Multiple Reasons Pushed Global Payments (GPN) in Q3
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Inflation remained on a downward trend in the quarter and the fund’s Investor Class fund ARTMX returned -2.95%, Advisor Class fund APDMX posted a return of -2.92%, and Institutional Class fund APHMX returned -2.90%, compared to a -5.22% return for the Russell Midcap Growth 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 third quarter 2023 investor letter. Headquartered in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) offers payment technology and software solutions. On December 4, 2023, Global Payments Inc. (NYSE:GPN) stock closed at $119.81 per share. One-month return of Global Payments Inc. (NYSE:GPN) was 9.12%, and its shares gained 22.69% of their value over the last 52 weeks. Global Payments Inc. (NYSE:GPN) has a market capitalization of $31.197 billion.
Artisan Mid Cap Fund made the following comment about Global Payments Inc. (NYSE:GPN) in its Q3 2023 investor letter:
"Among our top contributors were Argenx, Atlassian and Global Payments Inc. (NYSE:GPN). Global Payments is a provider of payments technology solutions for merchants. Increased competition in the fintech sector has significantly reduced the company’s valuation over the past couple of years. However, we have stuck by the company while it shifted toward durable growth areas such as software and omnichannel commerce, and as it made substantial cloud investments to future-proof its underlying technology stack. Shares rallied after the company reported better-than-expected financial results and management increased its guidance for the year."
A wide range of payment solutions displayed on the shelves of a commerce store.
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 stocks that billionaire Larry Robbins just bought and sold. In addition, please check out our hedge fund investor letters Q3 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.
