Magellan Asset Management Ltd decreased its holdings in shares of Visa Inc. (NYSE:V - Free Report) by 90.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,505 shares of the credit-card processor's stock after selling 603,723 shares during the quarter. Magellan Asset Management Ltd's holdings in Visa were worth $20,759,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in V. XXEC Inc. boosted its stake in shares of Visa by 153,118.8% during the 2nd quarter. XXEC Inc. now owns 186,260,448 shares of the credit-card processor's stock worth $63,904,097,000 after acquiring an additional 186,138,883 shares during the period. Vanguard Group Inc. boosted its position in Visa by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 160,975,832 shares of the credit-card processor's stock worth $56,455,834,000 after purchasing an additional 1,054,343 shares during the period. State Street Corp increased its holdings in shares of Visa by 0.8% in the fourth quarter. State Street Corp now owns 82,798,151 shares of the credit-card processor's stock valued at $29,038,140,000 after purchasing an additional 626,821 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Visa by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 44,042,586 shares of the credit-card processor's stock valued at $15,411,395,000 after purchasing an additional 388,996 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Visa by 1.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 41,092,294 shares of the credit-card processor's stock valued at $14,411,480,000 after purchasing an additional 716,218 shares during the period. 82.15% of the stock is owned by institutional investors.
Insider Activity at Visa
In related news, General Counsel Julie B. Rottenberg sold 2,027 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $360.00, for a total value of $729,720.00. Following the completion of the transaction, the general counsel owned 18,404 shares in the company, valued at $6,625,440. This trade represents a 9.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ryan Mcinerney sold 20,970 shares of the firm's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $340.25, for a total transaction of $7,135,042.50. Following the transaction, the chief executive officer directly owned 15,174 shares of the company's stock, valued at $5,162,953.50. The trade was a 58.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 90,759 shares of company stock valued at $32,375,779 in the last quarter. Insiders own 0.12% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently commented on V shares. Morgan Stanley reaffirmed an "overweight" rating and set a $416.00 target price on shares of Visa in a report on Wednesday, July 29th. BNP Paribas Exane upgraded shares of Visa to a "strong-buy" rating in a research report on Tuesday, July 21st. Raymond James Financial restated an "outperform" rating and set a $406.00 price objective on shares of Visa in a report on Wednesday, July 29th. Evercore set a $350.00 target price on Visa in a research report on Wednesday, April 29th. Finally, Truist Financial set a $406.00 target price on Visa and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Seven research analysts have rated the stock with a Strong Buy rating and twenty-four have assigned a Buy rating to the stock. According to MarketBeat.com, Visa presently has an average rating of "Buy" and an average target price of $413.58.
Read Our Latest Report on V
Visa Stock Performance
Shares of Visa stock opened at $371.09 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.60. The company has a market cap of $662.18 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 1.99 and a beta of 0.74. The company has a 50 day moving average of $353.73 and a 200-day moving average of $329.61. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $373.97.
Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.23 by $0.09. The firm had revenue of $11.63 billion for the quarter, compared to analysts' expectations of $11.40 billion. Visa had a return on equity of 67.68% and a net margin of 50.78%.The business's revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.98 earnings per share. As a group, equities research analysts forecast that Visa Inc. will post 13.16 earnings per share for the current fiscal year.
Visa announced that its board has approved a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the credit-card processor to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.
Visa Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 11th will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, August 11th. Visa's dividend payout ratio is currently 22.79%.
Visa Profile
(
Free Report)
Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world's largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa's network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.
Visa's product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.
Further Reading
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