Dock Street Asset Management Inc. Purchases 5,953 Shares of Visa Inc. $V

Key Points

• Dock Street Asset Management Inc. increased its stake in Visa by 3.8%, acquiring an additional 5,953 shares, bringing its total ownership to 164,210 shares valued at approximately $58.3 million.
• Insider transactions revealed that General Counsel Julie B. Rottenberg and CEO Ryan Mcinerney sold significant portions of their shares, reducing their holdings by 14.53% and 95.13%, respectively.
• Visa reported strong earnings with $2.98 earnings per share for the last quarter, exceeding analyst expectations, and announced a quarterly dividend of $0.59 per share for shareholders.

Dock Street Asset Management Inc. raised its position in Visa Inc. (NYSE:V - Free Report) by 3.8% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 164,210 shares of the credit-card processor's stock after buying an additional 5,953 shares during the quarter. Visa comprises about 5.5% of Dock Street Asset Management Inc.'s holdings, making the stock its 4th largest position. Dock Street Asset Management Inc.'s holdings in Visa were worth $58,303,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Keystone Global Partners LLC acquired a new position in shares of Visa during the 1st quarter worth $26,000. Family Legacy Financial Solutions LLC acquired a new position in shares of Visa during the 2nd quarter worth $28,000. von Borstel & Associates Inc. acquired a new position in shares of Visa during the 1st quarter worth $27,000. Cranbrook Wealth Management LLC grew its stake in shares of Visa by 82.0% during 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, Westend Capital Management LLC grew its stake in shares of Visa by 83.1% during the 2nd quarter. Westend Capital Management LLC now owns 108 shares of the credit-card processor's stock worth $38,000 after purchasing an additional 49 shares during the period. 82.15% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Visa

In other Visa news, 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 value of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares in the company, valued at approximately $4,102,438.50. This represents a 14.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ryan Mcinerney sold 10,485 shares of the company's 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 transaction, the chief executive officer directly owned 537 shares of the company's stock, valued at approximately $183,815.10. This represents a 95.13% decrease in their position. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by corporate insiders.

Visa Price Performance

NYSE:V opened at $341.90 on Friday. The firm has a market cap of $626.63 billion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 2.02 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The company's 50-day moving average is $344.30 and its two-hundred day moving average is $346.83. Visa Inc. has a 12-month low of $280.78 and a 12-month high of $375.51.

Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.85 by $0.13. The company had revenue of $10.17 billion for 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 firm's quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.42 EPS. Research analysts expect that Visa Inc. will post 11.3 EPS for the current year.

Visa Dividend Announcement

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

Analyst Ratings Changes

V has been the topic of several recent research reports. UBS Group reiterated a "buy" rating and issued a $415.00 price objective (up from $405.00) on shares of Visa in a research report on Wednesday, July 30th. Truist Financial lowered their price objective on shares of Visa from $400.00 to $397.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Morgan Stanley increased 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. Oppenheimer increased 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, Weiss Ratings reissued a "buy (b)" rating on shares of Visa in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.

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