Schmidt P J Investment Management Inc. Sells 822 Shares of Visa Inc. $V

Key Points

• Schmidt P J Investment Management Inc. has reduced its stake in Visa Inc. by 2.3%, leaving it with 34,379 shares valued at approximately $12 million.
• CEO Ryan Mcinerney sold 8,630 shares of Visa at an average price of $353.82, significantly reducing his ownership by over 94%.
• Visa's latest financial results showed a revenue of $10.17 billion for the quarter, surpassing estimates and reflecting a 14.3% year-over-year increase in revenue.

Schmidt P J Investment Management Inc. lessened its holdings in Visa Inc. (NYSE:V - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,379 shares of the credit-card processor's stock after selling 822 shares during the period. Visa comprises 2.2% of Schmidt P J Investment Management Inc.'s holdings, making the stock its 11th biggest holding. Schmidt P J Investment Management Inc.'s holdings in Visa were worth $12,049,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Keystone Global Partners LLC acquired a new position in Visa in the first quarter valued at approximately $26,000. von Borstel & Associates Inc. purchased a new stake in Visa during the 1st quarter worth about $27,000. 1 North Wealth Services LLC bought a new position in Visa in the 1st quarter worth about $38,000. Measured Risk Portfolios Inc. bought a new position in shares of Visa during the 4th quarter valued at about $47,000. Finally, O Brien Wealth Partners LLC bought a new position in shares of Visa during the 1st quarter valued at about $54,000. 82.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James Financial restated an "outperform" rating on shares of Visa in a research note on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft initiated coverage on Visa in a research report on Thursday, July 17th. They issued a "buy" rating and a $410.00 target price on the stock. Jefferies Financial Group boosted their price objective on Visa from $400.00 to $410.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Morgan Stanley increased their price objective on Visa from $386.00 to $402.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Oppenheimer increased their price objective on Visa from $390.00 to $391.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $385.96.

Visa Stock Performance

Shares of V traded up $5.16 during mid-day trading on Thursday, hitting $343.28. 5,152,779 shares of the company's stock were exchanged, compared to its average volume of 4,970,029. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $629.16 billion, a P/E ratio of 33.52, a P/E/G ratio of 2.25 and a beta of 0.92. Visa Inc. has a fifty-two week low of $268.23 and a fifty-two week high of $375.51. The business's 50 day moving average is $347.41 and its two-hundred day moving average is $347.03.

Visa (NYSE:V - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. The business had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The company's revenue was up 14.3% on a year-over-year basis. During the same period last year, the company posted $2.42 EPS. On average, equities analysts expect that Visa Inc. will post 11.3 earnings per share for the current 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 $0.59 dividend. The ex-dividend date was Tuesday, August 12th. This represents a $2.36 annualized dividend and a yield of 0.7%. Visa's payout ratio is 23.05%.

Insider Buying and Selling at Visa

In other news, CEO Ryan Mcinerney sold 8,630 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the transaction, the chief executive officer directly owned 537 shares in the company, valued at $190,001.34. The trade was a 94.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the general counsel directly owned 11,925 shares of the company's stock, valued at approximately $4,102,438.50. This represents a 14.53% decrease in their position. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by insiders.

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.