AGF Management Ltd. Trims Stock Position in Visa Inc. (NYSE:V)

Key Points

• AGF Management Ltd. has reduced its stake in Visa Inc. by 16.9%, selling 86,288 shares in the first quarter, with current holdings valued at approximately $148.4 million.
• Visa recently announced a quarterly dividend of $0.59 per share, translating to an annual yield of 0.7% and a payout ratio of 23.05%.
• Equities analysts have a consensus rating of "Moderate Buy" for Visa, with an average price target of $380.84, reflecting investor confidence in the company's continued growth.

AGF Management Ltd. lowered its holdings in shares of Visa Inc. (NYSE:V - Free Report) by 16.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 423,345 shares of the credit-card processor's stock after selling 86,288 shares during the quarter. AGF Management Ltd.'s holdings in Visa were worth $148,365,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in V. von Borstel & Associates Inc. purchased a new stake in Visa in the 1st quarter worth approximately $27,000. Measured Risk Portfolios Inc. purchased a new stake in Visa in the 4th quarter worth approximately $47,000. O Brien Wealth Partners LLC purchased a new stake in Visa in the 1st quarter worth approximately $54,000. Global X Japan Co. Ltd. purchased a new stake in Visa in the 1st quarter worth approximately $56,000. Finally, Cedar Mountain Advisors LLC increased its holdings in Visa by 28.5% in the 1st quarter. Cedar Mountain Advisors LLC now owns 167 shares of the credit-card processor's stock worth $59,000 after acquiring an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company's stock.

Visa Stock Up 1.4%

NYSE V opened at $336.86 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market capitalization of $617.39 billion, a P/E ratio of 32.90, a P/E/G ratio of 2.25 and a beta of 0.94. Visa Inc. has a one year low of $258.74 and a one year high of $375.51. The stock has a 50 day moving average price of $352.79 and a 200-day moving average price of $347.26.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.13. Visa had a return on equity of 58.93% and a net margin of 52.16%. The company had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. During the same quarter in the prior year, the firm posted $2.42 EPS. Visa's quarterly revenue was up 14.3% compared to the same quarter last year. As a group, equities analysts predict that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, August 12th. Visa's dividend payout ratio is presently 23.05%.

Insider Buying and Selling at Visa

In related news, insider Paul D. Fabara sold 11,636 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total transaction of $4,363,500.00. Following the sale, the insider owned 26,413 shares in the company, valued at approximately $9,904,875. This represents a 30.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ryan Mcinerney sold 8,630 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total value of $3,053,466.60. Following the sale, the chief executive officer owned 537 shares in the company, valued at $190,001.34. The trade was a 94.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,100 shares of company stock worth $27,643,224 in the last 90 days. 0.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on V shares. Morgan Stanley increased their target price on shares of Visa from $386.00 to $402.00 and gave the stock an "overweight" rating in a report on Wednesday, July 30th. UBS Group reissued a "buy" rating and issued a $415.00 target price (up from $405.00) on shares of Visa in a report on Wednesday, July 30th. William Blair reissued an "outperform" rating on shares of Visa in a report on Wednesday, April 30th. Barclays reissued an "overweight" rating and issued a $408.00 target price (up from $396.00) on shares of Visa in a report on Thursday, July 31st. Finally, Truist Financial dropped their price target on Visa from $400.00 to $397.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Five equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $380.84.

About Visa

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.

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