Sheets Smith Wealth Management Sells 2,258 Shares of Visa Inc. (NYSE:V)
Sheets Smith Wealth Management decreased its position in Visa Inc. (NYSE:V) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 112,479 shares of the credit-card processor’s stock after selling 2,258 shares during the period. Visa makes up 2.8% of Sheets Smith Wealth Management’s holdings, making the stock its 2nd largest position. Sheets Smith Wealth Management’s holdings in Visa were worth $10,548,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Viking Fund Management LLC increased its stake in Visa by 27.3% in the second quarter. Viking Fund Management LLC now owns 14,000 shares of the credit-card processor’s stock worth $1,313,000 after buying an additional 3,000 shares during the last quarter. Cypress Capital Management LLC WY increased its stake in Visa by 2.5% in the second quarter. Cypress Capital Management LLC WY now owns 2,415 shares of the credit-card processor’s stock worth $229,000 after buying an additional 60 shares during the last quarter. Reilly Financial Advisors LLC increased its stake in Visa by 2.4% in the second quarter. Reilly Financial Advisors LLC now owns 19,454 shares of the credit-card processor’s stock worth $1,824,000 after buying an additional 462 shares during the last quarter. Anderson Hoagland & Co. increased its stake in Visa by 1.1% in the second quarter. Anderson Hoagland & Co. now owns 60,015 shares of the credit-card processor’s stock worth $5,628,000 after buying an additional 655 shares during the last quarter. Finally, Highland Capital Management LLC increased its stake in Visa by 21.4% in the second quarter. Highland Capital Management LLC now owns 77,967 shares of the credit-card processor’s stock worth $7,312,000 after buying an additional 13,737 shares during the last quarter. 82.46% of the stock is owned by institutional investors and hedge funds.
Visa Inc. (NYSE:V) traded down 1.32% during midday trading on Thursday, reaching $99.64. The company had a trading volume of 4,107,871 shares. Visa Inc. has a 52-week low of $75.17 and a 52-week high of $101.72. The company’s 50-day moving average is $97.43 and its 200 day moving average is $91.91. The company has a market cap of $227.82 billion, a PE ratio of 37.05 and a beta of 0.94.
Visa (NYSE:V) last posted its quarterly earnings results on Thursday, July 20th. The credit-card processor reported $0.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.05. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.36 billion. Visa had a return on equity of 30.95% and a net margin of 36.53%. The business’s revenue was up 25.8% compared to the same quarter last year. During the same period last year, the company earned $0.69 earnings per share. On average, equities research analysts forecast that Visa Inc. will post $3.43 EPS for the current year.
Visa declared that its Board of Directors has approved a stock buyback program on Thursday, April 20th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the credit-card processor to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th will be paid a $0.165 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $0.66 dividend on an annualized basis and a yield of 0.65%. Visa’s dividend payout ratio is 24.54%.
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A number of research firms have commented on V. BidaskClub raised shares of Visa from a “buy” rating to a “strong-buy” rating in a report on Thursday. Zacks Investment Research raised shares of Visa from a “hold” rating to a “buy” rating and set a $112.00 price objective for the company in a report on Tuesday, August 1st. Citigroup Inc. reaffirmed a “buy” rating and issued a $115.00 price objective (up previously from $100.00) on shares of Visa in a report on Monday, July 24th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $100.00 price objective (up previously from $87.50) on shares of Visa in a report on Saturday, July 22nd. Finally, Credit Suisse Group set a $112.00 price objective on shares of Visa and gave the stock a “buy” rating in a report on Saturday, July 22nd. Four investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. Visa currently has a consensus rating of “Buy” and an average target price of $104.56.
In other Visa news, EVP Tullier Kelly Mahon sold 29,772 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $100.91, for a total value of $3,004,292.52. Following the completion of the transaction, the executive vice president now directly owns 17,360 shares in the company, valued at $1,751,797.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is owned by company insiders.
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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