Coronation Fund Managers Ltd. Lowers Holdings in Visa Inc. (NYSE:V)

Key Points

• Coronation Fund Managers Ltd. reduced its stake in Visa Inc. by 28.8%, owning 24,924 shares worth $8.73 million after selling 10,082 shares in the first quarter of 2023.
• Recent evaluations from analysts show a consensus rating of "Moderate Buy" for Visa, with a target price of $380.84, reflecting positive sentiment in the market.
• Visa announced a quarterly dividend of $0.59, with an annualized yield of 0.7%, indicating a continued return of capital to shareholders.

Coronation Fund Managers Ltd. lessened its stake in Visa Inc. (NYSE:V - Free Report) by 28.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,924 shares of the credit-card processor's stock after selling 10,082 shares during the quarter. Coronation Fund Managers Ltd.'s holdings in Visa were worth $8,735,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Lakeridge Wealth Management LLC raised its position in Visa by 5.7% in the 1st quarter. Lakeridge Wealth Management LLC now owns 1,507 shares of the credit-card processor's stock worth $528,000 after buying an additional 81 shares during the last quarter. Blue Rock Wealth Management LLC purchased a new stake in shares of Visa during the 4th quarter valued at about $306,000. Aptus Capital Advisors LLC increased its position in shares of Visa by 19.8% during the 4th quarter. Aptus Capital Advisors LLC now owns 182,658 shares of the credit-card processor's stock valued at $57,727,000 after purchasing an additional 30,185 shares during the last quarter. Eagle Strategies LLC increased its position in shares of Visa by 2.5% during the 4th quarter. Eagle Strategies LLC now owns 2,568 shares of the credit-card processor's stock valued at $811,000 after purchasing an additional 63 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its position in shares of Visa by 7.7% during the 4th quarter. Rafferty Asset Management LLC now owns 610,517 shares of the credit-card processor's stock valued at $192,948,000 after purchasing an additional 43,546 shares during the last quarter. Hedge funds and other institutional investors own 82.15% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. The Goldman Sachs Group assumed coverage on Visa in a research note on Monday, June 2nd. They set a "neutral" rating for the company. Macquarie boosted their price objective on Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Citigroup assumed coverage on Visa in a research note on Monday, June 2nd. They issued a "buy" rating for the company. Jefferies Financial Group upped their price target on Visa from $400.00 to $410.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Finally, Raymond James Financial restated an "outperform" rating on shares of Visa in a research note on Wednesday, July 30th. Five investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Visa presently has a consensus rating of "Moderate Buy" and a consensus target price of $380.84.

Visa Price Performance

Shares of NYSE V opened at $336.86 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. Visa Inc. has a fifty-two week low of $258.74 and a fifty-two week high of $375.51. The company has a market cap of $621.56 billion, a PE ratio of 32.90, a P/E/G ratio of 2.25 and a beta of 0.94. The business has a 50-day simple moving average of $352.79 and a two-hundred day simple moving average of $347.13.

Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 EPS for the quarter, topping 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 firm had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.82 billion. During the same quarter in the previous year, the company posted $2.42 earnings per share. The company's revenue was up 14.3% compared to the same quarter last year. As a group, equities analysts expect that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be given a $0.59 dividend. The ex-dividend date is Tuesday, August 12th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. Visa's payout ratio is 23.05%.

Insider Buying and Selling

In related news, insider Paul D. Fabara sold 11,636 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total transaction of $4,363,500.00. Following the completion of the sale, the insider directly owned 26,413 shares in the company, valued at approximately $9,904,875. The trade was a 30.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $353.82, for a total value of $3,053,466.60. Following the sale, the chief executive officer owned 537 shares of the company's stock, valued at $190,001.34. The trade was a 94.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,100 shares of company stock valued at $27,643,224 over the last 90 days. Company insiders own 0.13% of the company's stock.

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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