Patton Fund Management Inc. Acquires New Stake in eBay Inc. (NASDAQ:EBAY)

Patton Fund Management Inc. acquired a new stake in eBay Inc. (NASDAQ:EBAY) in the first quarter, Holdings Channel reports. The firm acquired 78,877 shares of the e-commerce company’s stock, valued at approximately $5,342,000. eBay accounts for 1.3% of Patton Fund Management Inc.’s holdings, making the stock its 18th largest holding.

A number of other institutional investors and hedge funds have also bought and sold shares of EBAY. Kestra Investment Management LLC grew its holdings in eBay by 172.5% during the 4th quarter. Kestra Investment Management LLC now owns 11,175 shares of the e-commerce company’s stock worth $692,000 after acquiring an additional 7,074 shares during the period. Van ECK Associates Corp grew its holdings in eBay by 5,091.9% during the 4th quarter. Van ECK Associates Corp now owns 142,051 shares of the e-commerce company’s stock worth $8,800,000 after acquiring an additional 139,315 shares during the period. Jones Financial Companies Lllp grew its holdings in eBay by 35.1% during the 4th quarter. Jones Financial Companies Lllp now owns 8,121 shares of the e-commerce company’s stock worth $503,000 after acquiring an additional 2,110 shares during the period. Proficio Capital Partners LLC acquired a new stake in eBay during the 4th quarter worth about $8,644,000. Finally, TCW Group Inc. grew its holdings in eBay by 45.8% during the 4th quarter. TCW Group Inc. now owns 53,900 shares of the e-commerce company’s stock worth $3,339,000 after acquiring an additional 16,919 shares during the period. 87.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Cornelius Boone sold 2,985 shares of the company’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $78.67, for a total value of $234,829.95. Following the completion of the transaction, the senior vice president now directly owns 92,053 shares of the company’s stock, valued at $7,241,809.51. This represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jamie Iannone sold 12,644 shares of the company’s stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $79.06, for a total value of $999,634.64. Following the completion of the transaction, the chief executive officer now directly owns 325,053 shares of the company’s stock, valued at approximately $25,698,690.18. This represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 292,321 shares of company stock valued at $20,606,770 over the last three months. Corporate insiders own 0.64% of the company’s stock.

eBay Price Performance

EBAY stock opened at $77.71 on Tuesday. The company has a market capitalization of $35.82 billion, a P/E ratio of 19.53, a price-to-earnings-growth ratio of 2.22 and a beta of 1.27. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.25 and a current ratio of 1.25. eBay Inc. has a 52-week low of $51.72 and a 52-week high of $79.84. The business has a 50-day simple moving average of $70.58 and a two-hundred day simple moving average of $67.40.

eBay (NASDAQ:EBAY) last announced its earnings results on Wednesday, April 30th. The e-commerce company reported $1.38 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.04. The firm had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.55 billion. eBay had a return on equity of 30.97% and a net margin of 19.68%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 EPS. Research analysts expect that eBay Inc. will post 3.86 EPS for the current fiscal year.

eBay Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 30th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, May 30th. eBay’s dividend payout ratio is presently 27.62%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Piper Sandler increased their price target on eBay from $70.00 to $74.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Cfra Research upgraded eBay to a “moderate buy” rating in a report on Thursday, June 5th. Sanford C. Bernstein downgraded eBay from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $70.00 to $65.00 in a report on Tuesday, April 22nd. Barclays increased their price target on eBay from $72.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. Finally, Susquehanna increased their price objective on shares of eBay from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $67.73.

eBay Profile

eBay Inc, together with its subsidiaries, operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally. The company’s marketplace platform includes its online marketplace at ebay.com, off-platform businesses, and the eBay suite of mobile apps.