Inverness Counsel LLC NY acquired a new position in PayPal Holdings, Inc. (NASDAQ:PYPL) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,710 shares of the credit services provider’s stock, valued at approximately $1,373,000.
A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in PayPal by 0.3% in the first quarter. BlackRock Inc. now owns 82,599,745 shares of the credit services provider’s stock valued at $20,058,523,000 after buying an additional 236,932 shares during the last quarter. Geode Capital Management LLC lifted its stake in PayPal by 2.1% in the first quarter. Geode Capital Management LLC now owns 18,116,830 shares of the credit services provider’s stock valued at $4,386,862,000 after buying an additional 374,780 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in PayPal by 3.2% in the first quarter. Nuveen Asset Management LLC now owns 13,479,928 shares of the credit services provider’s stock valued at $3,273,465,000 after buying an additional 421,457 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of PayPal by 4.6% during the second quarter. Fisher Asset Management LLC now owns 11,576,650 shares of the credit services provider’s stock valued at $3,374,362,000 after purchasing an additional 511,878 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of PayPal by 16.7% during the first quarter. Morgan Stanley now owns 11,454,842 shares of the credit services provider’s stock valued at $2,781,692,000 after purchasing an additional 1,639,951 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently commented on PYPL. Raymond James lowered their price target on PayPal from $345.00 to $340.00 and set an “outperform” rating for the company in a research note on Thursday, July 29th. Mizuho restated a “buy” rating and issued a $375.00 target price on shares of PayPal in a report on Monday, June 28th. Royal Bank of Canada boosted their target price on PayPal from $300.00 to $322.00 and gave the stock an “outperform” rating in a report on Thursday, July 29th. DA Davidson started coverage on PayPal in a report on Wednesday, June 23rd. They issued a “buy” rating and a $325.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $360.00 target price (up from $310.00) on shares of PayPal in a report on Thursday, July 8th. Four analysts have rated the stock with a hold rating and thirty-three have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $317.74.
PayPal (NASDAQ:PYPL) last released its earnings results on Wednesday, July 28th. The credit services provider reported $1.15 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.31. The firm had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.32 billion. PayPal had a return on equity of 20.07% and a net margin of 20.42%. During the same quarter in the prior year, the firm posted $1.07 earnings per share. Equities analysts forecast that PayPal Holdings, Inc. will post 3.48 earnings per share for the current year.
In other PayPal news, EVP Jonathan Auerbach sold 12,314 shares of the firm’s stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $278.64, for a total value of $3,431,172.96. Following the completion of the transaction, the executive vice president now directly owns 80,922 shares in the company, valued at $22,548,106.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Britto sold 9,000 shares of PayPal stock in a transaction that occurred on Friday, July 30th. The stock was sold at an average price of $279.15, for a total value of $2,512,350.00. Following the transaction, the executive vice president now owns 122,583 shares of the company’s stock, valued at $34,219,044.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 41,314 shares of company stock valued at $11,463,923. 0.10% of the stock is owned by corporate insiders.
PayPal Holdings, Inc engages in the development of technology platform for digital payments. Its solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The firm manages a two-sided proprietary global technology platform that links customers, which consist of both merchants and consumers, to facilitate the processing of payment transactions.
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