DAVENPORT & Co LLC Sells 860 Shares of Visa Inc. $V

DAVENPORT & Co LLC decreased its holdings in Visa Inc. (NYSE:V - Free Report) by 0.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 494,164 shares of the credit-card processor's stock after selling 860 shares during the quarter. Visa makes up 1.0% of DAVENPORT & Co LLC's investment portfolio, making the stock its 17th biggest holding. DAVENPORT & Co LLC's holdings in Visa were worth $174,893,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of V. Vanguard Group Inc. boosted its position in Visa by 1.1% during the first quarter. Vanguard Group Inc. now owns 161,082,431 shares of the credit-card processor's stock valued at $56,452,949,000 after acquiring an additional 1,677,088 shares during the last quarter. Northern Trust Corp boosted its position in Visa by 4.0% during the first quarter. Northern Trust Corp now owns 18,987,013 shares of the credit-card processor's stock valued at $6,654,189,000 after acquiring an additional 726,299 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Visa by 7.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 14,277,146 shares of the credit-card processor's stock valued at $5,003,569,000 after purchasing an additional 955,392 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Visa by 3.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,675,220 shares of the credit-card processor's stock valued at $4,442,157,000 after purchasing an additional 434,217 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of Visa by 17.7% during the first quarter. Wellington Management Group LLP now owns 10,979,720 shares of the credit-card processor's stock valued at $3,847,953,000 after purchasing an additional 1,651,954 shares during the period. Institutional investors own 82.15% of the company's stock.

Visa Trading Down 0.3%

V opened at $351.31 on Thursday. 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 fifty-two week low of $274.42 and a fifty-two week high of $375.51. The firm has a market capitalization of $643.88 billion, a PE ratio of 34.31, a P/E/G ratio of 2.09 and a beta of 0.90. The company's 50-day moving average is $343.66 and its 200 day moving average is $346.96.

Visa (NYSE:V - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 EPS for the quarter, beating the consensus estimate 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 company's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the business posted $2.42 EPS. As a group, research analysts predict that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th were paid 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 dividend payout ratio (DPR) is 23.05%.

Insider Activity

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $344.02, for a total value of $697,328.54. Following the completion of the sale, the general counsel owned 11,925 shares in the company, valued at approximately $4,102,438.50. This trade represents a 14.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ryan Mcinerney sold 10,485 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the completion of the sale, the chief executive officer owned 537 shares of the company's stock, valued at approximately $183,815.10. This trade represents a 95.13% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.13% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on V. Weiss Ratings reiterated a "buy (b)" rating on shares of Visa in a report on Wednesday. Macquarie upped their price objective on shares of Visa from $380.00 to $425.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Truist Financial dropped their price objective on shares of Visa from $400.00 to $397.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Morgan Stanley upped their price objective on shares of Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. Finally, UBS Group reiterated a "buy" rating and set a $415.00 price objective (up previously from $405.00) on shares of Visa in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $389.00.

Visa Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.