Paypal Holdings Inc. (PYPL) Position Cut by Magellan Asset Management Ltd
Magellan Asset Management Ltd lowered its stake in shares of Paypal Holdings Inc. (NASDAQ:PYPL) by 11.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,716,736 shares of the company’s stock after selling 3,182,086 shares during the period. Paypal Holdings comprises about 5.3% of Magellan Asset Management Ltd’s portfolio, making the stock its 11th largest position. Magellan Asset Management Ltd owned approximately 2.18% of Paypal Holdings worth $938,918,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Paypal Holdings by 0.9% in the second quarter. Vanguard Group Inc. now owns 69,535,527 shares of the company’s stock valued at $2,538,742,000 after buying an additional 620,002 shares during the last quarter. Jackson Square Partners LLC raised its position in shares of Paypal Holdings by 6.9% in the second quarter. Jackson Square Partners LLC now owns 25,313,524 shares of the company’s stock worth $1,071,595,000 after buying an additional 1,631,771 shares in the last quarter. Lone Pine Capital LLC raised its position in shares of Paypal Holdings by 6.2% in the second quarter. Lone Pine Capital LLC now owns 11,080,118 shares of the company’s stock worth $404,535,000 after buying an additional 650,000 shares in the last quarter. Coatue Management LLC raised its position in shares of Paypal Holdings by 107.1% in the second quarter. Coatue Management LLC now owns 8,983,256 shares of the company’s stock worth $327,979,000 after buying an additional 4,645,171 shares in the last quarter. Finally, BlackRock Group LTD raised its position in shares of Paypal Holdings by 4.9% in the second quarter. BlackRock Group LTD now owns 8,908,084 shares of the company’s stock worth $325,233,000 after buying an additional 415,624 shares in the last quarter. 78.59% of the stock is currently owned by institutional investors.
Shares of Paypal Holdings Inc. (NASDAQ:PYPL) opened at 40.08 on Friday. The stock has a 50 day moving average price of $40.85 and a 200-day moving average price of $38.79. Paypal Holdings Inc. has a one year low of $30.52 and a one year high of $44.52. The company has a market capitalization of $47.29 billion, a price-to-earnings ratio of 35.47 and a beta of 1.06.
Paypal Holdings (NASDAQ:PYPL) last announced its quarterly earnings results on Thursday, October 20th. The company reported $0.35 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.35. The company earned $2.67 billion during the quarter, compared to the consensus estimate of $2.65 billion. Paypal Holdings had a net margin of 13.23% and a return on equity of 10.67%. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 earnings per share. On average, equities research analysts expect that Paypal Holdings Inc. will post $1.50 EPS for the current year.
A number of brokerages have recently commented on PYPL. Evercore ISI reissued a “sell” rating and set a $34.00 price objective on shares of Paypal Holdings in a report on Tuesday, July 26th. RBC Capital Markets reissued an “outperform” rating and set a $46.00 price objective on shares of Paypal Holdings in a report on Wednesday, August 3rd. William Blair reissued an “outperform” rating on shares of Paypal Holdings in a report on Friday, October 21st. Wedbush reissued an “outperform” rating and set a $50.00 price objective on shares of Paypal Holdings in a report on Monday, August 1st. Finally, Vetr raised Paypal Holdings from a “buy” rating to a “strong-buy” rating and set a $41.29 price objective on the stock in a report on Tuesday, August 2nd. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $45.21.
In related news, EVP Gary J. Marino sold 1,726 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $40.87, for a total value of $70,541.62. Following the completion of the sale, the executive vice president now directly owns 44,505 shares in the company, valued at $1,818,919.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Aaron Anderson sold 2,644 shares of the stock in a transaction on Monday, October 31st. The shares were sold at an average price of $41.78, for a total value of $110,466.32. Following the completion of the sale, the vice president now owns 10,043 shares of the company’s stock, valued at $419,596.54. The disclosure for this sale can be found here. Insiders own 7.00% of the company’s stock.
About Paypal Holdings
PayPal Holdings, Inc (PayPal) is a technology platform company that enables digital and mobile payments on behalf of consumers and merchants across the world. The Company allows businesses of all sizes to accept payments from merchant Websites, mobile devices and applications, and at offline retail locations through a range of payment solutions.
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