雅虎香港財經 Should You Sell Global Payments (GPN) Stock?
Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund posted a return of -4.87% gross of fees compared to -3.60% return for the Russell 1000 Growth Index. Holdings in Information Technology, Consumer Discretionary, and Materials were the major performance detractors. At the same time, investments in Consumer Staples and Financials and an overweight position in Health Care contributed positively to the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Aristotle Atlantic highlighted stocks like Global Payments Inc. (NYSE:GPN) in its third-quarter investor letter. Based in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) is a financial technology solutions company. On November 23, 2022, Global Payments Inc. (NYSE:GPN) stock closed at $100.17 per share. One-month return of Global Payments Inc. (NYSE:GPN) was 17.81% and its shares lost 19.58% of their value over the last 52 weeks. Global Payments Inc. (NYSE:GPN) has a market capitalization of $27.086 billion.
Aristotle Atlantic made the following comment about Global Payments Inc. (NYSE:GPN) in its Q3 2022 investor letter:
“We sold Global Payments Inc. (NYSE:GPN) to reduce our weighting in the Information Technology sector. The company has benefited from the post-COVID-19 recovery in consumer spending, but we see the emerging macroeconomic headwinds in the U.S. and Europe as a risk to the company’s topline growth outlook. Almost 70% of the business is related to consumer spending and the number of payment transactions. The company has approximately 15% revenue exposure to Europe and recently announced an acquisition of EVO Payments which has ~40% European exposure. We view the outlook for the European consumer and Small- and Medium-Sized Business (SMB) environment as having turned more negative and as Global Payments continues to face a strong competitive environment from new fintech payment companies. We believe it was prudent to reduce our exposure to payment processors.”
Global Payments Inc. (NYSE:GPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Global Payments Inc. (NYSE:GPN) at the end of the third quarter, which was 57 in the previous quarter.
We discussed Global Payments Inc. (NYSE:GPN) in another article and shared Manole Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.
