Monterey Private Wealth Inc. grew its stake in shares of Visa Inc. (NYSE:V – Free Report) by 17.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,640 shares of the credit-card processor’s stock after acquiring an additional 695 shares during the period. Monterey Private Wealth Inc.’s holdings in Visa were worth $1,102,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. BCK Partners Inc. bought a new position in Visa in the 1st quarter worth about $2,717,000. Markel Corp increased its position in shares of Visa by 0.3% in the first quarter. Markel Corp now owns 961,105 shares of the credit-card processor’s stock worth $213,144,000 after purchasing an additional 3,065 shares during the last quarter. AMI Investment Management Inc. purchased a new stake in Visa in the first quarter valued at approximately $2,323,000. Ergoteles LLC bought a new stake in Visa during the first quarter valued at approximately $538,000. Finally, XTX Topco Ltd purchased a new position in Visa in the 1st quarter worth approximately $1,496,000. 81.35% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Visa
In related news, CEO Ryan Mcinerney sold 24,025 shares of Visa stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $240.00, for a total transaction of $5,766,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Rajat Taneja sold 22,700 shares of Visa stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $240.21, for a total transaction of $5,452,767.00. Following the completion of the transaction, the insider now directly owns 232,112 shares in the company, valued at $55,755,623.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ryan Mcinerney sold 24,025 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $240.00, for a total value of $5,766,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,550 shares of company stock valued at $19,795,806. 0.21% of the stock is currently owned by corporate insiders.
Visa Trading Up 1.5 %
Visa (NYSE:V – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The credit-card processor reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.05. Visa had a return on equity of 49.42% and a net margin of 51.94%. The company had revenue of $8.12 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the firm posted $1.98 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. On average, analysts forecast that Visa Inc. will post 8.65 earnings per share for the current year.
Visa Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, August 10th. This represents a $1.80 annualized dividend and a yield of 0.74%. Visa’s dividend payout ratio (DPR) is presently 22.84%.
Analyst Ratings Changes
Several analysts have recently weighed in on V shares. Royal Bank of Canada raised their price objective on shares of Visa from $265.00 to $290.00 in a research report on Wednesday, July 26th. Oppenheimer restated an “outperform” rating and set a $248.00 price target on shares of Visa in a research report on Monday, July 24th. Barclays upped their price objective on Visa from $272.00 to $287.00 and gave the stock an “overweight” rating in a report on Monday, July 24th. JPMorgan Chase & Co. boosted their target price on Visa from $265.00 to $296.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 22nd. Finally, Susquehanna increased their price target on shares of Visa from $266.00 to $300.00 in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Visa presently has a consensus rating of “Moderate Buy” and an average price target of $273.77.
Visa Company Profile
Visa Inc operates as a payments technology company worldwide. 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, click to pay; Visa Direct, a real-time payments network; Visa B2B Connect, a multilateral B2B cross-border payments network; Visa Treasury as a Service, a cross-border consumer payments business; 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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