Visa Inc. $V Shares Bought by Evolve Private Wealth LLC

Key Points

• Evolve Private Wealth LLC boosted its Visa stake by 54.1% in the first quarter, buying 3,164 additional shares and bringing its total holdings to 9,010 shares worth about $2.72 million.
• Visa posted stronger-than-expected quarterly results, with EPS of $3.31 versus the $3.10 consensus and revenue of $11.23 billion, up 17.1% year over year.
• Analysts remain bullish on Visa, with an average rating of “Buy” and an average price target of $387.78, while the company also announced a $20 billion share buyback and a quarterly dividend of $0.67 per share.

Evolve Private Wealth LLC grew its position in Visa Inc. (NYSE:V - Free Report) by 54.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,010 shares of the credit-card processor's stock after acquiring an additional 3,164 shares during the period. Evolve Private Wealth LLC's holdings in Visa were worth $2,723,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Invariant Investment Management acquired a new stake in Visa in the 4th quarter valued at $969,000. Vanguard Group Inc. raised its position in Visa by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 160,975,832 shares of the credit-card processor's stock worth $56,455,834,000 after acquiring an additional 1,054,343 shares during the period. Swiss Life Asset Management Ltd raised its position in Visa by 4.7% during the third quarter. Swiss Life Asset Management Ltd now owns 527,530 shares of the credit-card processor's stock worth $180,088,000 after acquiring an additional 23,863 shares during the period. Savvy Advisors Inc. lifted its holdings in Visa by 30.1% during the fourth quarter. Savvy Advisors Inc. now owns 28,922 shares of the credit-card processor's stock valued at $10,143,000 after purchasing an additional 6,688 shares in the last quarter. Finally, Ticino Wealth acquired a new stake in shares of Visa in the fourth quarter valued at about $1,837,000. 82.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on V. Evercore set a $350.00 target price on shares of Visa in a research note on Wednesday, April 29th. Raymond James Financial reaffirmed an "outperform" rating and issued a $389.00 price target on shares of Visa in a research note on Wednesday, April 29th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $400.00 price objective on shares of Visa in a report on Wednesday, April 29th. Truist Financial set a $371.00 price objective on Visa and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Finally, Morgan Stanley reissued an "overweight" rating and set a $415.00 target price on shares of Visa in a report on Wednesday, April 29th. Six investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $387.78.

Visa Stock Up 0.2%

V stock opened at $327.78 on Tuesday. Visa Inc. has a one year low of $293.89 and a one year high of $359.66. The firm has a market cap of $587.96 billion, a PE ratio of 28.55, a PEG ratio of 1.75 and a beta of 0.77. The firm's 50 day moving average price is $321.61 and its 200-day moving average price is $324.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.09 and a current ratio of 1.09.

Visa (NYSE:V - Get Free Report) last announced its earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.21. The company had revenue of $11.23 billion during the quarter, compared to analyst estimates of $10.75 billion. Visa had a net margin of 51.68% and a return on equity of 65.00%. Visa's revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.76 earnings per share. On average, equities research analysts anticipate that Visa Inc. will post 13.09 EPS for the current year.

Visa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, May 12th. Visa's payout ratio is 23.34%.

Visa declared that its Board of Directors has initiated a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the credit-card processor to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Visa news, CEO Ryan Mcinerney sold 31,455 shares of the firm's stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $340.14, for a total transaction of $10,699,103.70. Following the sale, the chief executive officer owned 15,174 shares of the company's stock, valued at approximately $5,161,284.36. This trade represents a 67.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chris Suh sold 10,639 shares of Visa stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $324.81, for a total transaction of $3,455,653.59. Following the sale, the chief financial officer owned 9,872 shares in the company, valued at $3,206,524.32. This represents a 51.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.12% of the company's stock.

Visa Profile

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world's largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa's network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa's product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.

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