Cornerstone Enterprises LLC Makes New Investment in Visa Inc. $V

Key Points

• Cornerstone Enterprises LLC has made a new investment in Visa Inc., acquiring 11,339 shares valued at approximately $4,026,000, which represents about 2.2% of its total holdings.
• Visa's latest quarterly earnings report showed that the company earned $2.98 per share, exceeding analysts' expectations, while revenue reached $10.17 billion, a 14.3% increase year-over-year.
• As of the most recent data, 82.15% of Visa's stock is owned by institutional investors, showcasing strong market confidence in the company.

Cornerstone Enterprises LLC purchased a new position in shares of Visa Inc. (NYSE:V - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,339 shares of the credit-card processor's stock, valued at approximately $4,026,000. Visa comprises approximately 2.2% of Cornerstone Enterprises LLC's holdings, making the stock its 13th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Yeomans Consulting Group Inc. boosted its position in Visa by 2.9% during the 1st quarter. Yeomans Consulting Group Inc. now owns 1,027 shares of the credit-card processor's stock worth $360,000 after acquiring an additional 29 shares during the period. Semus Wealth Partners LLC boosted its position in Visa by 0.8% during the 1st quarter. Semus Wealth Partners LLC now owns 3,449 shares of the credit-card processor's stock worth $1,209,000 after acquiring an additional 29 shares during the period. BankPlus Wealth Management LLC boosted its position in Visa by 0.9% during the 2nd quarter. BankPlus Wealth Management LLC now owns 3,338 shares of the credit-card processor's stock worth $1,185,000 after acquiring an additional 29 shares during the period. Wood Tarver Financial Group LLC boosted its position in Visa by 11.1% during the 1st quarter. Wood Tarver Financial Group LLC now owns 301 shares of the credit-card processor's stock worth $105,000 after acquiring an additional 30 shares during the period. Finally, Synergy Investment Management LLC boosted its position in Visa by 5.3% during the 1st quarter. Synergy Investment Management LLC now owns 597 shares of the credit-card processor's stock worth $209,000 after acquiring an additional 30 shares during the period. Institutional investors and hedge funds own 82.15% of the company's stock.

Visa Stock Down 1.0%

Shares of Visa stock opened at $343.63 on Monday. The firm has a market cap of $629.79 billion, a price-to-earnings ratio of 33.56, a P/E/G ratio of 2.03 and a beta of 0.90. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12. Visa Inc. has a 52-week low of $275.37 and a 52-week high of $375.51. The stock has a 50-day simple moving average of $343.77 and a 200-day simple moving average of $346.97.

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

Visa Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Raymond James Financial restated an "outperform" rating on shares of Visa in a research report on Wednesday, July 30th. Robert W. Baird set a $410.00 price objective on Visa and gave the stock an "outperform" rating in a research report on Monday, October 6th. Macquarie lifted their price target on Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Morgan Stanley lifted their price target on Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, Erste Group Bank lowered Visa from a "buy" rating to a "hold" rating in a report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Visa presently has a consensus rating of "Moderate Buy" and an average target price of $389.00.

Insider Buying and Selling

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

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.

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