CIBC Asset Management Inc Acquires 12,212 Shares of PayPal Holdings, Inc. (NASDAQ:PYPL)

CIBC Asset Management Inc grew its holdings in shares of PayPal Holdings, Inc. (NASDAQ:PYPL) by 4.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 319,679 shares of the credit services provider’s stock after acquiring an additional 12,212 shares during the period. CIBC Asset Management Inc’s holdings in PayPal were worth $24,945,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Kingsview Wealth Management LLC lifted its stake in shares of PayPal by 14.9% in the first quarter. Kingsview Wealth Management LLC now owns 24,597 shares of the credit services provider’s stock worth $1,648,000 after acquiring an additional 3,183 shares during the period. M&G Plc acquired a new position in shares of PayPal in the 1st quarter worth approximately $14,715,000. First Foundation Advisors bought a new stake in shares of PayPal in the 1st quarter valued at $147,000. Pinnacle Wealth Planning Services Inc. increased its position in shares of PayPal by 10.6% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 7,634 shares of the credit services provider’s stock worth $511,000 after buying an additional 731 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in PayPal by 315.6% in the first quarter. Intech Investment Management LLC now owns 27,872 shares of the credit services provider’s stock valued at $1,867,000 after buying an additional 21,166 shares during the period. Institutional investors and hedge funds own 68.32% of the company’s stock.

PayPal Stock Performance

PYPL stock opened at $85.83 on Friday. PayPal Holdings, Inc. has a 12-month low of $55.28 and a 12-month high of $87.92. The firm has a market cap of $86.05 billion, a PE ratio of 20.48, a P/E/G ratio of 1.56 and a beta of 1.43. The business has a 50 day moving average of $78.52 and a 200-day moving average of $68.88. 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 quarterly earnings data on Tuesday, October 29th. The credit services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.07 by $0.13. PayPal had a net margin of 14.08% and a return on equity of 23.44%. The business had revenue of $7.85 billion for the quarter, compared to analyst estimates of $7.88 billion. During the same quarter in the previous year, the firm posted $0.97 earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, sell-side analysts expect that PayPal Holdings, Inc. will post 4.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PYPL. Canaccord Genuity Group lifted their price objective on PayPal from $80.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their target price on PayPal from $71.00 to $76.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Daiwa America upgraded PayPal from a “moderate buy” rating to a “strong-buy” rating in a report on Friday, August 9th. Argus upgraded shares of PayPal from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group cut their target price on shares of PayPal from $70.00 to $65.00 in a research note on Monday, July 29th. Fifteen equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.45.

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.