Is this the Best Time to Harvest Global Payments (GPN)?
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Global Payments Inc. (NYSE:GPN) in the second quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) offers payment technology and software solutions. On August 29, 2023, Global Payments Inc. (NYSE:GPN) stock closed at $124.85 per share. One-month return of Global Payments Inc. (NYSE:GPN) was 2.37%, and its shares gained 0.50% of their value over the last 52 weeks. Global Payments Inc. (NYSE:GPN) has a market capitalization of $32.46 billion.
Artisan Mid Cap Fund made the following comment about Global Payments Inc. (NYSE:GPN) in its second quarter 2023 investor letter:
"Notable trims in the quarter included Global Payments Inc. (NYSE:GPN), Teledyne Technologies and Envista Holdings. Global Payments is a provider of payments technology solutions for merchants. Increased competition in the fintech sector has weighed on the company’s valuation since the pandemic. While we expect Global Payments to continue to grow its sales and profits, the slowing economy presents a risk over the coming year. In addition, the recent retirement of the CEO raises questions about the vitality of the company’s profit cycle. While the valuation remains attractive, we harvested a portion of our position in favor of newer ideas with more visible profit acceleration."
Global Payments Inc. (NYSE:GPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Global Payments Inc. (NYSE:GPN) at the end of second quarter which was 56 in the previous quarter.
We discussed Global Payments Inc. (NYSE:GPN) in another article and shared the list of biggest technology companies. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
