Bowie Capital Management LLC Sells 21,687 Shares of Visa Inc. $V

Key Points

• Bowie Capital Management LLC reduced its holdings in Visa Inc. by 7.5%, selling 21,687 shares, bringing its total to 267,637 shares valued at approximately $93.8 million.
• Visa reported strong quarterly earnings with an EPS of $2.98, surpassing analysts' expectations, along with a 14.3% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.59 per share, yielding approximately 0.7%, to be paid on September 2nd to shareholders of record on August 12th.

Bowie Capital Management LLC lessened its holdings in shares of Visa Inc. (NYSE:V - Free Report) by 7.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 267,637 shares of the credit-card processor's stock after selling 21,687 shares during the period. Visa comprises approximately 4.4% of Bowie Capital Management LLC's investment portfolio, making the stock its 10th biggest position. Bowie Capital Management LLC's holdings in Visa were worth $93,796,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of V. Brighton Jones LLC raised its stake in shares of Visa by 50.1% during the fourth quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor's stock valued at $6,522,000 after acquiring an additional 6,883 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Visa by 68.9% during the fourth quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor's stock valued at $3,733,000 after acquiring an additional 4,817 shares in the last quarter. Jump Financial LLC raised its stake in shares of Visa by 241.6% during the fourth quarter. Jump Financial LLC now owns 3,546 shares of the credit-card processor's stock valued at $1,121,000 after acquiring an additional 2,508 shares in the last quarter. Capital Square LLC bought a new stake in shares of Visa during the fourth quarter valued at approximately $217,000. Finally, Allred Capital Management LLC raised its stake in shares of Visa by 2.9% during the fourth quarter. Allred Capital Management LLC now owns 4,700 shares of the credit-card processor's stock valued at $1,485,000 after acquiring an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on V. Citigroup began coverage on shares of Visa in a research note on Monday, June 2nd. They issued a "buy" rating for the company. Jefferies Financial Group upped their price target on Visa from $400.00 to $410.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Macquarie upped their price target on Visa from $380.00 to $425.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Piper Sandler boosted their price objective on shares of Visa from $383.00 to $384.00 and gave the company an "overweight" rating in a report on Wednesday, April 30th. Finally, Morgan Stanley boosted their price objective on shares of Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Five analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $380.84.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the sale, the chief executive officer owned 537 shares of the company's stock, valued at $190,001.34. The trade was a 94.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul D. Fabara sold 46,214 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $370.00, for a total transaction of $17,099,180.00. Following the completion of the sale, the insider owned 26,413 shares in the company, valued at $9,772,810. This represents a 63.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,100 shares of company stock worth $27,643,224. Company insiders own 0.13% of the company's stock.

Visa Stock Performance

V traded down $1.05 on Friday, reaching $344.44. The company had a trading volume of 4,945,855 shares, compared to its average volume of 6,424,159. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $631.29 billion, a PE ratio of 33.64, a P/E/G ratio of 2.29 and a beta of 0.94. Visa Inc. has a 1 year low of $265.23 and a 1 year high of $375.51. The stock has a 50-day moving average price of $350.17 and a 200-day moving average price of $347.44.

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

Visa Dividend Announcement

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

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.