State of Michigan Retirement System Raises Position in Visa Inc. $V

State of Michigan Retirement System raised its stake in Visa Inc. (NYSE:V) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 600,023 shares of the credit-card processor’s stock after purchasing an additional 6,100 shares during the quarter. Visa accounts for about 1.1% of State of Michigan Retirement System’s portfolio, making the stock its 16th biggest position. State of Michigan Retirement System’s holdings in Visa were worth $213,038,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of V. Keystone Global Partners LLC purchased a new stake in shares of Visa in the first quarter worth approximately $26,000. von Borstel & Associates Inc. purchased a new stake in shares of Visa in the first quarter worth approximately $27,000. Family Legacy Financial Solutions LLC purchased a new stake in shares of Visa in the second quarter worth approximately $28,000. Harbor Asset Planning Inc. purchased a new stake in shares of Visa in the second quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC grew its holdings in shares of Visa by 82.0% in the second quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock valued at $32,000 after acquiring an additional 41 shares in the last quarter. 82.15% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Visa

In other news, General Counsel Julie B. Rottenberg sold 2,027 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $344.02, for a total value of $697,328.54. Following the completion of the transaction, the general counsel directly owned 11,925 shares of the company’s stock, valued at $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ryan Mcinerney sold 10,485 shares of the firm’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total value of $3,589,015.50. Following the completion of the transaction, the chief executive officer directly owned 537 shares of the company’s stock, valued at $183,815.10. The trade was a 95.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.13% of the stock is currently owned by corporate insiders.

Visa Price Performance

Shares of NYSE V opened at $336.74 on Tuesday. The stock has a fifty day simple moving average of $344.54 and a two-hundred day simple moving average of $348.57. Visa Inc. has a 1-year low of $290.76 and a 1-year high of $375.51. The firm has a market cap of $617.17 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 2.03 and a beta of 0.87. The company has a current ratio of 1.08, a quick ratio of 1.12 and a debt-to-equity ratio of 0.53.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, October 28th. The credit-card processor reported $2.98 earnings per share for the quarter, beating the consensus estimate of $2.97 by $0.01. Visa had a return on equity of 60.31% and a net margin of 50.15%.The business had revenue of $10.72 billion during the quarter, compared to analyst estimates of $10.60 billion. During the same period in the prior year, the company earned $2.71 earnings per share. Visa’s revenue was up 11.5% compared to the same quarter last year. Analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 0.8%. This is a positive change from Visa’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Wednesday, November 12th. Visa’s dividend payout ratio is currently 23.11%.

Analyst Upgrades and Downgrades

V has been the subject of several recent analyst reports. KeyCorp reaffirmed an “overweight” rating and issued a $405.00 target price on shares of Visa in a report on Wednesday, October 22nd. Truist Financial reduced their target price on Visa from $400.00 to $397.00 and set a “buy” rating for the company in a report on Thursday, July 17th. Morgan Stanley set a $398.00 target price on Visa and gave the company an “overweight” rating in a report on Wednesday, October 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $408.00 target price (up from $398.00) on shares of Visa in a report on Wednesday, October 29th. Finally, Robert W. Baird set a $425.00 target price on Visa in a report on Wednesday, October 29th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Visa has a consensus rating of “Moderate Buy” and an average price target of $400.00.

Visa Company 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.