State of Michigan Retirement System Trims Stake in Visa Inc. (NYSE:V)

State of Michigan Retirement System lowered its position in Visa Inc. (NYSE:V - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 593,923 shares of the credit-card processor's stock after selling 1,500 shares during the quarter. Visa comprises about 1.2% of State of Michigan Retirement System's portfolio, making the stock its 15th largest position. State of Michigan Retirement System's holdings in Visa were worth $208,146,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in Visa in the 1st quarter worth about $27,000. Sellwood Investment Partners LLC purchased a new position in Visa in the 4th quarter worth about $41,000. Mountain Hill Investment Partners Corp. purchased a new position in Visa in the 4th quarter worth about $47,000. Measured Risk Portfolios Inc. purchased a new position in Visa in the 4th quarter worth about $47,000. Finally, Navigoe LLC purchased a new position in Visa in the 4th quarter worth about $53,000. Hedge funds and other institutional investors own 82.15% of the company's stock.

Insider Buying and Selling

In related news, insider Paul D. Fabara sold 11,636 shares of Visa stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $375.00, for a total value of $4,363,500.00. Following the completion of the sale, the insider directly owned 26,413 shares in the company, valued at $9,904,875. This trade represents a 30.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Julie B. Rottenberg sold 2,575 shares of Visa stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $345.58, for a total transaction of $889,868.50. Following the completion of the sale, the general counsel owned 11,925 shares of the company's stock, valued at $4,121,041.50. This trade represents a 17.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,108 shares of company stock worth $36,771,200 in the last three months. Corporate insiders own 0.13% of the company's stock.

Visa Stock Down 2.3%

NYSE:V opened at $347.71 on Friday. The company's 50-day simple moving average is $356.93 and its 200-day simple moving average is $342.56. The stock has a market capitalization of $641.58 billion, a P/E ratio of 34.95, a P/E/G ratio of 2.41 and a beta of 0.92. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.08 and a current ratio of 1.08. Visa Inc. has a fifty-two week low of $252.70 and a fifty-two week high of $375.51.

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. The company had revenue of $9.59 billion during the quarter, compared to analysts' expectations of $9.57 billion. Visa had a net margin of 52.86% and a return on equity of 56.28%. Visa's revenue for the quarter was up 9.3% on a year-over-year basis. During the same period last year, the business earned $2.51 EPS. On average, equities analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The business also recently announced 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 0.68%. The ex-dividend date of this dividend was Tuesday, May 13th. Visa's dividend payout ratio (DPR) is presently 23.72%.

Wall Street Analyst Weigh In

Several research firms recently commented on V. Oppenheimer raised their price target on shares of Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Macquarie dropped their target price on shares of Visa from $400.00 to $380.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. The Goldman Sachs Group started coverage on shares of Visa in a report on Monday, June 2nd. They set a "neutral" rating on the stock. Piper Sandler increased their target price on shares of Visa from $383.00 to $384.00 and gave the stock an "overweight" rating in a report on Wednesday, April 30th. Finally, BMO Capital Markets increased their target price on shares of Visa from $370.00 to $380.00 and gave the stock an "outperform" rating in a report on Wednesday, April 30th. Five equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given 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 target price 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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