Progressive Investment Management Corp Reduces Position in Visa Inc. $V

Key Points

• Progressive Investment Management Corp reduced its Visa Inc. holdings by 2.1% in Q1, making it the firm's 8th largest position at around $15.1 million in value.
• Visa recently reported earnings of $2.98 per share, exceeding analyst expectations of $2.85, with quarterly revenue of $10.17 billion, representing a 14.3% increase year-over-year.
• Visa announced a quarterly dividend of $0.59 per share, set to be paid on September 2nd, with an annualized yield of 0.7% and a payout ratio of 23.05%.

Progressive Investment Management Corp lowered its position in shares of Visa Inc. (NYSE:V - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,188 shares of the credit-card processor's stock after selling 911 shares during the period. Visa accounts for approximately 4.2% of Progressive Investment Management Corp's portfolio, making the stock its 8th largest position. Progressive Investment Management Corp's holdings in Visa were worth $15,136,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. von Borstel & Associates Inc. acquired a new position in shares of Visa during the 1st quarter worth $27,000. Measured Risk Portfolios Inc. acquired a new stake in shares of Visa during the 4th quarter valued at approximately $47,000. Navigoe LLC purchased a new stake in shares of Visa during the 4th quarter worth approximately $53,000. O Brien Wealth Partners LLC acquired a new stake in shares of Visa in the 1st quarter worth approximately $54,000. Finally, Global X Japan Co. Ltd. purchased a new position in Visa in the 1st quarter valued at approximately $56,000. Institutional investors and hedge funds own 82.15% of the company's stock.

Insider Transactions at Visa

In related news, insider Paul D. Fabara sold 46,214 shares of Visa stock in a transaction on 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 completion of the transaction, the insider owned 26,413 shares of the company's stock, valued at $9,772,810. This trade represents a 63.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 owned 537 shares in the company, valued at $190,001.34. The trade was a 94.14% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,100 shares of company stock valued at $27,643,224. Insiders own 0.13% of the company's stock.

Visa Stock Down 0.3%

Shares of Visa stock traded down $1.05 on Friday, hitting $344.44. The company had a trading volume of 4,945,855 shares, compared to its average volume of 6,424,159. The stock has a 50-day moving average of $350.17 and a 200-day moving average of $347.44. Visa Inc. has a twelve month low of $265.23 and a twelve month high of $375.51. The firm has a market capitalization of $631.29 billion, a P/E ratio of 33.64, a P/E/G ratio of 2.29 and a beta of 0.94. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12.

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 for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. The firm had revenue of $10.17 billion for the quarter, compared to the consensus estimate of $9.82 billion. Visa had a return on equity of 58.93% and a net margin of 52.16%. The business's revenue was up 14.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.42 earnings per share. Research analysts predict that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, August 12th. Visa's dividend payout ratio is presently 23.05%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on V. Morgan Stanley lifted their price objective on Visa from $386.00 to $402.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Jefferies Financial Group boosted their price target on Visa from $400.00 to $410.00 and gave the company a "buy" rating in a report on Tuesday, May 27th. Oppenheimer raised their price objective on Visa from $390.00 to $391.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Mizuho upgraded Visa from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $359.00 to $425.00 in a research report on Thursday, June 5th. Finally, William Blair reaffirmed an "outperform" rating on shares of Visa in a research note on Wednesday, April 30th. Five equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $380.84.

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.