Pittenger & Anderson Inc. Cuts Stock Position in Visa Inc. (NYSE:V)

Pittenger & Anderson Inc. trimmed its position in shares of Visa Inc. (NYSE:V - Free Report) by 1.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 103,920 shares of the credit-card processor's stock after selling 1,080 shares during the period. Visa comprises 1.3% of Pittenger & Anderson Inc.'s investment portfolio, making the stock its 13th largest position. Pittenger & Anderson Inc.'s holdings in Visa were worth $36,420,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Lakeridge Wealth Management LLC lifted its position in Visa by 5.7% in the 1st quarter. Lakeridge Wealth Management LLC now owns 1,507 shares of the credit-card processor's stock worth $528,000 after buying an additional 81 shares during the last quarter. Blue Rock Wealth Management LLC bought a new stake in Visa in the fourth quarter valued at approximately $306,000. Aptus Capital Advisors LLC lifted its position in Visa by 19.8% in the fourth 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 during the last quarter. Eagle Strategies LLC lifted its position in Visa by 2.5% in the fourth 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 during the last quarter. Finally, Rafferty Asset Management LLC lifted its position in Visa by 7.7% in the fourth quarter. Rafferty Asset Management LLC now owns 610,517 shares of the credit-card processor's stock valued at $192,948,000 after purchasing an additional 43,546 shares during the last quarter. Institutional investors own 82.15% of the company's stock.

Insider Activity at Visa

In related news, insider Paul D. Fabara sold 11,636 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $375.00, for a total transaction of $4,363,500.00. Following the sale, the insider directly owned 26,413 shares of the company's stock, valued at $9,904,875. This trade represents a 30.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $3,053,466.60. Following the sale, the chief executive officer directly owned 537 shares in the company, valued at $190,001.34. This trade represents a 94.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,108 shares of company stock valued at $36,771,200 over the last ninety days. Insiders own 0.13% of the company's stock.

Visa Trading Down 2.3%

NYSE V opened at $347.71 on Monday. Visa Inc. has a 12 month low of $252.70 and a 12 month high of $375.51. The stock has a market cap of $641.58 billion, a P/E ratio of 34.95, a P/E/G ratio of 2.36 and a beta of 0.92. The stock's fifty day moving average price is $356.93 and its 200-day moving average price is $342.86. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.45.

Visa (NYSE:V - Get Free Report) last released its earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $9.57 billion. During the same period in the prior year, the firm posted $2.51 earnings per share. The company's quarterly revenue was up 9.3% on a year-over-year basis. As a group, equities analysts forecast that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Tuesday, May 13th were given a dividend of $0.59 per share. The ex-dividend date was Tuesday, May 13th. This represents a $2.36 annualized dividend and a dividend yield of 0.68%. Visa's dividend payout ratio (DPR) is presently 23.72%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on V. Citigroup began coverage on Visa in a research report on Monday, June 2nd. They issued a "buy" rating for the company. Barclays reiterated an "overweight" rating on shares of Visa in a research report on Friday, June 13th. Oppenheimer boosted their target price on Visa from $390.00 to $391.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Mizuho raised Visa from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $359.00 to $425.00 in a research note on Thursday, June 5th. Finally, Truist Financial began coverage on Visa in a research note on Monday, June 2nd. They set a "buy" rating and a $400.00 target price on the stock. 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $372.84.

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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