Wedgewood Partners, an investment management company, released its “Large Cap Focused Growth Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.1% net, compared to a -4.9% return for the Standard & Poor’s Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wedgewood Partners discussed stocks like PayPal Holdings, Inc. (NASDAQ:PYPL) in the Q3 2022 investor letter. Headquartered in San Francisco, California, PayPal Holdings, Inc. (NASDAQ:PYPL) provides a digital technology platform. On October 13, 2022, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $84.04 per share. One-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was -10.60% and its shares lost 68.68% of their value over the last 52 weeks. PayPal Holdings, Inc. (NASDAQ:PYPL) has a market capitalization of $97.191 billion.
Here is what Wedgewood Partners specifically said about PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q3 2022 investor letter:
“PayPal Holdings, Inc. (NASDAQ:PYPL) contributed positively to performance as the Company reported accelerating revenue growth and more concrete measures to drive long-term profitability. Revenue growth accelerated throughout the quarter as the Company is taking share in e-commerce while lapping the headwinds of the eBay rolling off. While eBay’s revenues represented higher-margin revenues, the Company should be able to drive better transaction margins as total payment volume growth reaccelerates. Part and parcel of this growth comes from PayPal’s investments to drive higher penetration into its 429 million active accounts. PayPal’s active accounts have grown by +50% since the onset of the pandemic so it makes sense for management to focus on driving higher transactions per account, thus better to monetize this historical windfall of users. The Company also authorized a $15 billion share repurchase program, which represents over 10% of shares outstanding. This is a good use of capital relative to the Company’s historically depressed multiples.”
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PayPal Holdings, Inc. (NASDAQ:PYPL) is in 17th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 97 hedge fund portfolios held PayPal Holdings, Inc. (NASDAQ:PYPL) at the end of the second quarter which was 100 in the previous quarter.
We discussed PayPal Holdings, Inc. (NASDAQ:PYPL) in another article and shared the stock picks of Sander Gerber’s Hudson Bay Capital at the end of second quarter 2022. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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