Cortland Associates Inc. MO Sells 197,414 Shares of PayPal Holdings, Inc. (NASDAQ:PYPL)

Cortland Associates Inc. MO lowered its position in PayPal Holdings, Inc. (NASDAQ:PYPL) by 43.7% during the 3rd quarter, Holdings Channel reports. The fund owned 254,505 shares of the credit services provider’s stock after selling 197,414 shares during the period. PayPal makes up 2.4% of Cortland Associates Inc. MO’s portfolio, making the stock its 16th largest holding. Cortland Associates Inc. MO’s holdings in PayPal were worth $19,859,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Primecap Management Co. CA raised its position in 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 buying an additional 3,184,160 shares during the last quarter. Clearbridge Investments LLC lifted its position in shares of PayPal by 28.1% during the 2nd quarter. Clearbridge Investments LLC now owns 8,511,242 shares of the credit services provider’s stock worth $493,907,000 after buying an additional 1,866,925 shares in the last quarter. International Assets Investment Management LLC boosted 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 worth $87,336,000 after buying an additional 1,108,030 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of PayPal by 139.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,544,179 shares of the credit services provider’s stock valued at $120,492,000 after acquiring an additional 899,476 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of PayPal by 31.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,899,859 shares of the credit services provider’s stock worth $194,262,000 after purchasing an additional 687,940 shares during the period. Institutional investors and hedge funds own 68.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PYPL shares. Royal Bank of Canada raised their price objective on shares of PayPal from $84.00 to $89.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. William Blair raised shares of PayPal to a “hold” rating in a report on Tuesday, July 30th. Macquarie increased their price objective on PayPal from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Needham & Company LLC restated a “hold” rating on shares of PayPal in a research note on Wednesday, October 30th. Finally, Sanford C. Bernstein downgraded PayPal from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $75.00 to $80.00 in a research note on Thursday, October 10th. Fifteen analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $83.45.

PayPal Price Performance

Shares of NASDAQ:PYPL opened at $77.25 on Monday. PayPal Holdings, Inc. has a 52 week low of $52.55 and a 52 week high of $83.70. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 0.49. The company’s fifty day moving average is $76.50 and its 200 day moving average is $67.72. The stock has a market cap of $77.45 billion, a PE ratio of 18.44, a PEG ratio of 1.41 and a beta of 1.43.

PayPal (NASDAQ:PYPL) last announced its quarterly earnings data on Tuesday, October 29th. The credit services provider reported $1.20 earnings per share for the quarter, beating 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 firm had revenue of $7.85 billion during the quarter, compared to the consensus estimate of $7.88 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. Research analysts anticipate that PayPal Holdings, Inc. will post 4.56 earnings per share for the current 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.