Sumitomo Mitsui Asset Management Company LTD Decreases Stake in PayPal Holdings, Inc. (PYPL)
Sumitomo Mitsui Asset Management Company LTD lowered its stake in PayPal Holdings, Inc. (NASDAQ:PYPL) by 27.6% during the second quarter, Holdings Channel reports. The fund owned 1,172,487 shares of the credit services provider’s stock after selling 446,885 shares during the period. PayPal Holdings makes up 1.0% of Sumitomo Mitsui Asset Management Company LTD’s portfolio, making the stock its 20th largest position. Sumitomo Mitsui Asset Management Company LTD’s holdings in PayPal Holdings were worth $62,927,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of PYPL. Thompson Davis & CO. Inc. raised its position in shares of PayPal Holdings by 36.7% in the first quarter. Thompson Davis & CO. Inc. now owns 2,415 shares of the credit services provider’s stock valued at $104,000 after buying an additional 649 shares during the last quarter. Crestwood Advisors Group LLC purchased a new position in shares of PayPal Holdings during the first quarter valued at about $106,000. Stelac Advisory Services LLC purchased a new position in shares of PayPal Holdings during the first quarter valued at about $119,000. Clean Yield Group purchased a new position in shares of PayPal Holdings during the first quarter valued at about $127,000. Finally, Archford Capital Strategies LLC raised its position in shares of PayPal Holdings by 65.4% in the first quarter. Archford Capital Strategies LLC now owns 3,241 shares of the credit services provider’s stock valued at $139,000 after buying an additional 1,281 shares during the last quarter. 81.54% of the stock is currently owned by institutional investors.
PayPal Holdings, Inc. (NASDAQ:PYPL) opened at 59.69 on Wednesday. PayPal Holdings, Inc. has a 12 month low of $36.30 and a 12 month high of $61.30. The firm has a market capitalization of $71.77 billion, a P/E ratio of 48.14 and a beta of 0.99. The company’s 50 day moving average price is $57.31 and its 200 day moving average price is $48.83.
PayPal Holdings (NASDAQ:PYPL) last posted its quarterly earnings data on Wednesday, July 26th. The credit services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.09 billion. PayPal Holdings had a net margin of 12.82% and a return on equity of 11.10%. The business’s revenue was up 18.3% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. Analysts anticipate that PayPal Holdings, Inc. will post $1.83 EPS for the current year.
PayPal Holdings announced that its board has approved a stock repurchase plan on Wednesday, April 26th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the credit services provider to purchase up to 9.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
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Several brokerages have issued reports on PYPL. Vetr raised PayPal Holdings from a “hold” rating to a “buy” rating and set a $55.01 price objective on the stock in a report on Tuesday, July 4th. Oppenheimer Holdings, Inc. raised their price objective on PayPal Holdings from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Morgan Stanley raised their price objective on PayPal Holdings from $42.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, April 28th. Cowen and Company reaffirmed a “market perform” rating and set a $52.00 price objective (up previously from $48.00) on shares of PayPal Holdings in a report on Thursday, July 27th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $52.00 price objective on shares of PayPal Holdings in a report on Wednesday, July 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, thirty have given a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $59.49.
In other news, Director Gail J. Mcgovern sold 1,800 shares of the stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $53.97, for a total value of $97,146.00. Following the completion of the transaction, the director now directly owns 12,647 shares in the company, valued at $682,558.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gary J. Marino sold 1,350 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $52.48, for a total transaction of $70,848.00. Following the completion of the transaction, the executive vice president now owns 37,491 shares of the company’s stock, valued at $1,967,527.68. The disclosure for this sale can be found here. Insiders sold 265,852 shares of company stock valued at $15,543,798 over the last quarter. Insiders own 6.00% of the company’s stock.
PayPal Holdings Company Profile
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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