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Should You Consider Adding PayPal (PYPL) to Your Portfolio?

Soumya Eswaran
·2-min read

ClearBridge Investments, an investment management company, released its “ClearBridge All Cap Growth Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The Strategy lagged behind the benchmark Russell 3000 Growth Index in the quarter. On an absolute basis, the strategy posted gains across all nine sectors it invested in. IT and communication services sectors were the primary contributors. Overall stock selection detracted from performance on a relative basis.  In addition, please check the fund’s top five holdings to know its best picks in 2024.

ClearBridge All Cap Growth Strategy highlighted stocks like PayPal Holdings, Inc. (NASDAQ:PYPL), in the first quarter 2024 investor letter. PayPal Holdings, Inc. (NASDAQ:PYPL) is a technology platform that enables digital payments. The one-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was -2.82%, and its shares lost 10.15% of their value over the last 52 weeks. On June 25, 2024, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $59.33 per share with a market capitalization of $62.062 billion.

ClearBridge All Cap Growth Strategy stated the following regarding PayPal Holdings, Inc. (NASDAQ:PYPL) in its first quarter 2024 investor letter:

"We were also active in adding to stable bucket investments PayPal Holdings, Inc. (NASDAQ:PYPL) and UnitedHealth Group where negative near-term sentiment led to more attractive risk/reward profiles. We added to electronic payments provider PayPal as we have growing confidence that new CEO Alex Chriss’s strategic focus areas can improve the company’s performance, particularly in the key branded business."

A consumer in a cafe paying for goods using a mobile payment app.

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PayPal Holdings, Inc. (NASDAQ:PYPL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 82 hedge fund portfolios held PayPal Holdings, Inc. (NASDAQ:PYPL) at the end of the first quarter which was 87 in the previous quarter. The first quarter revenue of PayPal Holdings, Inc. (NASDAQ:PYPL) increased by 9% at the spot and 10% on a currency-neutral basis to reach $7.7 billion. While we acknowledge the potential of PayPal Holdings, Inc. (NASDAQ:PYPL) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed PayPal Holdings, Inc. (NASDAQ:PYPL) in another article and shared the list of best fintech stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.