PayPal Holdings, Inc. (NASDAQ:PYPL) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its position in PayPal Holdings, Inc. (NASDAQ:PYPL) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 293,692 shares of the credit services provider’s stock after selling 1,500 shares during the period. State of Michigan Retirement System’s holdings in PayPal were worth $19,674,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of PayPal during the 4th quarter worth approximately $749,561,000. The Manufacturers Life Insurance Company raised its position in PayPal by 125.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,724,188 shares of the credit services provider’s stock worth $105,882,000 after acquiring an additional 958,130 shares during the period. Morgan Stanley lifted its holdings in PayPal by 4.5% during the third quarter. Morgan Stanley now owns 20,069,337 shares of the credit services provider’s stock valued at $1,173,254,000 after purchasing an additional 873,181 shares in the last quarter. Boston Partners grew its position in shares of PayPal by 4,024.5% in the fourth quarter. Boston Partners now owns 783,248 shares of the credit services provider’s stock valued at $48,099,000 after purchasing an additional 764,258 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of PayPal by 1,309.2% during the 4th quarter. Panagora Asset Management Inc. now owns 800,648 shares of the credit services provider’s stock worth $49,168,000 after purchasing an additional 743,833 shares during the last quarter. 68.32% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PayPal

In other PayPal news, Director Deborah M. Messemer sold 4,422 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $61.65, for a total transaction of $272,616.30. Following the sale, the director now owns 13,976 shares in the company, valued at approximately $861,620.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

PYPL has been the subject of several research reports. Robert W. Baird boosted their price objective on PayPal from $70.00 to $77.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 1st. Susquehanna upgraded PayPal from a “neutral” rating to a “positive” rating and set a $71.00 price objective on the stock in a report on Tuesday. New Street Research began coverage on shares of PayPal in a report on Friday, May 31st. They set a “buy” rating and a $80.00 target price for the company. Evercore ISI boosted their price target on shares of PayPal from $65.00 to $70.00 and gave the stock an “in-line” rating in a research report on Tuesday, June 25th. Finally, JMP Securities upped their price objective on shares of PayPal from $70.00 to $82.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 1st. Twenty equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $73.82.

PayPal Stock Performance

Shares of PayPal stock opened at $58.97 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.28 and a quick ratio of 1.28. The stock has a market capitalization of $61.69 billion, a price-to-earnings ratio of 14.85, a price-to-earnings-growth ratio of 0.95 and a beta of 1.42. The business has a 50-day moving average of $63.07 and a 200 day moving average of $62.40. PayPal Holdings, Inc. has a 12 month low of $50.25 and a 12 month high of $76.54.

PayPal (NASDAQ:PYPL) last announced its quarterly earnings data on Tuesday, April 30th. The credit services provider reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.14). PayPal had a net margin of 14.26% and a return on equity of 21.58%. The business had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.52 billion. During the same quarter last year, the firm posted $0.86 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that PayPal Holdings, Inc. will post 4.14 earnings per share for the current year.

PayPal Profile

PayPal Holdings, Inc operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It operates a two-sided network at scale that connects merchants and consumers that enables its customers to connect, transact, and send and receive payments through online and in person, as well as transfer and withdraw funds using various funding sources, such as bank accounts, PayPal or Venmo account balance, PayPal and Venmo branded credit products comprising its installment products, credit and debit cards, and cryptocurrencies, as well as other stored value products, including gift cards and eligible rewards.