Castle Rock Wealth Management LLC Decreases Stock Holdings in Visa Inc. $V

Key Points

• Castle Rock Wealth Management LLC reduced its stake in Visa Inc. by 7.5% in the second quarter, owning 11,756 shares now worth $4.15 million, making Visa its 20th largest holding.
• Visa reported earnings of $2.98 per share in its latest quarter, exceeding analysts' expectations with revenue of $10.17 billion, a 14.3% increase from the previous year.
• Several hedge funds modified their positions in Visa, with 82.15% of the stock owned by institutional investors, reflecting strong confidence in the company's growth potential.

Castle Rock Wealth Management LLC trimmed its stake in shares of Visa Inc. (NYSE:V - Free Report) by 7.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,756 shares of the credit-card processor's stock after selling 955 shares during the period. Visa makes up 1.0% of Castle Rock Wealth Management LLC's investment portfolio, making the stock its 20th largest holding. Castle Rock Wealth Management LLC's holdings in Visa were worth $4,150,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in V. Nuveen LLC purchased a new position in shares of Visa during the first quarter valued at approximately $3,518,533,000. Vanguard Group Inc. raised its holdings in shares of Visa by 1.1% during the first quarter. Vanguard Group Inc. now owns 161,082,431 shares of the credit-card processor's stock valued at $56,452,949,000 after purchasing an additional 1,677,088 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Visa by 17.7% during the first quarter. Wellington Management Group LLP now owns 10,979,720 shares of the credit-card processor's stock valued at $3,847,953,000 after purchasing an additional 1,651,954 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Visa during the first quarter valued at approximately $373,240,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Visa by 7.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 14,277,146 shares of the credit-card processor's stock valued at $5,003,569,000 after purchasing an additional 955,392 shares during the last quarter. 82.15% of the stock is owned by hedge funds and other institutional investors.

Visa Stock Performance

Shares of NYSE V opened at $343.63 on Friday. The firm has a fifty day moving average price of $343.77 and a 200-day moving average price of $346.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $629.79 billion, a PE ratio of 33.56, a price-to-earnings-growth ratio of 2.04 and a beta of 0.90. Visa Inc. has a 1 year low of $275.37 and a 1 year high of $375.51.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. The firm had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The company's revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.42 earnings per share. Equities analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th were given a dividend of $0.59 per share. The ex-dividend date was Tuesday, August 12th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. Visa's dividend payout ratio is currently 23.05%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Macquarie upped their target price on shares of Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Truist Financial reduced their target price on shares of Visa from $400.00 to $397.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Barclays reaffirmed an "overweight" rating and set a $408.00 target price (up from $396.00) on shares of Visa in a report on Thursday, July 31st. Erste Group Bank cut shares of Visa from a "buy" rating to a "hold" rating in a report on Monday, September 22nd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Visa in a report on Wednesday. One 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.com, the stock has an average rating of "Moderate Buy" and an average target price of $389.00.

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.

Want to see what other hedge funds are holding V? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Visa Inc. (NYSE:V - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.