Sumitomo Life Insurance Co. Purchases 12,360 Shares of Paypal Holdings Inc (PYPL)

Sumitomo Life Insurance Co. raised its position in shares of Paypal Holdings Inc (NASDAQ:PYPL) by 32.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,169 shares of the credit services provider’s stock after buying an additional 12,360 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Paypal were worth $4,407,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Fundsmith Equity Fund L.P. purchased a new position in shares of Paypal in the 2nd quarter worth about $1,266,514,000. Third Point LLC purchased a new position in shares of Paypal in the 2nd quarter worth about $832,700,000. Fred Alger Management Inc. raised its position in shares of Paypal by 2,482.2% in the 2nd quarter. Fred Alger Management Inc. now owns 2,401,884 shares of the credit services provider’s stock worth $200,005,000 after purchasing an additional 2,308,867 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Paypal by 19.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,873,686 shares of the credit services provider’s stock worth $655,643,000 after purchasing an additional 1,269,133 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Paypal by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 9,428,321 shares of the credit services provider’s stock worth $785,096,000 after purchasing an additional 1,227,210 shares during the last quarter. 79.71% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently issued reports on the company. Berenberg Bank assumed coverage on Paypal in a research report on Thursday, August 30th. They issued a “buy” rating and a $104.00 price target for the company. BidaskClub raised Paypal from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 31st. Zacks Investment Research lowered Paypal from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Raymond James raised Paypal from a “market perform” rating to an “outperform” rating and set a $108.00 price target for the company in a research report on Friday, September 14th. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $100.00 price target (up previously from $95.00) on shares of Paypal in a research report on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $91.89.

In other Paypal news, CFO John D. Rainey sold 5,462 shares of the business’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $88.22, for a total transaction of $481,857.64. Following the completion of the sale, the chief financial officer now directly owns 113,307 shares in the company, valued at approximately $9,995,943.54. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO William J. Ready sold 38,878 shares of the business’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $88.22, for a total value of $3,429,817.16. Following the sale, the chief operating officer now owns 119,215 shares of the company’s stock, valued at $10,517,147.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 149,732 shares of company stock valued at $13,204,157. Corporate insiders own 0.20% of the company’s stock.

Shares of NASDAQ:PYPL opened at $77.48 on Friday. Paypal Holdings Inc has a fifty-two week low of $66.16 and a fifty-two week high of $93.70. The stock has a market capitalization of $94.80 billion, a price-to-earnings ratio of 49.13, a price-to-earnings-growth ratio of 2.60 and a beta of 1.31.

Paypal (NASDAQ:PYPL) last released its quarterly earnings results on Thursday, October 18th. The credit services provider reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.04. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.66 billion. Paypal had a return on equity of 12.91% and a net margin of 14.02%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. As a group, equities analysts forecast that Paypal Holdings Inc will post 1.74 earnings per share for the current year.

Paypal Company Profile

PayPal Holdings, Inc operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants worldwide. Its payment solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The company's platform allows consumers to shop by sending payments, withdraw funds to their bank accounts, and hold balances in their PayPal accounts in various currencies.

Further Reading: Diversification in Your Portfolio

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Institutional Ownership by Quarter for Paypal (NASDAQ:PYPL)

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