State of Michigan Retirement System Cuts Stock Holdings in eBay Inc. (NASDAQ:EBAY)

State of Michigan Retirement System reduced its position in eBay Inc. (NASDAQ:EBAY) by 2.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 138,528 shares of the e-commerce company’s stock after selling 3,700 shares during the period. State of Michigan Retirement System’s holdings in eBay were worth $7,442,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Savant Capital LLC raised its stake in shares of eBay by 2.3% in the fourth quarter. Savant Capital LLC now owns 11,411 shares of the e-commerce company’s stock worth $498,000 after purchasing an additional 262 shares during the last quarter. Van ECK Associates Corp raised its position in eBay by 25.0% in the 1st quarter. Van ECK Associates Corp now owns 85,688 shares of the e-commerce company’s stock worth $4,523,000 after buying an additional 17,143 shares during the last quarter. SteelPeak Wealth LLC raised its position in eBay by 42.3% in the 1st quarter. SteelPeak Wealth LLC now owns 57,642 shares of the e-commerce company’s stock worth $3,042,000 after buying an additional 17,140 shares during the last quarter. Raymond James & Associates lifted its stake in eBay by 6.9% during the 1st quarter. Raymond James & Associates now owns 873,900 shares of the e-commerce company’s stock valued at $46,124,000 after acquiring an additional 56,148 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of eBay by 325.4% during the 1st quarter. Cetera Investment Advisers now owns 79,151 shares of the e-commerce company’s stock valued at $4,178,000 after acquiring an additional 60,544 shares during the last quarter. 87.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EBAY shares. Citigroup boosted their price objective on shares of eBay from $64.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Mizuho increased their price target on eBay from $44.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Morgan Stanley raised their price target on eBay from $61.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Bank of America upped their price objective on eBay from $53.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. started coverage on eBay in a research report on Tuesday, June 25th. They issued a “neutral” rating and a $60.00 target price on the stock. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, eBay has an average rating of “Hold” and an average price target of $56.65.

eBay Stock Performance

NASDAQ:EBAY opened at $59.37 on Wednesday. The stock has a 50-day moving average price of $54.90 and a 200 day moving average price of $52.10. The company has a current ratio of 1.25, a quick ratio of 1.99 and a debt-to-equity ratio of 1.12. eBay Inc. has a 12-month low of $37.17 and a 12-month high of $59.85. The stock has a market capitalization of $29.80 billion, a P/E ratio of 11.83, a P/E/G ratio of 2.58 and a beta of 1.31.

eBay Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.82%. eBay’s dividend payout ratio is 21.51%.

Insider Activity at eBay

In other news, SVP Julie A. Loeger sold 7,419 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $54.20, for a total transaction of $402,109.80. Following the completion of the transaction, the senior vice president now owns 70,797 shares in the company, valued at $3,837,197.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Julie A. Loeger sold 7,419 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $54.20, for a total value of $402,109.80. Following the sale, the senior vice president now owns 70,797 shares in the company, valued at $3,837,197.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rebecca Spencer sold 2,083 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $53.62, for a total transaction of $111,690.46. Following the transaction, the chief accounting officer now owns 4,109 shares of the company’s stock, valued at approximately $220,324.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,488 shares of company stock valued at $565,910. Corporate insiders own 0.38% of the company’s stock.

About eBay

eBay Inc, together with its subsidiaries, operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally. The company’s marketplace platform includes its online marketplace at ebay.com, off-platform businesses, and the eBay suite of mobile apps.