Phraction Management LLC cut its stake in Visa Inc. (NYSE:V - Free Report) by 8.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,394 shares of the credit-card processor's stock after selling 1,936 shares during the period. Visa makes up approximately 2.4% of Phraction Management LLC's holdings, making the stock its 16th largest holding. Phraction Management LLC's holdings in Visa were worth $7,147,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DAVENPORT & Co LLC raised its position in shares of Visa by 0.6% during the 1st quarter. DAVENPORT & Co LLC now owns 495,024 shares of the credit-card processor's stock worth $172,844,000 after purchasing an additional 3,072 shares during the last quarter. Summit Trail Advisors LLC lifted its holdings in shares of Visa by 26.6% during the 1st quarter. Summit Trail Advisors LLC now owns 34,152 shares of the credit-card processor's stock worth $11,969,000 after acquiring an additional 7,175 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Visa by 6.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 483,680 shares of the credit-card processor's stock valued at $169,510,000 after purchasing an additional 28,492 shares during the last quarter. Lansing Street Advisors grew its position in Visa by 5.2% during the first quarter. Lansing Street Advisors now owns 755 shares of the credit-card processor's stock valued at $265,000 after acquiring an additional 37 shares during the period. Finally, Clear Creek Financial Management LLC increased its position in Visa by 9.6% during the 1st quarter. Clear Creek Financial Management LLC now owns 11,500 shares of the credit-card processor's stock worth $4,030,000 after purchasing an additional 1,006 shares in the last quarter. 82.15% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
V has been the topic of a number of recent research reports. Wall Street Zen upgraded Visa from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Jefferies Financial Group upped their target price on shares of Visa from $400.00 to $410.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Macquarie decreased their price objective on shares of Visa from $400.00 to $380.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Susquehanna reiterated a "positive" rating on shares of Visa in a research report on Friday, March 21st. Finally, The Goldman Sachs Group started coverage on shares of Visa in a research report on Monday, June 2nd. They issued a "neutral" rating for the company. Five research 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 stock. According to MarketBeat.com, Visa currently has an average rating of "Moderate Buy" and a consensus target price of $372.84.
Read Our Latest Stock Analysis on V
Visa Stock Up 1.3%
Shares of V traded up $4.48 during mid-day trading on Friday, reaching $358.70. The company's stock had a trading volume of 3,702,810 shares, compared to its average volume of 6,855,011. The company has a market cap of $661.86 billion, a price-to-earnings ratio of 36.05, a price-to-earnings-growth ratio of 2.40 and a beta of 0.92. Visa Inc. has a 1 year low of $252.70 and a 1 year high of $375.51. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.45. The business has a fifty day moving average of $355.33 and a 200 day moving average of $340.96.
Visa (NYSE:V - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The credit-card processor reported $2.76 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.59 billion during the quarter, compared to analysts' expectations of $9.57 billion. During the same quarter last year, the firm earned $2.51 earnings per share. The business's revenue for the quarter was up 9.3% on a year-over-year basis. As a group, analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.
Visa Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $2.36 annualized dividend and a dividend yield of 0.66%. Visa's dividend payout ratio (DPR) is 23.72%.
Insider Activity
In related news, General Counsel Julie B. Rottenberg sold 2,575 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $345.58, for a total value of $889,868.50. Following the completion of the sale, the general counsel directly owned 11,925 shares in the company, valued at approximately $4,121,041.50. This represents a 17.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ryan Mcinerney sold 8,620 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $345.58, for a total value of $2,978,899.60. Following the transaction, the chief executive officer owned 537 shares in the company, valued at approximately $185,576.46. This trade represents a 94.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,478 shares of company stock worth $33,717,733. 0.13% of the stock is owned by corporate insiders.
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.
Further Reading
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