Mackay Shields LLC Sells 83,305 Shares of PayPal Holdings, Inc. (NASDAQ:PYPL)

Mackay Shields LLC cut its holdings in PayPal Holdings, Inc. (NASDAQ:PYPL) by 31.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 184,971 shares of the credit services provider’s stock after selling 83,305 shares during the quarter. Mackay Shields LLC’s holdings in PayPal were worth $53,915,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of PayPal by 0.4% during the second quarter. Vanguard Group Inc. now owns 93,302,393 shares of the credit services provider’s stock valued at $27,195,782,000 after buying an additional 359,689 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of PayPal by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 18,736,891 shares of the credit services provider’s stock worth $5,445,102,000 after purchasing an additional 620,061 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of PayPal by 3.2% in the 1st quarter. Nuveen Asset Management LLC now owns 13,479,928 shares of the credit services provider’s stock worth $3,273,465,000 after purchasing an additional 421,457 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in PayPal by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,610,001 shares of the credit services provider’s stock valued at $3,384,083,000 after acquiring an additional 157,814 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in PayPal by 4.6% in the 2nd quarter. Fisher Asset Management LLC now owns 11,576,650 shares of the credit services provider’s stock worth $3,374,362,000 after buying an additional 511,878 shares during the period. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PYPL stock traded up $10.82 during trading on Thursday, hitting $267.18. 344,910 shares of the company were exchanged, compared to its average volume of 7,354,709. The firm has a market capitalization of $313.95 billion, a price-to-earnings ratio of 62.53, a P/E/G ratio of 3.75 and a beta of 1.15. The business’s 50-day simple moving average is $274.54 and its 200 day simple moving average is $272.27. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.29 and a current ratio of 1.29. PayPal Holdings, Inc. has a twelve month low of $174.81 and a twelve month high of $310.16.

PayPal (NASDAQ:PYPL) last announced its earnings results on Wednesday, July 28th. The credit services provider reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.31. PayPal had a net margin of 20.42% and a return on equity of 20.07%. The business had revenue of $6.24 billion for the quarter, compared to analyst estimates of $6.32 billion. During the same quarter in the previous year, the firm posted $1.07 earnings per share. On average, equities analysts forecast that PayPal Holdings, Inc. will post 3.48 earnings per share for the current fiscal year.

PYPL has been the topic of several analyst reports. Morgan Stanley lifted their target price on PayPal from $337.00 to $340.00 and gave the company an “overweight” rating in a research report on Thursday, July 29th. Needham & Company LLC reiterated a “hold” rating on shares of PayPal in a report on Thursday, July 29th. Piper Sandler upped their target price on PayPal from $300.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, July 29th. Oppenheimer increased their target price on shares of PayPal from $322.00 to $342.00 and gave the stock an “outperform” rating in a research note on Friday, July 9th. Finally, Bank of America reaffirmed a “buy” rating on shares of PayPal in a research note on Monday, August 30th. Four equities research analysts have rated the stock with a hold rating and thirty-four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $318.92.

In other PayPal news, EVP Jonathan Auerbach sold 12,314 shares of the stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $278.64, for a total value of $3,431,172.96. Following the completion of the sale, the executive vice president now owns 80,922 shares in the company, valued at approximately $22,548,106.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Daniel H. Schulman sold 10,000 shares of PayPal stock in a transaction on Friday, July 30th. The stock was sold at an average price of $276.81, for a total value of $2,768,100.00. Following the completion of the sale, the chief executive officer now directly owns 245,770 shares of the company’s stock, valued at approximately $68,031,593.70. The disclosure for this sale can be found here. Insiders sold a total of 41,314 shares of company stock valued at $11,463,923 over the last quarter. 0.10% of the stock is owned by insiders.

About PayPal

PayPal Holdings, Inc engages in the development of technology platform for digital payments. Its solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The firm manages a two-sided proprietary global technology platform that links customers, which consist of both merchants and consumers, to facilitate the processing of payment transactions.

Recommended Story: Understanding dividend yield and dividend payout ratio

Want to see what other hedge funds are holding PYPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PayPal Holdings, Inc. (NASDAQ:PYPL).

Institutional Ownership by Quarter for PayPal (NASDAQ:PYPL)

Receive News & Ratings for PayPal Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PayPal and related companies with MarketBeat.com's FREE daily email newsletter.