Manitou Investment Management Ltd. Has $1.44 Million Stake in Visa Inc. (NYSE:V)

Manitou Investment Management Ltd. grew its position in Visa Inc. (NYSE:V) by 25.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,094 shares of the credit-card processor’s stock after acquiring an additional 819 shares during the period. Visa accounts for 0.3% of Manitou Investment Management Ltd.’s portfolio, making the stock its 19th largest holding. Manitou Investment Management Ltd.’s holdings in Visa were worth $1,435,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Visa by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 159,405,343 shares of the credit-card processor’s stock worth $50,378,465,000 after purchasing an additional 7,079,706 shares in the last quarter. Geode Capital Management LLC raised its position in Visa by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 40,345,176 shares of the credit-card processor’s stock worth $12,729,901,000 after purchasing an additional 1,689,926 shares during the last quarter. Capital International Investors lifted its holdings in Visa by 3.8% during the 4th quarter. Capital International Investors now owns 23,816,573 shares of the credit-card processor’s stock worth $7,526,660,000 after buying an additional 866,596 shares in the last quarter. Capital World Investors boosted its position in Visa by 1.0% in the 4th quarter. Capital World Investors now owns 23,277,622 shares of the credit-card processor’s stock valued at $7,356,614,000 after buying an additional 241,057 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Visa by 18.0% in the 4th quarter. Northern Trust Corp now owns 18,260,714 shares of the credit-card processor’s stock valued at $5,771,116,000 after buying an additional 2,785,707 shares during the period. 82.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Visa news, insider Paul D. Fabara sold 46,214 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $370.00, for a total transaction of $17,099,180.00. Following the sale, the insider now directly owns 26,413 shares of the company’s stock, valued at $9,772,810. The trade was a 63.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Julie B. Rottenberg sold 2,575 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $345.58, for a total transaction of $889,868.50. Following the transaction, the general counsel now owns 11,925 shares of the company’s stock, valued at approximately $4,121,041.50. This represents a 17.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 168,162 shares of company stock worth $58,645,479 over the last three months. Corporate insiders own 0.13% of the company’s stock.

Visa Stock Performance

Shares of V stock opened at $366.72 on Tuesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.12 and a current ratio of 1.12. Visa Inc. has a 52 week low of $252.70 and a 52 week high of $371.00. The company’s 50 day moving average price is $345.86 and its two-hundred day moving average price is $336.28. The company has a market capitalization of $676.66 billion, a P/E ratio of 36.97, a price-to-earnings-growth ratio of 2.33 and a beta of 0.94.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, April 29th. The credit-card processor reported $2.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.68 by $0.08. The company had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.57 billion. Visa had a net margin of 54.27% and a return on equity of 54.79%. The firm’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.51 earnings per share. On average, analysts expect that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.64%. The ex-dividend date was Tuesday, May 13th. Visa’s dividend payout ratio is 23.72%.

Analysts Set New Price Targets

V has been the topic of several research reports. Truist Financial began coverage on Visa in a research note on Monday, June 2nd. They set a “buy” rating and a $400.00 price target on the stock. Susquehanna restated a “positive” rating on shares of Visa in a research report on Friday, March 21st. Piper Sandler lifted their price target on shares of Visa from $383.00 to $384.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 30th. Mizuho upgraded shares of Visa from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $359.00 to $425.00 in a report on Thursday, June 5th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of Visa in a report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $372.80.

Visa Profile

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.