Cannon Advisors Inc. Buys Shares of 2,301 Visa Inc. (NYSE:V)

Cannon Advisors Inc. bought a new stake in shares of Visa Inc. (NYSE:V - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 2,301 shares of the credit-card processor's stock, valued at approximately $806,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Sovereign Investment Advisors LLC purchased a new stake in shares of Visa in the fourth quarter worth $424,000. Brighton Jones LLC increased its stake in shares of Visa by 50.1% in the fourth quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor's stock worth $6,522,000 after purchasing an additional 6,883 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in shares of Visa by 68.9% in the fourth quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor's stock worth $3,733,000 after purchasing an additional 4,817 shares in the last quarter. Leverage Partners Absolute Return Fund SPC purchased a new stake in shares of Visa in the fourth quarter worth $204,000. Finally, SOA Wealth Advisors LLC. increased its stake in shares of Visa by 7.0% in the fourth quarter. SOA Wealth Advisors LLC. now owns 2,855 shares of the credit-card processor's stock worth $902,000 after purchasing an additional 187 shares in the last quarter. 82.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on V shares. Mizuho raised shares of Visa from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $359.00 to $425.00 in a research note on Thursday, June 5th. William Blair reissued an "outperform" rating on shares of Visa in a research note on Wednesday, April 30th. Susquehanna restated a "positive" rating on shares of Visa in a research report on Friday, March 21st. Truist Financial initiated coverage on shares of Visa in a research report on Monday, June 2nd. They set a "buy" rating and a $400.00 target price for the company. Finally, Macquarie dropped their target price on shares of Visa from $400.00 to $380.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Five investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $372.84.

Visa Price Performance

V stock opened at $358.70 on Friday. Visa Inc. has a 52 week low of $252.70 and a 52 week high of $375.51. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.45. The company has a fifty day simple moving average of $355.79 and a two-hundred day simple moving average of $341.24. The firm has a market capitalization of $661.86 billion, a P/E ratio of 36.05, a price-to-earnings-growth ratio of 2.43 and a beta of 0.92.

Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.08. The firm had revenue of $9.59 billion during the quarter, compared to analyst estimates of $9.57 billion. Visa had a net margin of 52.86% and a return on equity of 56.28%. The business's revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business earned $2.51 EPS. Analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th were issued a $0.59 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $2.36 annualized dividend and a dividend yield of 0.66%. Visa's dividend payout ratio (DPR) is presently 23.72%.

Insider Transactions at Visa

In other news, General Counsel Julie B. Rottenberg sold 2,575 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $345.58, for a total value of $889,868.50. Following the completion of the sale, the general counsel owned 11,925 shares in the company, valued at approximately $4,121,041.50. This trade represents a 17.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul D. Fabara sold 11,636 shares of the firm's stock in a transaction dated 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 completion of the sale, the insider owned 26,413 shares of the company's stock, valued at $9,904,875. This trade represents a 30.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,108 shares of company stock worth $36,771,200. 0.13% of the stock is currently owned by insiders.

Visa Company Profile

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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