Visa Inc. $V Shares Sold by Procyon Advisors LLC

Key Points

• Procyon Advisors LLC significantly reduced its position in Visa Inc. by 78.2%, selling 57,274 shares and leaving them with 16,009 shares valued at approximately $5.68 million.
• Multiple research firms have adjusted their price targets for Visa, with Macquarie raising it from $380 to $425 and UBS maintaining a "buy" rating while increasing the target from $405 to $415.
• Visa reported strong earnings for the last quarter, posting earnings of $2.98 per share and revenues of $10.17 billion, surpassing consensus estimates and reflecting a year-over-year revenue growth of 14.3%.

Procyon Advisors LLC lowered its position in Visa Inc. (NYSE:V - Free Report) by 78.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,009 shares of the credit-card processor's stock after selling 57,274 shares during the quarter. Procyon Advisors LLC's holdings in Visa were worth $5,684,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Keystone Global Partners LLC purchased a new stake in Visa during the 1st quarter worth about $26,000. von Borstel & Associates Inc. acquired a new position in shares of Visa in the 1st quarter valued at about $27,000. 1 North Wealth Services LLC acquired a new position in shares of Visa in the 1st quarter valued at about $38,000. Anderson Financial Strategies LLC acquired a new position in shares of Visa in the 1st quarter valued at about $53,000. Finally, O Brien Wealth Partners LLC purchased a new stake in shares of Visa during the 1st quarter valued at about $54,000. Hedge funds and other institutional investors own 82.15% of the company's stock.

Visa Stock Performance

V stock traded down $7.75 during trading on Thursday, reaching $338.45. 7,518,650 shares of the company's stock were exchanged, compared to its average volume of 4,913,677. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. Visa Inc. has a 1-year low of $268.23 and a 1-year high of $375.51. The company's fifty day moving average price is $345.81 and its 200-day moving average price is $346.47. The firm has a market cap of $620.32 billion, a PE ratio of 33.05, a P/E/G ratio of 2.30 and a beta of 0.92.

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

Visa Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Truist Financial dropped their target price on Visa from $400.00 to $397.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. Barclays reiterated an "overweight" rating and issued a $408.00 price target (up from $396.00) on shares of Visa in a report on Thursday, July 31st. Mizuho upgraded Visa from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $359.00 to $425.00 in a report on Thursday, June 5th. The Goldman Sachs Group assumed coverage on Visa in a research report on Monday, June 2nd. They set a "neutral" rating for the company. Finally, UBS Group restated a "buy" rating and set a $415.00 price objective (up previously from $405.00) on shares of Visa in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $385.96.

Insiders Place Their Bets

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $344.02, for a total transaction of $697,328.54. Following the completion of the transaction, the general counsel owned 11,925 shares in the company, valued at approximately $4,102,438.50. The trade was a 14.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ryan Mcinerney sold 8,630 shares of the company's 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 completion of the sale, 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. Insiders own 0.13% of the company's stock.

Visa Profile

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.