Destiny Wealth Partners LLC Grows Stock Holdings in Visa Inc. $V

Key Points

• Destiny Wealth Partners LLC increased its holdings in Visa Inc. by 110% in Q2, owning 2,621 shares valued at approximately $931,000.
• Visa's recent quarterly earnings showed earnings per share of $2.98, exceeding analysts' estimates and reflecting a 14.3% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.59 per share, marking a 0.7% yield on an annualized basis.

Destiny Wealth Partners LLC boosted its position in Visa Inc. (NYSE:V - Free Report) by 110.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,621 shares of the credit-card processor's stock after acquiring an additional 1,373 shares during the period. Destiny Wealth Partners LLC's holdings in Visa were worth $931,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of V. Nuveen LLC purchased a new stake in Visa in the 1st quarter worth approximately $3,518,533,000. Vanguard Group Inc. grew its stake in Visa by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 161,082,431 shares of the credit-card processor's stock worth $56,452,949,000 after acquiring an additional 1,677,088 shares during the period. Wellington Management Group LLP grew its stake in Visa by 17.7% in the 1st quarter. Wellington Management Group LLP now owns 10,979,720 shares of the credit-card processor's stock worth $3,847,953,000 after acquiring an additional 1,651,954 shares during the period. MUFG Securities EMEA plc purchased a new stake in Visa in the 1st quarter worth approximately $373,240,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Visa by 7.2% in the 1st 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 worth $5,003,569,000 after acquiring an additional 955,392 shares during the period. 82.15% of the stock is owned by hedge funds and other institutional investors.

Visa Stock Up 0.7%

Shares of Visa stock opened at $337.15 on Friday. The company has a fifty day moving average price of $344.65 and a 200 day moving average price of $346.35. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. Visa Inc. has a twelve month low of $272.78 and a twelve month high of $375.51. The stock has a market cap of $617.93 billion, a price-to-earnings ratio of 32.92, a price-to-earnings-growth ratio of 2.24 and a beta of 0.92.

Visa (NYSE:V - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. The firm had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The firm's revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.42 EPS. Equities research analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

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

Insider Transactions at Visa

In other Visa news, CEO Ryan Mcinerney sold 8,630 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total value of $3,053,466.60. Following the completion of the transaction, the chief executive officer directly owned 537 shares of the company's stock, valued at $190,001.34. This represents a 94.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the company's stock in a transaction dated Monday, August 18th. The shares were 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 directly owned 11,925 shares of the company's stock, valued at approximately $4,102,438.50. The trade was a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on V. The Goldman Sachs Group started coverage on shares of Visa in a research note on Monday, June 2nd. They set a "neutral" rating for the company. Truist Financial lowered their price objective on shares of Visa from $400.00 to $397.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Erste Group Bank cut shares of Visa from a "buy" rating to a "hold" rating in a research note on Monday, September 22nd. Oppenheimer boosted 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. Finally, Morgan Stanley boosted 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. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Visa presently has an average rating of "Moderate Buy" and an average price target of $385.96.

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.

Want to see what other hedge funds are holding V? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Visa Inc. (NYSE:V - Free Report).

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.