State of Michigan Retirement System Reduces Holdings in PayPal Holdings, Inc. (NASDAQ:PYPL)

State of Michigan Retirement System reduced its stake in shares of PayPal Holdings, Inc. (NASDAQ:PYPL - Free Report) by 1.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 268,392 shares of the credit services provider's stock after selling 3,700 shares during the period. State of Michigan Retirement System's holdings in PayPal were worth $17,513,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PYPL. Mpwm Advisory Solutions LLC acquired a new stake in shares of PayPal during the 4th quarter valued at about $25,000. Hurley Capital LLC purchased a new position in PayPal in the 4th quarter valued at about $27,000. Bernard Wealth Management Corp. purchased a new position in PayPal in the 4th quarter valued at about $34,000. Pinney & Scofield Inc. purchased a new position in PayPal in the 4th quarter valued at about $35,000. Finally, Garde Capital Inc. purchased a new position in PayPal in the 1st quarter valued at about $28,000. 68.32% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Suzan Kereere sold 4,162 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $73.24, for a total transaction of $304,824.88. Following the completion of the transaction, the insider directly owned 48,483 shares of the company's stock, valued at $3,550,894.92. This represents a 7.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Deborah M. Messemer sold 3,795 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $73.00, for a total transaction of $277,035.00. Following the completion of the transaction, the director directly owned 13,976 shares of the company's stock, valued at approximately $1,020,248. This trade represents a 21.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,796 shares of company stock valued at $863,028 over the last ninety days. Corporate insiders own 0.08% of the company's stock.

PayPal Stock Performance

NASDAQ PYPL traded down $4.34 during trading hours on Friday, hitting $71.36. The company had a trading volume of 21,848,497 shares, compared to its average volume of 10,864,315. PayPal Holdings, Inc. has a 1-year low of $55.85 and a 1-year high of $93.66. The company has a market cap of $69.40 billion, a PE ratio of 15.96, a price-to-earnings-growth ratio of 1.24 and a beta of 1.45. The business has a 50 day moving average of $72.31 and a 200-day moving average of $73.76. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.30 and a current ratio of 1.30.

PayPal (NASDAQ:PYPL - Get Free Report) last announced its earnings results on Tuesday, April 29th. The credit services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.17. PayPal had a net margin of 14.26% and a return on equity of 24.59%. The business had revenue of $7.79 billion during the quarter, compared to the consensus estimate of $7.84 billion. During the same quarter in the prior year, the firm earned $1.08 earnings per share. The business's quarterly revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts expect that PayPal Holdings, Inc. will post 5.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Evercore ISI assumed coverage on shares of PayPal in a research note on Wednesday, April 9th. They issued an "in-line" rating and a $65.00 target price on the stock. Arete Research set a $81.00 target price on shares of PayPal in a research note on Thursday, March 27th. Compass Point began coverage on shares of PayPal in a research report on Wednesday, April 23rd. They set a "sell" rating and a $56.00 price target on the stock. Piper Sandler raised shares of PayPal to a "neutral" rating and set a $74.00 price target on the stock in a research report on Tuesday, June 24th. Finally, Seaport Res Ptn lowered PayPal from a "hold" rating to a "strong sell" rating in a research report on Thursday, April 17th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, PayPal presently has an average rating of "Hold" and an average target price of $83.42.

PayPal Company 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.