Pinnacle Associates Ltd. grew its holdings in shares of Visa Inc (NYSE:V) by 0.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 290,494 shares of the credit-card processor’s stock after buying an additional 1,800 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Visa were worth $30,572,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. bought a new position in Visa during the second quarter worth $958,000. Welch Investments LLC bought a new position in Visa during the third quarter worth $101,000. Cordasco Financial Network acquired a new stake in Visa in the third quarter worth $105,000. Massey Quick Simon & CO. LLC acquired a new stake in Visa in the third quarter worth $110,000. Finally, Motco increased its position in Visa by 25.1% in the second quarter. Motco now owns 1,176 shares of the credit-card processor’s stock worth $110,000 after buying an additional 236 shares during the period. Hedge funds and other institutional investors own 81.28% of the company’s stock.
V has been the topic of several analyst reports. Barclays increased their target price on Visa from $114.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $118.00 target price on shares of Visa in a research report on Wednesday, October 18th. Morgan Stanley increased their target price on Visa from $114.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 20th. Zacks Investment Research lowered Visa from a “buy” rating to a “hold” rating in a research report on Tuesday, December 26th. Finally, Citigroup increased their target price on Visa from $115.00 to $124.00 and gave the stock a “buy” rating in a research report on Wednesday, October 18th. Two analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $133.85.
In related news, EVP Tullier Kelly Mahon sold 49,702 shares of Visa stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $113.66, for a total transaction of $5,649,129.32. Following the transaction, the executive vice president now directly owns 76,202 shares of the company’s stock, valued at $8,661,119.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP James H. Hoffmeister sold 2,146 shares of Visa stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $112.09, for a total value of $240,545.14. Following the transaction, the senior vice president now directly owns 687 shares in the company, valued at $77,005.83. The disclosure for this sale can be found here. Insiders have sold 58,068 shares of company stock worth $6,597,262 over the last three months. Corporate insiders own 0.14% of the company’s stock.
Visa Inc (NYSE V) opened at $118.35 on Wednesday. The company has a market capitalization of $268,200.00, a price-to-earnings ratio of 39.19, a PEG ratio of 1.54 and a beta of 1.03. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.60. Visa Inc has a fifty-two week low of $86.26 and a fifty-two week high of $126.88.
Visa (NYSE:V) last issued its quarterly earnings results on Thursday, February 1st. The credit-card processor reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.10. The company had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.82 billion. Visa had a return on equity of 32.97% and a net margin of 38.12%. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. sell-side analysts predict that Visa Inc will post 4.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Friday, February 16th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.71%. This is a positive change from Visa’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Thursday, February 15th. Visa’s dividend payout ratio (DPR) is 25.83%.
Visa declared that its board has initiated a share repurchase program on Thursday, February 1st that permits the company to buyback $7.50 billion in outstanding shares. This buyback authorization permits the credit-card processor to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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Visa Company Profile
Visa Inc (Visa) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments. The Company operates through payment services segment. The Company enables global commerce through the transfer of value and information among the participants.
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