Meeder Asset Management Inc. Has $1.03 Million Holdings in Visa Inc. $V

Key Points

• Meeder Asset Management sharply increased its Visa stake by 866.5% in the first quarter, ending with 3,402 shares worth about $1.03 million.
• Analysts remain constructive on Visa, with multiple firms reiterating or initiating buy/outperform ratings and a consensus price target of $398.36.
• Visa reported strong quarterly results, including $3.31 EPS and $11.23 billion in revenue, while also declaring a quarterly dividend and authorizing a $20 billion share buyback.

Meeder Asset Management Inc. lifted its stake in shares of Visa Inc. (NYSE:V - Free Report) by 866.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,402 shares of the credit-card processor's stock after acquiring an additional 3,050 shares during the quarter. Meeder Asset Management Inc.'s holdings in Visa were worth $1,028,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Visa by 0.7% in the 4th 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 last quarter. State Street Corp raised its position in shares of Visa by 0.8% during 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 buying an additional 626,821 shares during the last quarter. Geode Capital Management LLC lifted its stake 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 buying an additional 388,996 shares during the period. Price T Rowe Associates Inc. MD lifted its stake 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 buying an additional 716,218 shares during the period. Finally, Bank of America Corp DE grew its position in Visa by 1.7% during the fourth quarter. Bank of America Corp DE now owns 23,835,336 shares of the credit-card processor's stock worth $8,359,291,000 after buying an additional 398,459 shares in the last quarter. Institutional investors and hedge funds own 82.15% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. BMO Capital Markets restated an "outperform" rating and set a $387.00 price target (up from $375.00) on shares of Visa in a research note on Wednesday, July 15th. Piper Sandler assumed coverage on Visa in a research report on Monday, June 29th. They issued an "overweight" rating and a $394.00 price objective for the company. Raymond James Financial reissued an "outperform" rating and set a $389.00 price objective on shares of Visa in a report on Wednesday, April 29th. Truist Financial set a $371.00 price objective on Visa and gave the company a "buy" rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Visa from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, July 6th. Seven analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $398.36.

Insider Buying and Selling

In other Visa news, CFO Chris Suh sold 10,639 shares of Visa stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $324.81, for a total value of $3,455,653.59. Following the completion of the transaction, the chief financial officer owned 9,872 shares in the company, valued at approximately $3,206,524.32. The trade was a 51.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction on Thursday, July 2nd. The stock was 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 directly owned 18,404 shares in the company, valued at approximately $6,625,440. This represents a 9.92% 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 have sold a total of 75,581 shares of company stock worth $25,627,975 in the last three months. Insiders own 0.12% of the company's stock.

Visa Price Performance

NYSE:V opened at $361.25 on Tuesday. The firm has a market cap of $648.00 billion, a PE ratio of 31.47, a price-to-earnings-growth ratio of 1.91 and a beta of 0.75. Visa Inc. has a 12 month low of $293.89 and a 12 month high of $365.14. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.64. The company's 50-day moving average price is $335.15 and its two-hundred day moving average price is $325.05.

Visa (NYSE:V - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The firm had revenue of $11.23 billion for the quarter, compared to analysts' expectations of $10.75 billion. During the same period in the prior year, the firm earned $2.76 earnings per share. The company's quarterly revenue was up 17.1% compared to the same quarter last year. On average, equities analysts anticipate that Visa Inc. will post 13.11 EPS for the current fiscal year.

Visa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were given a dividend of $0.67 per share. The ex-dividend date was Tuesday, May 12th. This represents a $2.68 dividend on an annualized basis and a yield of 0.7%. Visa's dividend payout ratio is 23.34%.

Visa declared that its Board of Directors has approved a share buyback plan on Tuesday, April 28th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the credit-card processor to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Visa Company Profile

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.

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