Stocks: Sumitomo Mitsui Asset Management Company LTD Sells 174,299 Shares of Paypal Holdings Inc (PYPL)

Stocks: Sumitomo Mitsui Asset Management Company LTD Sells 174,299 Shares of Paypal Holdings Inc (PYPL)

Sumitomo Mitsui Asset Management Company LTD reduced its stake in shares of Paypal Holdings Inc (NASDAQ:PYPL) by 9.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,619,372 shares of the credit services provider’s stock after selling 174,299 shares during the period. Paypal Holdings accounts for 1.2% of Sumitomo Mitsui Asset Management Company LTD’s portfolio, making the stock its 17th largest position. Sumitomo Mitsui Asset Management Company LTD owned 0.13% of Paypal Holdings worth $69,665,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PYPL. Price T Rowe Associates Inc. MD raised its position in Paypal Holdings by 128.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 76,139,003 shares of the credit services provider’s stock valued at $3,119,415,000 after buying an additional 42,783,928 shares during the last quarter. Lone Pine Capital LLC purchased a new position in Paypal Holdings during the fourth quarter valued at $493,348,000. Norges Bank purchased a new position in Paypal Holdings during the fourth quarter valued at $344,012,000. M&T Bank Corp raised its position in Paypal Holdings by 394.9% in the third quarter. M&T Bank Corp now owns 8,809,522 shares of the credit services provider’s stock valued at $360,926,000 after buying an additional 7,029,543 shares during the last quarter. Finally, Winslow Capital Management LLC raised its position in Paypal Holdings by 53.5% in the third quarter. Winslow Capital Management LLC now owns 10,060,110 shares of the credit services provider’s stock valued at $412,163,000 after buying an additional 3,505,881 shares during the last quarter. 81.22% of the stock is currently owned by institutional investors.

Paypal Holdings Inc (NASDAQ:PYPL) opened at 49.61 on Friday. Paypal Holdings Inc has a 52-week low of $34.00 and a 52-week high of $49.80. The firm’s 50-day moving average is $44.79 and its 200-day moving average is $41.94. The company has a market capitalization of $59.59 billion, a PE ratio of 42.40 and a beta of 0.91.

Paypal Holdings (NASDAQ:PYPL) last announced its earnings results on Wednesday, April 26th. The credit services provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by $0.01. Paypal Holdings had a net margin of 12.92% and a return on equity of 10.69%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same period in the prior year, the business earned $0.37 earnings per share. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. On average, equities research analysts forecast that Paypal Holdings Inc will post $1.78 EPS for the current year.

PYPL has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Paypal Holdings from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Friday, January 13th. Jefferies Group LLC reissued a “buy” rating and set a $52.00 price objective on shares of Paypal Holdings in a research note on Saturday, January 14th. Canaccord Genuity reissued a “hold” rating and set a $40.00 price objective on shares of Paypal Holdings in a research note on Friday, January 20th. Wedbush initiated coverage on shares of Paypal Holdings in a research note on Friday, January 20th. They set an “outperform” rating and a $54.00 price objective on the stock. Finally, Cantor Fitzgerald reissued a “positive” rating and set a $48.00 price objective on shares of Paypal Holdings in a research note on Monday, January 23rd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $48.24.

In other news, EVP Gary J. Marino sold 13,535 shares of the stock in a transaction on Tuesday, April 4th. The stock was sold at an average price of $42.52, for a total transaction of $575,508.20. Following the completion of the transaction, the executive vice president now owns 39,405 shares in the company, valued at approximately $1,675,500.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Gary J. Marino sold 17,386 shares of the stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $42.63, for a total value of $741,165.18. Following the transaction, the executive vice president now owns 40,740 shares of the company’s stock, valued at approximately $1,736,746.20. The disclosure for this sale can be found here. Company insiders own 7.00% 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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