Magellan Asset Management Ltd Sells 47,479 Shares of Visa Inc. $V

Magellan Asset Management Ltd cut its holdings in shares of Visa Inc. (NYSE:V) by 6.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 664,228 shares of the credit-card processor’s stock after selling 47,479 shares during the quarter. Visa comprises 2.6% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 11th largest holding. Magellan Asset Management Ltd’s holdings in Visa were worth $200,756,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Clayton Financial Group LLC increased its holdings in shares of Visa by 446.2% during the 4th quarter. Clayton Financial Group LLC now owns 71 shares of the credit-card processor’s stock worth $25,000 after purchasing an additional 58 shares during the period. Parvin Asset Management LLC lifted its stake in shares of Visa by 200.0% in the third quarter. Parvin Asset Management LLC now owns 75 shares of the credit-card processor’s stock valued at $26,000 after buying an additional 50 shares during the period. PayPay Securities Corp lifted its stake in shares of Visa by 102.7% in the fourth quarter. PayPay Securities Corp now owns 75 shares of the credit-card processor’s stock valued at $26,000 after buying an additional 38 shares during the period. Cresta Advisors Ltd. acquired a new stake in Visa during the fourth quarter worth about $26,000. Finally, Dorato Capital Management acquired a new stake in Visa during the fourth quarter worth about $30,000. 82.15% of the stock is owned by institutional investors.

Visa Stock Down 1.3%

Shares of V opened at $355.94 on Wednesday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.64. The company has a 50-day moving average price of $335.74 and a two-hundred day moving average price of $325.08. The stock has a market cap of $638.47 billion, a price-to-earnings ratio of 31.00, a P/E/G ratio of 1.92 and a beta of 0.75. Visa Inc. has a 12 month low of $293.89 and a 12 month high of $365.14.

Visa (NYSE:V) last released its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.21. The company had revenue of $11.23 billion for the quarter, compared to analyst estimates of $10.75 billion. Visa had a return on equity of 65.00% and a net margin of 51.68%.The company’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.76 EPS. Equities analysts predict that Visa Inc. will post 13.13 EPS for the current fiscal year.

Visa Announces Dividend

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

Visa announced that its Board of Directors has authorized a stock buyback program on Tuesday, April 28th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the credit-card processor to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

V has been the subject of several recent research reports. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $450.00 price target on shares of Visa in a report on Tuesday, June 2nd. Clear Str raised Visa to a “strong-buy” rating in a report on Thursday, July 16th. Barclays began coverage on Visa in a research report on Tuesday, July 7th. They set an “overweight” rating and a $420.00 price objective on the stock. Weiss Ratings upgraded Visa from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, July 6th. Finally, Truist Financial set a $371.00 price target on shares of Visa and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Eight analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Visa has an average rating of “Buy” and an average price target of $398.36.

Insiders Place Their Bets

In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $360.00, for a total value of $729,720.00. Following the sale, the general counsel owned 18,404 shares in the company, valued at approximately $6,625,440. The trade was a 9.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 9,872 shares in the company, valued at approximately $3,206,524.32. The trade was a 51.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 75,581 shares of company stock worth $25,627,975 over the last three months. 0.12% of the stock is currently owned by corporate insiders.

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.