Covington Capital Management trimmed its position in shares of Paypal Holdings Inc (NASDAQ:PYPL) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 197,411 shares of the credit services provider’s stock after selling 2,825 shares during the quarter. Covington Capital Management’s holdings in Paypal were worth $14,533,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in PYPL. Raymond James Financial Services Advisors Inc. boosted its position in shares of Paypal by 3.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 116,486 shares of the credit services provider’s stock worth $7,459,000 after purchasing an additional 3,642 shares in the last quarter. Chicago Equity Partners LLC bought a new position in shares of Paypal during the third quarter worth $1,364,000. Alps Advisors Inc. bought a new position in shares of Paypal during the third quarter worth $595,000. Global X MANAGEMENT CO LLC boosted its position in shares of Paypal by 44.6% during the third quarter. Global X MANAGEMENT CO LLC now owns 31,266 shares of the credit services provider’s stock worth $2,002,000 after purchasing an additional 9,637 shares in the last quarter. Finally, Intrust Bank NA boosted its position in shares of Paypal by 35.7% during the third quarter. Intrust Bank NA now owns 6,509 shares of the credit services provider’s stock worth $417,000 after purchasing an additional 1,714 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.
PYPL has been the topic of a number of recent analyst reports. Canaccord Genuity reissued a “hold” rating and set a $66.00 price target on shares of Paypal in a research report on Thursday, November 16th. Robert W. Baird lifted their price target on shares of Paypal from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, November 16th. Vetr cut shares of Paypal from a “buy” rating to a “hold” rating and set a $78.63 price target on the stock. in a research report on Friday, November 17th. KeyCorp reissued an “overweight” rating and set a $85.00 price target (up from $80.00) on shares of Paypal in a research report on Friday, November 17th. Finally, Citigroup reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Paypal in a research report on Friday, November 17th. Nine analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $76.97.
Shares of Paypal Holdings Inc (PYPL) traded up $1.44 during trading hours on Wednesday, reaching $81.64. 1,313,911 shares of the company’s stock traded hands, compared to its average volume of 9,849,921. Paypal Holdings Inc has a 52-week low of $41.89 and a 52-week high of $86.32. The company has a market cap of $96,250.00 and a PE ratio of 49.51.
Paypal (NASDAQ:PYPL) last released its quarterly earnings data on Wednesday, January 31st. The credit services provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. The company had revenue of $3.74 billion for the quarter, compared to analyst estimates of $3.64 billion. Paypal had a net margin of 13.71% and a return on equity of 11.59%. Paypal’s revenue for the quarter was up 25.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. research analysts expect that Paypal Holdings Inc will post 1.73 earnings per share for the current fiscal year.
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PayPal Holdings, Inc is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants. The Company’s combined payment solutions, including its PayPal, PayPal Credit, Braintree, Venmo, Xoom and Paydiant products, compose its Payments Platform.
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