In the most recent quarter, American business magnate Carl Icahn made headlines by buying up shares of Paypal Holdings Inc (NASDAQ:PYPL), while ditching eBay Inc (NASDAQ:EBAY). The two companies split over the summer after more than a decade of working together in order for each company to pursue its specialty business.

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Icahn’s hedge fund most recently sold out all of its eBay shares and replaced them with PayPal. The fund now owns over 46 million shares of the online payment company valued at $1.44 billion, which comprises about 5% of Icahn’s total holdings. Few people are surprised by this swap because Icahn was a large proponent for the split between the two companies, even when eBay was against it.

Presently, most analysts have joined Icahn and jumped on the PayPal bandwagon. According to the 26 analysts polled by TipRanks in the last 3 months, 16 are bullish on the payment service, 3 are bearish, and 7 remain on the sidelines. The average 12-month price target between these analysts is $41.28, marking a nearly 16% potential upside from current levels.

Aside from this headline, Apple Inc. (NASDAQ:AAPL) still makes up over 20% of Icahn’s portfolio with his holdings of the technology company valued at over $5.8 billion. Analysts remain bullish on Apple as its iPhone 6 series continues to drive revenue. The company has been breaking revenue records and analysts don’t see it slowing down anytime soon.

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Despite Carl Icahn’s recent investment moves, his holdings lost 14.23% of their value in the most recent quarter and are now valued at $27.88 billion. His holdings outperformed the S&P 500, but came in behind the average hedge fund portfolio. Icahn’s holdings have historically performed well, earning a three year annualized return of 20.23%.