Cannon Wealth Management Services LLC Cuts Stock Holdings in Visa Inc. (NYSE:V)

Cannon Wealth Management Services LLC trimmed its position in shares of Visa Inc. (NYSE:V) by 7.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,685 shares of the credit-card processor’s stock after selling 131 shares during the quarter. Cannon Wealth Management Services LLC’s holdings in Visa were worth $583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Riverstone Advisors LLC bought a new stake in shares of Visa during the 4th quarter worth $217,000. Custom Index Systems LLC bought a new stake in shares of Visa during the 3rd quarter worth $731,000. Journey Strategic Wealth LLC raised its stake in shares of Visa by 16.4% during the 4th quarter. Journey Strategic Wealth LLC now owns 9,678 shares of the credit-card processor’s stock worth $3,058,000 after purchasing an additional 1,361 shares during the period. Copley Financial Group Inc. bought a new stake in shares of Visa during the 3rd quarter worth $616,000. Finally, Calamos Wealth Management LLC raised its stake in shares of Visa by 0.6% during the 4th quarter. Calamos Wealth Management LLC now owns 77,443 shares of the credit-card processor’s stock worth $24,475,000 after purchasing an additional 435 shares during the period. 82.15% of the stock is owned by hedge funds and other institutional investors.

Visa Stock Up 0.6 %

Shares of NYSE V opened at $352.00 on Wednesday. Visa Inc. has a 12 month low of $252.70 and a 12 month high of $357.15. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $653.93 billion, a price-to-earnings ratio of 35.48, a PEG ratio of 2.33 and a beta of 0.97. The business has a 50-day moving average of $330.49 and a 200-day moving average of $303.94.

Visa (NYSE:V) last issued its quarterly earnings data on Thursday, January 30th. The credit-card processor reported $2.75 EPS for the quarter, topping the consensus estimate of $2.66 by $0.09. Visa had a return on equity of 54.79% and a net margin of 54.27%. Sell-side analysts expect that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 11th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Tuesday, February 11th. Visa’s payout ratio is 23.79%.

Insiders Place Their Bets

In other Visa news, CEO Ryan Mcinerney sold 8,620 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $317.78, for a total value of $2,739,263.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Julie B. Rottenberg sold 2,572 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $340.00, for a total value of $874,480.00. Following the completion of the sale, the general counsel now directly owns 11,925 shares of the company’s stock, valued at approximately $4,054,500. This represents a 17.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,885 shares of company stock valued at $19,161,447 over the last quarter. 0.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

V has been the topic of a number of recent analyst reports. Mizuho lifted their target price on Visa from $279.00 to $292.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Oppenheimer restated an “outperform” rating on shares of Visa in a research note on Thursday, February 13th. Raymond James restated an “outperform” rating and issued a $393.00 price objective (up from $374.00) on shares of Visa in a research note on Friday, January 31st. Susquehanna boosted their price objective on Visa from $395.00 to $410.00 and gave the company a “positive” rating in a research note on Friday, February 21st. Finally, TD Cowen boosted their price objective on Visa from $318.00 to $325.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Visa presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.96.

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.