Are Global Payments (GPN) Shares Trading at a Compelling Valuation?
Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s Institutional Class returned +5.98% compared to a +12.07% return for the Russell 3000 Index. Further, the fund returned +17.32%, compared to +25.96% for the index during the Calander year. An already successful year was capped off by strong performance across risk assets in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Investment Management Partners III Opportunity Fund featured stocks such as Global Payments Inc. (NYSE:GPN) in the fourth quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) offers payment technology and software solutions. On February 12, 2024, Global Payments Inc. (NYSE:GPN) stock closed at $137.75 per share. One-month return of Global Payments Inc. (NYSE:GPN) was 6.87%, and its shares gained 18.57% of their value over the last 52 weeks. Global Payments Inc. (NYSE:GPN) has a market capitalization of $35.869 billion.
Partners III Opportunity Fund stated the following regarding Global Payments Inc. (NYSE:GPN) in its fourth quarter 2023 investor letter:
"Strength across the portfolio tilted activity toward sales, including trims to Alphabet, Amazon, CoStar Group, Inc. (CSGP), Fidelity National Information Services, Inc. (FIS), Markel Group, Inc. (MKL), Meta Platforms, Roper Technologies, Inc. (ROP), Visa, Inc. (V), and the Qurate Retail, Inc. preferred shares (QRTEP). These were partially offset by opportunistic additions to CarMax, Inc. (KMX) and Liberty Broadband Corp. (LBRDA), as well as the initiating of one new position – Global Payments Inc. (NYSE:GPN). Global Payments is a leading provider of payments acceptance services, including roughly four million merchant locations around the world. The payments landscape has grown crowded in recent years with new entrants promising disruptive change. To be sure, the payments industry is competitive, but we believe Global Payments is more durable than other investors fear. As a result, its shares trade at a compelling valuation."
A businessman at a smart POS terminal, demonstrating contactless payment methods.
Global Payments Inc. (NYSE:GPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Global Payments Inc. (NYSE:GPN) at the end of third quarter which was 55 in the previous quarter.
We discussed Global Payments Inc. (NYSE:GPN) in another article and shared the list of best fintech stocks to buy in 2024. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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