Wedgewood Partners Inc. Sells 7,828 Shares of PayPal Holdings, Inc. (NASDAQ:PYPL)

Wedgewood Partners Inc. lowered its position in PayPal Holdings, Inc. (NASDAQ:PYPL) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 495,384 shares of the credit services provider’s stock after selling 7,828 shares during the quarter. PayPal accounts for approximately 7.3% of Wedgewood Partners Inc.’s holdings, making the stock its 5th biggest holding. Wedgewood Partners Inc.’s holdings in PayPal were worth $38,655,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mizuho Securities USA LLC raised its stake in shares of PayPal by 12,919.4% in the 3rd quarter. Mizuho Securities USA LLC now owns 10,500,000 shares of the credit services provider’s stock valued at $819,315,000 after purchasing an additional 10,419,351 shares in the last quarter. FMR LLC raised its stake in shares of PayPal by 86.3% in the 3rd quarter. FMR LLC now owns 16,762,080 shares of the credit services provider’s stock valued at $1,307,945,000 after purchasing an additional 7,767,072 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of PayPal by 180.7% in the 2nd quarter. Primecap Management Co. CA now owns 4,946,460 shares of the credit services provider’s stock valued at $287,043,000 after purchasing an additional 3,184,160 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of PayPal by 28.1% in the 2nd quarter. Clearbridge Investments LLC now owns 8,511,242 shares of the credit services provider’s stock valued at $493,907,000 after purchasing an additional 1,866,925 shares in the last quarter. Finally, International Assets Investment Management LLC raised its stake in shares of PayPal by 9,864.9% in the 3rd quarter. International Assets Investment Management LLC now owns 1,119,262 shares of the credit services provider’s stock valued at $87,336,000 after purchasing an additional 1,108,030 shares in the last quarter. Institutional investors and hedge funds own 68.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Macquarie upped their target price on shares of PayPal from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Daiwa Capital Markets upgraded shares of PayPal from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $68.00 to $72.00 in a research note on Friday, August 9th. Canaccord Genuity Group increased their price objective on shares of PayPal from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada increased their price objective on shares of PayPal from $84.00 to $89.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird increased their price objective on shares of PayPal from $80.00 to $91.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Seventeen research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PayPal presently has an average rating of “Moderate Buy” and a consensus target price of $83.60.

PayPal Trading Down 0.3 %

Shares of NASDAQ:PYPL opened at $89.05 on Friday. The firm has a fifty day moving average of $82.43 and a two-hundred day moving average of $71.09. The firm has a market capitalization of $89.27 billion, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 1.52 and a beta of 1.44. PayPal Holdings, Inc. has a 12-month low of $55.77 and a 12-month high of $90.27. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.49.

PayPal (NASDAQ:PYPL) last issued its earnings results on Tuesday, October 29th. The credit services provider reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. The company had revenue of $7.85 billion during the quarter, compared to analyst estimates of $7.88 billion. PayPal had a net margin of 14.08% and a return on equity of 23.44%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the business posted $0.97 EPS. On average, equities analysts expect that PayPal Holdings, Inc. will post 4.57 EPS for the current fiscal year.

About PayPal

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.