Hartford Investment Management Co. Has $14.77 Million Position in PayPal Holdings, Inc. (PYPL)
Hartford Investment Management Co. reduced its stake in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) by 6.0% during the second quarter, Holdings Channel reports. The firm owned 275,268 shares of the credit services provider’s stock after selling 17,513 shares during the period. Hartford Investment Management Co.’s holdings in PayPal Holdings were worth $14,774,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in PayPal Holdings by 3.5% in the first quarter. Vanguard Group Inc. now owns 75,643,714 shares of the credit services provider’s stock valued at $3,254,192,000 after buying an additional 2,549,683 shares during the last quarter. FMR LLC boosted its position in PayPal Holdings by 28.2% in the first quarter. FMR LLC now owns 60,453,931 shares of the credit services provider’s stock valued at $2,600,728,000 after buying an additional 13,296,056 shares during the last quarter. BlackRock Inc. boosted its position in PayPal Holdings by 2,792.8% in the first quarter. BlackRock Inc. now owns 60,103,922 shares of the credit services provider’s stock valued at $2,585,670,000 after buying an additional 58,026,239 shares during the last quarter. Edgewood Management LLC boosted its position in PayPal Holdings by 3.7% in the first quarter. Edgewood Management LLC now owns 18,568,508 shares of the credit services provider’s stock valued at $798,817,000 after buying an additional 663,087 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in PayPal Holdings by 15.4% in the first quarter. Wellington Management Group LLP now owns 14,813,195 shares of the credit services provider’s stock valued at $637,263,000 after buying an additional 1,982,305 shares during the last quarter. 81.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of PayPal Holdings, Inc. (NASDAQ:PYPL) traded up 0.03% during midday trading on Friday, reaching $58.04. The company’s stock had a trading volume of 6,962,121 shares. PayPal Holdings, Inc. has a 12-month low of $36.30 and a 12-month high of $61.30. The stock has a 50-day moving average of $57.01 and a 200 day moving average of $48.47. The firm has a market capitalization of $69.79 billion, a P/E ratio of 46.81 and a beta of 0.99.
PayPal Holdings (NASDAQ:PYPL) last issued its earnings results on Wednesday, July 26th. The credit services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.03. The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.09 billion. PayPal Holdings had a net margin of 12.82% and a return on equity of 11.10%. The business’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Equities research analysts predict that PayPal Holdings, Inc. will post $1.84 EPS for the current fiscal year.
PayPal Holdings announced that its Board of Directors has authorized a stock buyback plan on Wednesday, April 26th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the credit services provider to buy up to 9.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Several equities analysts have recently weighed in on PYPL shares. Jefferies Group LLC reissued a “buy” rating and set a $52.00 price target on shares of PayPal Holdings in a report on Friday, April 28th. BidaskClub raised PayPal Holdings from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Stifel Nicolaus reissued a “buy” rating and set a $49.00 price target on shares of PayPal Holdings in a report on Sunday, April 23rd. Robert W. Baird reissued an “outperform” rating and set a $65.00 price target (up from $59.00) on shares of PayPal Holdings in a report on Thursday, July 27th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $52.00 price target on shares of PayPal Holdings in a report on Saturday, April 29th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, thirty have issued a buy rating and two have given a strong buy rating to the company. PayPal Holdings currently has a consensus rating of “Buy” and an average price target of $59.49.
In other news, EVP Gary J. Marino sold 1,350 shares of PayPal Holdings stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $52.48, for a total value of $70,848.00. Following the sale, the executive vice president now owns 37,491 shares of the company’s stock, valued at $1,967,527.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gary J. Marino sold 1,351 shares of PayPal Holdings stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $54.03, for a total transaction of $72,994.53. Following the completion of the sale, the executive vice president now directly owns 37,491 shares in the company, valued at approximately $2,025,638.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,852 shares of company stock worth $5,653,198. Insiders own 6.00% of the company’s stock.
About PayPal Holdings
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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