Sawgrass Asset Management LLC Trims Position in Visa Inc. (NYSE:V)

Sawgrass Asset Management LLC decreased its holdings in Visa Inc. (NYSE:V - Free Report) by 60.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,792 shares of the credit-card processor's stock after selling 30,038 shares during the quarter. Sawgrass Asset Management LLC's holdings in Visa were worth $6,936,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Visa during the fourth quarter valued at $27,000. Compass Planning Associates Inc bought a new position in shares of Visa in the fourth quarter worth about $32,000. NewSquare Capital LLC bought a new position in shares of Visa in the fourth quarter worth approximately $35,000. FPC Investment Advisory Inc. raised its holdings in Visa by 377.3% during the fourth quarter. FPC Investment Advisory Inc. now owns 105 shares of the credit-card processor's stock valued at $36,000 after acquiring an additional 83 shares during the period. Finally, Sellwood Investment Partners LLC bought a new stake in Visa during the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 82.15% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on V shares. Piper Sandler raised their price objective on Visa from $383.00 to $384.00 and gave the company an "overweight" rating in a research report on Wednesday, April 30th. Citigroup assumed coverage on shares of Visa in a research report on Monday, June 2nd. They issued a "buy" rating for the company. BMO Capital Markets upped their target price on Visa from $370.00 to $380.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Wall Street Zen raised shares of Visa from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Finally, UBS Group raised their price target on Visa from $395.00 to $405.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $372.80.

Insider Buying and Selling

In related news, CEO Ryan Mcinerney sold 8,620 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $350.44, for a total transaction of $3,020,792.80. Following the transaction, the chief executive officer now directly owns 537 shares in the company, valued at approximately $188,186.28. The trade was a 94.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Paul D. Fabara sold 46,214 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $370.00, for a total transaction of $17,099,180.00. Following the sale, the insider now directly owns 26,413 shares of the company's stock, valued at approximately $9,772,810. This represents a 63.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,098 shares of company stock worth $36,738,526. Insiders own 0.13% of the company's stock.

Visa Price Performance

V traded up $7.90 during trading on Tuesday, hitting $351.65. The company's stock had a trading volume of 10,161,625 shares, compared to its average volume of 7,056,898. The firm has a market capitalization of $648.84 billion, a price-to-earnings ratio of 35.34, a P/E/G ratio of 2.28 and a beta of 0.94. Visa Inc. has a twelve month low of $252.70 and a twelve month high of $375.51. The business's fifty day simple moving average is $351.95 and its 200 day simple moving average is $339.18. 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 issued its quarterly earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 EPS for the quarter, topping the consensus estimate of $2.68 by $0.08. The company had revenue of $9.59 billion during the quarter, compared to analyst estimates of $9.57 billion. Visa had a net margin of 52.86% and a return on equity of 56.28%. The firm's revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.51 EPS. On average, equities research analysts forecast that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Tuesday, May 13th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date was Tuesday, May 13th. Visa's dividend payout ratio is presently 23.72%.

Visa Company 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.