Legacy Wealth Management LLC MS Sells 2,842 Shares of Visa Inc. $V

Key Points

• Legacy Wealth Management LLC MS reduced its stake in Visa Inc. by 12.2%, selling 2,842 shares and now holding 20,535 shares, valued at approximately $7.29 million.
• Major financial firms like UBS, Macquarie, and Barclays have issued positive ratings for Visa, with price targets ranging from $391 to $425, reflecting strong investor optimism.
• Visa reported a quarterly earnings per share (EPS) of $2.98, exceeding estimates, with revenue of $10.17 billion, marking a 14.3% year-over-year increase.

Legacy Wealth Management LLC MS trimmed its stake in shares of Visa Inc. (NYSE:V - Free Report) by 12.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,535 shares of the credit-card processor's stock after selling 2,842 shares during the period. Visa makes up about 2.2% of Legacy Wealth Management LLC MS's investment portfolio, making the stock its 9th biggest position. Legacy Wealth Management LLC MS's holdings in Visa were worth $7,291,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Keystone Global Partners LLC acquired a new position in shares of Visa during the first quarter worth approximately $26,000. von Borstel & Associates Inc. bought a new stake in shares of Visa during the first quarter worth approximately $27,000. 1 North Wealth Services LLC bought a new stake in shares of Visa during the first quarter worth approximately $38,000. Anderson Financial Strategies LLC bought a new stake in shares of Visa during the first quarter worth approximately $53,000. Finally, O Brien Wealth Partners LLC bought a new stake in shares of Visa during the first quarter worth approximately $54,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on V. UBS Group reissued a "buy" rating and set a $415.00 price target (up from $405.00) on shares of Visa in a research note on Wednesday, July 30th. Citigroup began coverage on shares of Visa in a research note on Monday, June 2nd. They set a "buy" rating for the company. Macquarie boosted their price target on shares of Visa from $380.00 to $425.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Oppenheimer boosted their price target on shares of Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Barclays reaffirmed an "overweight" rating and issued a $408.00 target price (up previously from $396.00) on shares of Visa in a research note on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $385.96.

Visa Price Performance

NYSE:V opened at $339.33 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. The stock's 50-day simple moving average is $347.03 and its 200 day simple moving average is $346.94. The company has a market cap of $621.92 billion, a P/E ratio of 33.14, a P/E/G ratio of 2.29 and a beta of 0.92. Visa Inc. has a 52-week low of $268.23 and a 52-week 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 business had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.82 billion. Visa had a return on equity of 58.93% and a net margin of 52.16%.Visa's quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.42 earnings per share. As a group, sell-side analysts forecast that Visa Inc. will post 11.3 EPS 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 of this dividend was Tuesday, August 12th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. Visa's payout ratio is currently 23.05%.

Insiders Place Their Bets

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction on 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 $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ryan Mcinerney sold 8,630 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 537 shares of the company's stock, valued at approximately $190,001.34. This represents a 94.14% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.13% of the company's stock.

About Visa

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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