Visa Inc. (NYSE:V) Holdings Boosted by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC increased its stake in Visa Inc. by 71.2%, acquiring an additional 3,619 shares in the first quarter, bringing its total holdings to 8,701 shares worth approximately $3,049,000.
• Insiders sold a significant amount of Visa stock recently, with CEO Ryan Mcinerney selling 8,630 shares during July and General Counsel Julie B. Rottenberg selling 2,575 shares in May; the total insider sales reached $36.77 million in the last three months.
• Visa Inc.'s quarterly earnings report showed an earnings per share of $2.76, surpassing analyst predictions, along with a revenue increase of 9.3% year-over-year, totaling $9.59 billion.

Drive Wealth Management LLC lifted its holdings in Visa Inc. (NYSE:V - Free Report) by 71.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,701 shares of the credit-card processor's stock after purchasing an additional 3,619 shares during the quarter. Visa accounts for about 0.7% of Drive Wealth Management LLC's investment portfolio, making the stock its 27th biggest holding. Drive Wealth Management LLC's holdings in Visa were worth $3,049,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Visa in the fourth quarter worth about $5,171,271,000. GAMMA Investing LLC boosted its stake in shares of Visa by 38,416.3% in the first quarter. GAMMA Investing LLC now owns 14,761,375 shares of the credit-card processor's stock worth $5,173,271,000 after acquiring an additional 14,723,050 shares during the period. Northern Trust Corp increased its stake in Visa by 18.0% in the 4th quarter. Northern Trust Corp now owns 18,260,714 shares of the credit-card processor's stock worth $5,771,116,000 after acquiring an additional 2,785,707 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Visa in the 4th quarter worth approximately $673,689,000. Finally, Sanders Capital LLC bought a new stake in Visa in the 4th quarter worth approximately $623,022,000. Hedge funds and other institutional investors own 82.15% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Piper Sandler increased their price target on Visa from $383.00 to $384.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. The Goldman Sachs Group assumed coverage on Visa in a report on Monday, June 2nd. They issued a "neutral" rating on the stock. Mizuho upgraded Visa from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $359.00 to $425.00 in a report on Thursday, June 5th. Macquarie reduced their price target on Visa from $400.00 to $380.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Barclays reiterated an "overweight" rating on shares of Visa in a report on Friday, June 13th. Five 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $375.52.

Visa Trading Up 0.8%

V traded up $2.96 during trading hours on Friday, reaching $356.93. The company's stock had a trading volume of 3,915,274 shares, compared to its average volume of 5,404,370. Visa Inc. has a fifty-two week low of $254.51 and a fifty-two week high of $375.51. The stock has a market cap of $658.60 billion, a PE ratio of 35.87, a P/E/G ratio of 2.41 and a beta of 0.92. The business's 50-day moving average is $356.30 and its 200-day moving average is $345.22. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.08 and a quick ratio of 1.08.

Visa (NYSE:V - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 EPS for the quarter, topping analysts' consensus estimates of $2.68 by $0.08. Visa had a return on equity of 56.28% and a net margin of 52.86%. The company had revenue of $9.59 billion for the quarter, compared to analysts' expectations of $9.57 billion. During the same period in the prior year, the firm earned $2.51 earnings per share. The firm's revenue was up 9.3% compared to the same quarter last year. As a group, equities research analysts predict that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Tuesday, May 13th. Visa's dividend payout ratio is presently 23.72%.

Insider Buying and Selling at Visa

In other Visa news, insider Paul D. Fabara sold 11,636 shares of Visa stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total value of $4,363,500.00. Following the sale, the insider owned 26,413 shares of the company's stock, valued at approximately $9,904,875. The trade was a 30.58% decrease in their position. 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 Visa stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the sale, the chief executive officer owned 537 shares of the company's stock, valued at approximately $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 have sold a total of 101,108 shares of company stock worth $36,771,200 over the last ninety days. Corporate insiders own 0.13% of the company's stock.

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.