Covey Capital Advisors LLC Trims Stake in PayPal Holdings, Inc. (NASDAQ:PYPL)

Covey Capital Advisors LLC lessened its holdings in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,194 shares of the credit services provider’s stock after selling 404 shares during the quarter. PayPal makes up 0.8% of Covey Capital Advisors LLC’s portfolio, making the stock its 25th largest holding. Covey Capital Advisors LLC’s holdings in PayPal were worth $717,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PYPL. Planning Capital Management Corp lifted its position in PayPal by 186.1% during the third quarter. Planning Capital Management Corp now owns 412 shares of the credit services provider’s stock valued at $32,000 after purchasing an additional 268 shares in the last quarter. Financial Management Professionals Inc. raised its stake in shares of PayPal by 125.3% in the third quarter. Financial Management Professionals Inc. now owns 437 shares of the credit services provider’s stock worth $34,000 after buying an additional 243 shares during the period. Family Firm Inc. purchased a new position in shares of PayPal during the 2nd quarter valued at about $29,000. SYSTM Wealth Solutions LLC grew its stake in shares of PayPal by 50.6% during the 2nd quarter. SYSTM Wealth Solutions LLC now owns 497 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 167 shares during the period. Finally, LRI Investments LLC purchased a new stake in PayPal in the 1st quarter worth approximately $34,000. Institutional investors own 68.32% of the company’s stock.

PayPal Price Performance

PayPal stock opened at $86.57 on Friday. The stock has a market cap of $86.79 billion, a price-to-earnings ratio of 20.66, a price-to-earnings-growth ratio of 1.54 and a beta of 1.43. The firm has a 50-day moving average of $81.49 and a two-hundred day moving average of $70.29. PayPal Holdings, Inc. has a 1 year low of $55.77 and a 1 year high of $88.74. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.25 and a quick ratio of 1.25.

PayPal (NASDAQ:PYPL) last announced its quarterly earnings data on Tuesday, October 29th. The credit services provider reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.13. PayPal had a return on equity of 23.44% and a net margin of 14.08%. The company had revenue of $7.85 billion for the quarter, compared to analysts’ expectations of $7.88 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. PayPal’s revenue was up 6.0% compared to the same quarter last year. On average, research analysts forecast that PayPal Holdings, Inc. will post 4.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays upped their price target on shares of PayPal from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Morgan Stanley raised their price target on PayPal from $71.00 to $76.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of PayPal in a research note on Wednesday, September 18th. Monness Crespi & Hardt boosted their price target on PayPal from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, BMO Capital Markets increased their price objective on shares of PayPal from $73.00 to $82.00 and gave the company a “market perform” rating in a report on Wednesday, October 30th. Sixteen equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.60.

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.