Canopy Partners LLC Sells 1,015 Shares of Visa Inc. $V

Key Points

• Canopy Partners LLC has reduced its stake in Visa Inc. by 11.5%, selling 1,015 shares and valuing its remaining holdings at approximately $2.77 million.
• Visa's quarterly earnings exceeded expectations, reporting $2.98 earnings per share and $10.17 billion in revenue, marking a 14.3% year-over-year growth.
• Visa has recently declared a quarterly dividend of $0.59 per share, with a dividend yield of 0.7% and a payout ratio of 23.05%.

Canopy Partners LLC reduced its stake in shares of Visa Inc. (NYSE:V - Free Report) by 11.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,795 shares of the credit-card processor's stock after selling 1,015 shares during the quarter. Visa accounts for approximately 1.0% of Canopy Partners LLC's portfolio, making the stock its 22nd largest holding. Canopy Partners LLC's holdings in Visa were worth $2,768,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Keystone Global Partners LLC bought a new position in shares of Visa during the first quarter valued at about $26,000. von Borstel & Associates Inc. bought a new stake in shares of Visa in the first quarter worth about $27,000. Family Legacy Financial Solutions LLC bought a new stake in shares of Visa in the second quarter worth about $28,000. Cranbrook Wealth Management LLC grew its stake in shares of Visa by 82.0% in the second quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor's stock worth $32,000 after purchasing an additional 41 shares during the last quarter. Finally, 1 North Wealth Services LLC bought a new stake in shares of Visa in the first quarter worth about $38,000. 82.15% of the stock is owned by institutional investors.

Visa Price Performance

Shares of NYSE V opened at $343.63 on Friday. Visa Inc. has a twelve month low of $275.37 and a twelve month high of $375.51. The firm has a market cap of $629.79 billion, a P/E ratio of 33.56, a PEG ratio of 2.06 and a beta of 0.90. The company has a 50 day moving average of $343.77 and a 200 day moving average of $346.97. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52.

Visa (NYSE:V - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. The company had revenue of $10.17 billion during 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%. The firm's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.42 EPS. As a group, research analysts expect 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 was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Tuesday, August 12th. Visa's dividend payout ratio is presently 23.05%.

Wall Street Analysts Forecast Growth

V has been the topic of several recent analyst reports. Macquarie raised their target price on Visa from $380.00 to $425.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Barclays reissued an "overweight" rating and issued a $408.00 target price (up from $396.00) on shares of Visa in a research note on Thursday, July 31st. Erste Group Bank cut Visa from a "buy" rating to a "hold" rating in a research note on Monday, September 22nd. Oppenheimer raised their target price on Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Visa in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $389.00.

Insider Buying and Selling at Visa

In other news, CEO Ryan Mcinerney sold 10,485 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the transaction, the chief executive officer directly owned 537 shares of the company's stock, valued at $183,815.10. This represents a 95.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $344.02, for a total value of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares in the company, valued at $4,102,438.50. The trade was a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.13% of the stock is owned by corporate insiders.

Visa 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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