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

Covey Capital Advisors LLC lessened its holdings in PayPal Holdings, Inc. (NASDAQ:PYPL) by 4.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,194 shares of the credit services provider’s stock after selling 404 shares during the quarter. PayPal accounts for 0.8% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 25th biggest position. Covey Capital Advisors LLC’s holdings in PayPal were worth $717,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Planning Capital Management Corp lifted its stake in shares of PayPal by 186.1% in the 3rd quarter. Planning Capital Management Corp now owns 412 shares of the credit services provider’s stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. Financial Management Professionals Inc. increased its stake in PayPal by 125.3% in the 3rd quarter. Financial Management Professionals Inc. now owns 437 shares of the credit services provider’s stock worth $34,000 after purchasing an additional 243 shares during the period. Family Firm Inc. bought a new stake in PayPal in the second quarter valued at approximately $29,000. SYSTM Wealth Solutions LLC boosted its stake in shares of PayPal by 50.6% during the second quarter. SYSTM Wealth Solutions LLC now owns 497 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 167 shares during the period. Finally, LRI Investments LLC bought a new position in shares of PayPal in the first quarter worth approximately $34,000. 68.32% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on PYPL. Canaccord Genuity Group upped their price target on shares of PayPal from $80.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $78.00 target price on shares of PayPal in a research note on Wednesday, September 18th. Daiwa Capital Markets raised PayPal from a “neutral” rating to an “outperform” rating and upped their price target for the company from $68.00 to $72.00 in a research report on Friday, August 9th. Macquarie lifted their price objective on PayPal from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley upped their target price on PayPal from $71.00 to $76.00 and gave the company an “equal weight” 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $83.60.

PayPal Stock Down 0.4 %

PYPL opened at $86.57 on Friday. The stock has a market capitalization of $86.79 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 1.54 and a beta of 1.43. The firm has a 50 day moving average price of $81.49 and a 200-day moving average price of $70.29. PayPal Holdings, Inc. has a twelve month low of $55.77 and a twelve month high of $88.74. 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 announced its earnings results on Tuesday, October 29th. The credit services provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.13. The business 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 quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 EPS. Equities research analysts forecast that PayPal Holdings, Inc. will post 4.57 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.