Cibc World Market Inc. lowered its stake in Visa Inc. (NYSE:V - Free Report) by 2.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 921,703 shares of the credit-card processor's stock after selling 25,924 shares during the quarter. Cibc World Market Inc. owned about 0.05% of Visa worth $316,227,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Cresta Advisors Ltd. bought a new stake in Visa during the 4th quarter worth approximately $26,000. Parvin Asset Management LLC lifted its holdings in Visa by 200.0% during the third quarter. Parvin Asset Management LLC now owns 75 shares of the credit-card processor's stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Virtus Advisers LLC bought a new position in shares of Visa in the second quarter worth approximately $33,000. RHL Group LLC bought a new position in shares of Visa in the fourth quarter worth approximately $34,000. Finally, Timmons Wealth Management LLC purchased a new stake in shares of Visa in the fourth quarter worth $34,000. 82.15% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have recently commented on V shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $430.00 price objective on shares of Visa in a research report on Wednesday, July 29th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $412.00 target price (up from $395.00) on shares of Visa in a report on Wednesday, July 29th. Evercore set a $350.00 price target on Visa in a research note on Wednesday, April 29th. JPMorgan Chase & Co. raised their price target on Visa from $400.00 to $450.00 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Finally, UBS Group restated a "buy" rating and issued a $420.00 price objective (up from $410.00) on shares of Visa in a research report on Wednesday, July 29th. Seven equities research analysts have rated the stock with a Strong Buy rating and twenty-four have given a Buy rating to the company. According to MarketBeat, Visa currently has a consensus rating of "Buy" and an average price target of $413.58.
View Our Latest Report on V
Visa Trading Up 0.0%
Visa stock opened at $371.09 on Monday. The stock has a market cap of $662.18 billion, a P/E ratio of 31.56, a PEG ratio of 1.99 and a beta of 0.74. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.99 and a quick ratio of 0.99. Visa Inc. has a 1 year low of $293.89 and a 1 year high of $373.97. The firm's 50 day moving average price is $353.73 and its 200-day moving average price is $329.61.
Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 EPS for the quarter, topping the consensus estimate of $3.23 by $0.09. Visa had a net margin of 50.78% and a return on equity of 67.68%. The firm had revenue of $11.63 billion for the quarter, compared to the consensus estimate of $11.40 billion. During the same quarter in the previous year, the firm earned $2.98 earnings per share. The company's quarterly revenue was up 14.4% compared to the same quarter last year. On average, equities analysts predict that Visa Inc. will post 13.16 earnings per share for the current fiscal year.
Visa Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, August 11th. Visa's payout ratio is currently 22.79%.
Visa declared that its board has authorized a stock repurchase plan on Tuesday, April 28th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the credit-card processor to buy up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.
Insiders Place Their Bets
In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total transaction of $729,720.00. Following the completion of the transaction, the general counsel owned 18,404 shares in the company, valued at $6,625,440. This trade represents a 9.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tullier Kelly Mahon sold 57,272 shares of Visa stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $364.97, for a total value of $20,902,561.84. Following the completion of the sale, the insider directly owned 49,662 shares in the company, valued at $18,125,140.14. This trade represents a 53.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 90,759 shares of company stock worth $32,375,779 in the last 90 days. 0.12% of the stock is currently owned by corporate insiders.
About Visa
(
Free Report)
Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world's largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa's network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.
Visa's product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.
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