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NewEdge Wealth LLC Lowers Stock Position in Visa Inc. (NYSE:V)

Visa logo with Business Services background

Key Points

  • NewEdge Wealth LLC reduced its stake in Visa Inc. by 0.8% in the first quarter, now holding 169,340 shares valued at approximately $59.35 million.
  • CEO Ryan Mcinerney sold 8,630 shares of Visa stock, representing a significant 94.14% decrease in his ownership, while insider Paul D. Fabara sold 46,214 shares, resulting in a 63.63% reduction in his position.
  • Visa recently reported a Q3 EPS of $2.98, exceeding estimates, alongside a revenue of $10.17 billion, marking a 14.3% year-over-year increase.
  • Five stocks we like better than Visa.

NewEdge Wealth LLC trimmed its position in shares of Visa Inc. (NYSE:V - Free Report) by 0.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 169,340 shares of the credit-card processor's stock after selling 1,376 shares during the period. Visa makes up approximately 1.1% of NewEdge Wealth LLC's investment portfolio, making the stock its 14th largest position. NewEdge Wealth LLC's holdings in Visa were worth $59,347,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Lakeridge Wealth Management LLC boosted its stake in shares of Visa by 5.7% in the 1st quarter. Lakeridge Wealth Management LLC now owns 1,507 shares of the credit-card processor's stock valued at $528,000 after purchasing an additional 81 shares in the last quarter. Blue Rock Wealth Management LLC acquired a new stake in shares of Visa in the 4th quarter valued at approximately $306,000. Aptus Capital Advisors LLC boosted its stake in shares of Visa by 19.8% in the 4th quarter. Aptus Capital Advisors LLC now owns 182,658 shares of the credit-card processor's stock valued at $57,727,000 after purchasing an additional 30,185 shares in the last quarter. Eagle Strategies LLC boosted its stake in shares of Visa by 2.5% in the 4th quarter. Eagle Strategies LLC now owns 2,568 shares of the credit-card processor's stock valued at $811,000 after purchasing an additional 63 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its position in Visa by 7.7% during the 4th quarter. Rafferty Asset Management LLC now owns 610,517 shares of the credit-card processor's stock worth $192,948,000 after buying an additional 43,546 shares during the period. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Price Performance

V traded down $6.66 during midday trading on Friday, hitting $338.81. The stock had a trading volume of 8,655,366 shares, compared to its average volume of 6,179,344. The company has a market cap of $625.16 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 2.26 and a beta of 0.94. The business has a fifty day moving average of $355.06 and a 200 day moving average of $346.75. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. Visa Inc. has a 1 year low of $254.51 and a 1 year high of $375.51.

Visa (NYSE:V - Get Free Report) last issued its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.85 by $0.13. The business had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.82 billion. Visa had a return on equity of 58.93% and a net margin of 52.16%. Visa's revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.42 earnings per share. As a group, equities analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

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

Insider Buying and Selling

In related news, insider Paul D. Fabara sold 46,214 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $370.00, for a total transaction of $17,099,180.00. Following the completion of the transaction, the insider owned 26,413 shares in the company, valued at $9,772,810. This represents a 63.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ryan Mcinerney sold 8,630 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $353.82, for a total value of $3,053,466.60. Following the completion of the transaction, the chief executive officer owned 537 shares of the company's stock, valued at approximately $190,001.34. This trade represents a 94.14% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 89,913 shares of company stock valued at $32,902,432. 0.13% of the stock is owned by corporate insiders.

Analyst Ratings Changes

V has been the subject of several analyst reports. Citigroup initiated coverage on shares of Visa in a report on Monday, June 2nd. They set a "buy" rating for the company. Truist Financial lowered their price target on shares of Visa from $400.00 to $397.00 and set a "buy" rating for the company in a report on Thursday, July 17th. BMO Capital Markets raised their price target on shares of Visa from $370.00 to $380.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. William Blair reiterated an "outperform" rating on shares of Visa in a research note on Wednesday, April 30th. Finally, Morgan Stanley lifted 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. Five analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Visa presently has an average rating of "Moderate Buy" and an average target price of $380.84.

Read Our Latest Research Report on Visa

About Visa

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Visa (NYSE:V)

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