Cullinan Associates Inc. Sells 1,878 Shares of Visa Inc. $V

Key Points

• Cullinan Associates Inc. has reduced its position in Visa Inc. by 2.7%, now holding 66,595 shares worth approximately $23.6 million, making it the firm's 14th largest investment.
• Recent transactions saw CEO Ryan Mcinerney and General Counsel Julie B. Rottenberg selling significant portions of their shares, decreasing their ownership by 95.13% and 14.53%, respectively.
• Visa's stock has a current consensus rating of "Moderate Buy," with analysts setting a price target around $389.00 following strong quarterly earnings that exceeded expectations.

Cullinan Associates Inc. lowered its position in shares of Visa Inc. (NYSE:V - Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,595 shares of the credit-card processor's stock after selling 1,878 shares during the quarter. Visa accounts for approximately 1.6% of Cullinan Associates Inc.'s investment portfolio, making the stock its 14th biggest holding. Cullinan Associates Inc.'s holdings in Visa were worth $23,645,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Keystone Global Partners LLC bought a new stake in shares of Visa in the 1st quarter worth approximately $26,000. von Borstel & Associates Inc. bought a new stake in shares of Visa in the 1st quarter worth approximately $27,000. Family Legacy Financial Solutions LLC bought a new stake in shares of Visa in the 2nd quarter worth approximately $28,000. Cranbrook Wealth Management LLC raised its holdings in shares of Visa by 82.0% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor's stock worth $32,000 after purchasing an additional 41 shares during the period. Finally, 1 North Wealth Services LLC bought a new stake in shares of Visa in the 1st quarter worth approximately $38,000. Institutional investors own 82.15% of the company's stock.

Insider Buying and Selling at Visa

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 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 approximately $183,815.10. The trade was a 95.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the transaction, the general counsel owned 11,925 shares of the company's stock, valued at $4,102,438.50. This trade represents a 14.53% 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 insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on V. Morgan Stanley lifted their price objective on shares of Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Raymond James Financial reiterated an "outperform" rating on shares of Visa in a research note on Wednesday, July 30th. Robert W. Baird set a $410.00 price objective on shares of Visa and gave the company an "outperform" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft began coverage on shares of Visa in a research note on Thursday, July 17th. They issued a "buy" rating and a $410.00 price objective for the company. Finally, Oppenheimer lifted their price objective on shares of Visa from $390.00 to $391.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Visa currently has a consensus rating of "Moderate Buy" and a consensus price target of $389.00.

Visa Stock Down 0.3%

V opened at $351.31 on Thursday. The company has a fifty day moving average price of $343.66 and a 200-day moving average price of $346.96. The firm has a market capitalization of $643.88 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 2.09 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 one year low of $274.42 and a one year high of $375.51.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 EPS for the quarter, beating analysts' consensus estimates of $2.85 by $0.13. The firm had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business's revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.42 EPS. 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 announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th were given a $0.59 dividend. The ex-dividend date was Tuesday, August 12th. This represents a $2.36 annualized dividend and a yield of 0.7%. Visa's payout ratio is 23.05%.

Visa 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.

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