Cornerstone Planning LLC Buys Shares of 10,682 Visa Inc. $V

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Key Points

  • Cornerstone Planning LLC initiated a new position in Visa during the fourth quarter, buying 10,682 shares worth about $3.69 million.
  • Visa continues to attract institutional interest, with the article noting that 82.15% of shares are owned by hedge funds and other institutional investors.
  • Visa recently reported better-than-expected quarterly results, and the board also authorized a $20 billion share buyback, signaling confidence in the company’s outlook.
  • Interested in Visa? Here are five stocks we like better.

Cornerstone Planning LLC purchased a new stake in Visa Inc. (NYSE:V - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 10,682 shares of the credit-card processor's stock, valued at approximately $3,688,000.

A number of other hedge funds have also modified their holdings of the business. Clayton Financial Group LLC lifted its position in Visa by 446.2% in the fourth quarter. Clayton Financial Group LLC now owns 71 shares of the credit-card processor's stock valued at $25,000 after buying an additional 58 shares during the last quarter. PayPay Securities Corp boosted its stake in Visa by 102.7% during the fourth quarter. PayPay Securities Corp now owns 75 shares of the credit-card processor's stock worth $26,000 after buying an additional 38 shares during the period. Cresta Advisors Ltd. acquired a new stake in shares of Visa during the fourth quarter valued at about $26,000. Parvin Asset Management LLC increased its position in shares of 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 acquiring an additional 50 shares during the last quarter. Finally, Dorato Capital Management purchased a new stake in shares of Visa in the 4th quarter valued at approximately $30,000. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

More Visa News

Here are the key news stories impacting Visa this week:

Visa Trading Up 0.1%

Shares of V stock opened at $327.67 on Monday. Visa Inc. has a fifty-two week low of $293.89 and a fifty-two week high of $359.66. The company has a 50 day moving average price of $321.23 and a 200 day moving average price of $324.20. The stock has a market capitalization of $587.76 billion, a P/E ratio of 28.54, a price-to-earnings-growth ratio of 1.75 and a beta of 0.77. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.09 and a current ratio of 1.09.

Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The company had revenue of $11.23 billion for the quarter, compared to analyst estimates of $10.75 billion. During the same period in the prior year, the business earned $2.76 EPS. The firm's quarterly revenue was up 17.1% on a year-over-year basis. Equities research analysts predict that Visa Inc. will post 13.09 EPS for the current fiscal year.

Visa announced that its board has authorized a share buyback program on Tuesday, April 28th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the credit-card processor to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Visa Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th were paid a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, May 12th. Visa's dividend payout ratio (DPR) is presently 23.34%.

Insider Buying and Selling at Visa

In related news, CEO Ryan Mcinerney sold 31,455 shares of Visa stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $340.14, for a total value of $10,699,103.70. Following the completion of the transaction, the chief executive officer directly owned 15,174 shares in the company, valued at approximately $5,161,284.36. This trade represents a 67.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chris Suh sold 10,639 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $324.81, for a total value of $3,455,653.59. Following the transaction, the chief financial officer directly owned 9,872 shares of the company's stock, valued at $3,206,524.32. The trade was a 51.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.12% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on V. Raymond James Financial restated an "outperform" rating and issued a $389.00 price objective on shares of Visa in a report on Wednesday, April 29th. Citigroup cut their target price on Visa from $450.00 to $400.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. BMO Capital Markets initiated coverage on Visa in a research report on Tuesday, April 21st. They issued an "outperform" rating and a $365.00 target price on the stock. Evercore set a $350.00 price target on Visa in a research note on Wednesday, April 29th. Finally, UBS Group raised their price target on Visa from $390.00 to $410.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Six equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $387.78.

Get Our Latest Stock Report on V

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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Institutional Ownership by Quarter for Visa (NYSE:V)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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