, The investment management firm added 4,000 additional shares and now holds a total of 11,500 shares of Global Payments Inc which is valued at $858,935.Cupps Capital Management boosted its stake in GPN in the latest quarter, The investment management firm added 1,777 additional shares and now holds a total of 29,917 shares of Global Payments Inc which is valued at $2,234,501. Global Payments Inc makes up approx 0.53% of Cupps Capital Management’s portfolio.Employees Retirement System Of Texas reduced its stake in GPN by selling 80,001 shares or 72.25% in the most recent quarter. The Hedge Fund company now holds 30,729 shares of GPN which is valued at $2,295,149. Global Payments Inc makes up approx 0.03% of Employees Retirement System Of Texas’s portfolio. Tlp Group added GPN to its portfolio by purchasing 7,909 company shares during the most recent quarter which is valued at $584,791. Global Payments Inc makes up approx 0.35% of Tlp Group’s portfolio.Gemmer Asset Management reduced its stake in GPN by selling 115 shares or 25.73% in the most recent quarter. The Hedge Fund company now holds 332 shares of GPN which is valued at $25,833. Global Payments Inc makes up approx 0.01% of Gemmer Asset Management’s portfolio.

Global Payments Inc opened for trading at $76.17 and hit $77.48 on the upside on Thursday, eventually ending the session at $76.82, with a gain of 1.15% or 0.87 points. The heightened volatility saw the trading volume jump to 15,62,074 shares. Company has a market cap of $11,802 M.

On the company’s financial health, Global Payments Inc reported $0.73 EPS for the quarter, based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus estimate of $0.73. The company had revenue of $747.10 million for the quarter, compared to analysts expectations of $621.29 million. The company’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.22 EPS.

Many Wall Street Analysts have commented on Global Payments Inc. Company shares were Reiterated by Deutsche Bank on Jul 12, 2016 to “Buy”, Firm has raised the Price Target to $ 79 from a previous price target of $72 .Shares were Reiterated by Barclays on Jul 7, 2016 to “Equal Weight” and Lowered the Price Target to $ 73 from a previous price target of $78 .

Global Payments Inc. is a provider of payment technology services. The Company provides payment and digital commerce solutions. The Company operates in two segments: North America merchant services and International merchant services. The Company’s North America merchant services and International merchant services segments primarily provide payment solutions for credit cards debit cards electronic payments and check-related services. The Company’s North America merchant services and International merchant services segments target customers in various industries including financial services gaming government healthcare professional services restaurants retail universities not-for-profit organizations and utilities. The Company performs a series of services including authorization electronic draft capture file transfers to facilitate funds settlement and certain exception-based back office support services such as chargeback and retrieval resolution.

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