Sumitomo Mitsui Trust Group Inc. Reduces Stake in eBay Inc. (NASDAQ:EBAY)

Sumitomo Mitsui Trust Group Inc. reduced its stake in eBay Inc. (NASDAQ:EBAY) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,198,319 shares of the e-commerce company’s stock after selling 14,529 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.25% of eBay worth $78,023,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in eBay in the 2nd quarter valued at $26,000. Tortoise Investment Management LLC grew its holdings in eBay by 894.2% in the 2nd quarter. Tortoise Investment Management LLC now owns 517 shares of the e-commerce company’s stock valued at $28,000 after buying an additional 465 shares in the last quarter. LRI Investments LLC purchased a new stake in eBay in the 1st quarter valued at $29,000. Hobbs Group Advisors LLC purchased a new stake in eBay in the 2nd quarter valued at $29,000. Finally, Gradient Investments LLC lifted its stake in shares of eBay by 86.3% in the 2nd quarter. Gradient Investments LLC now owns 613 shares of the e-commerce company’s stock valued at $33,000 after purchasing an additional 284 shares during the last quarter. 87.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Jamie Iannone sold 5,625 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $59.91, for a total value of $336,993.75. Following the transaction, the chief executive officer now owns 548,042 shares in the company, valued at approximately $32,833,196.22. This represents a 1.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Cornelius Boone sold 3,974 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $64.61, for a total value of $256,760.14. Following the completion of the transaction, the senior vice president now owns 70,113 shares in the company, valued at approximately $4,530,000.93. The trade was a 5.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,016 shares of company stock worth $3,015,417. 0.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on EBAY shares. TD Cowen upped their price target on eBay from $45.00 to $54.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Piper Sandler upped their price target on eBay from $64.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Bank of America decreased their price target on eBay from $67.00 to $64.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company decreased their price target on eBay from $63.00 to $62.00 and set an “equal weight” rating on the stock in a research note on Friday, November 1st. Finally, Susquehanna upped their price target on eBay from $52.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, eBay currently has an average rating of “Hold” and an average target price of $62.87.

eBay Price Performance

Shares of NASDAQ EBAY opened at $62.30 on Friday. The stock’s 50-day moving average is $63.42 and its two-hundred day moving average is $57.37. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.25 and a quick ratio of 1.25. eBay Inc. has a 1-year low of $38.97 and a 1-year high of $67.80. The company has a market cap of $29.84 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 2.02 and a beta of 1.34.

eBay Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.73%. eBay’s payout ratio is currently 27.14%.

About eBay

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.