Visa Inc (V) is Empire Life Investments Inc.’s 8th Largest Position
Empire Life Investments Inc. reduced its holdings in Visa Inc (NYSE:V) by 11.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 270,974 shares of the credit-card processor’s stock after selling 35,256 shares during the quarter. Visa comprises 2.3% of Empire Life Investments Inc.’s portfolio, making the stock its 8th largest holding. Empire Life Investments Inc.’s holdings in Visa were worth $28,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Welch Investments LLC bought a new position in Visa during the 3rd quarter valued at $101,000. Cordasco Financial Network bought a new position in Visa during the 3rd quarter valued at $105,000. Motco boosted its stake in Visa by 25.1% during the 2nd quarter. Motco now owns 1,176 shares of the credit-card processor’s stock valued at $110,000 after purchasing an additional 236 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new position in Visa during the 3rd quarter valued at $110,000. Finally, BDO Wealth Advisors LLC bought a new position in Visa during the 2nd quarter valued at $115,000. Hedge funds and other institutional investors own 81.59% of the company’s stock.
V has been the subject of a number of research reports. Zacks Investment Research lowered Visa from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Credit Suisse Group set a $129.00 price target on Visa and gave the company a “buy” rating in a research note on Monday, January 8th. Vetr lowered Visa from a “buy” rating to a “hold” rating and set a $121.05 price target for the company. in a research note on Monday, January 8th. Jefferies Group increased their price target on Visa from $125.00 to $127.00 and gave the company a “buy” rating in a research note on Monday, October 30th. Finally, Cowen reaffirmed a “buy” rating and set a $129.00 price target on shares of Visa in a research note on Friday, January 12th. Two investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $134.20.
Visa (NYSE:V) last released its quarterly earnings data on Thursday, February 1st. The credit-card processor reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.10. The business had revenue of $4.86 billion during the quarter, compared to analyst estimates of $4.82 billion. Visa had a return on equity of 32.97% and a net margin of 38.12%. The company’s revenue was up 9.0% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. research analysts anticipate that Visa Inc will post 4.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Friday, February 16th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from Visa’s previous quarterly dividend of $0.20. Visa’s dividend payout ratio (DPR) is 27.81%.
Visa announced that its Board of Directors has approved a stock buyback program on Thursday, February 1st that allows the company to repurchase $7.50 billion in shares. This repurchase authorization allows the credit-card processor to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Robert W. Matschullat sold 6,220 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $113.76, for a total value of $707,587.20. Following the completion of the sale, the director now owns 57,368 shares of the company’s stock, valued at $6,526,183.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP James H. Hoffmeister sold 2,146 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $112.09, for a total value of $240,545.14. Following the completion of the sale, the senior vice president now directly owns 687 shares of the company’s stock, valued at approximately $77,005.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,780 shares of company stock valued at $6,802,702. 0.14% of the stock is currently owned by 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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