State Board of Administration of Florida Retirement System lessened its stake in shares of Visa Inc. (NYSE:V – Free Report) by 3.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,725,563 shares of the credit-card processor’s stock after selling 62,087 shares during the quarter. Visa comprises about 0.9% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 15th biggest position. State Board of Administration of Florida Retirement System owned about 0.09% of Visa worth $409,787,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. BCK Partners Inc. acquired a new position in Visa in the first quarter valued at $2,717,000. Markel Corp raised its stake in Visa by 0.3% during the first quarter. Markel Corp now owns 961,105 shares of the credit-card processor’s stock worth $213,144,000 after purchasing an additional 3,065 shares during the period. AMI Investment Management Inc. purchased a new stake in shares of Visa during the 1st quarter valued at $2,323,000. Ergoteles LLC acquired a new position in Visa in the first quarter valued at $538,000. Finally, XTX Topco Ltd purchased a new position in Visa in the first quarter valued at approximately $1,496,000. 81.35% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the company. HSBC initiated coverage on Visa in a research note on Friday, October 13th. They set a “hold” rating and a $266.00 price objective on the stock. Seaport Res Ptn reaffirmed a “neutral” rating on shares of Visa in a research report on Thursday, October 12th. Robert W. Baird reiterated an “outperform” rating and set a $284.00 price objective on shares of Visa in a research note on Thursday, September 14th. UBS Group began coverage on shares of Visa in a research note on Friday, October 20th. They issued a “buy” rating and a $295.00 target price for the company. Finally, Barclays dropped their price target on shares of Visa from $285.00 to $278.00 and set an “overweight” rating on the stock in a research note on Monday, October 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Visa presently has a consensus rating of “Moderate Buy” and an average target price of $275.67.
Visa Stock Performance
Shares of V stock traded up $0.37 on Friday, hitting $254.09. 602,842 shares of the stock traded hands, compared to its average volume of 6,014,156. The company’s fifty day moving average is $238.94 and its 200 day moving average is $236.81. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.45 and a quick ratio of 1.45. Visa Inc. has a 1-year low of $202.13 and a 1-year high of $254.70. The company has a market capitalization of $473.07 billion, a PE ratio of 30.69, a PEG ratio of 1.69 and a beta of 0.95.
Visa (NYSE:V – Get Free Report) last issued its earnings results on Tuesday, October 24th. The credit-card processor reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $0.10. The company had revenue of $8.61 billion during the quarter, compared to the consensus estimate of $8.56 billion. Visa had a return on equity of 50.13% and a net margin of 52.90%. Visa’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 earnings per share. On average, equities research analysts predict that Visa Inc. will post 9.9 earnings per share for the current fiscal year.
Visa Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Thursday, November 9th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 0.82%. This is a boost from Visa’s previous quarterly dividend of $0.45. The ex-dividend date is Wednesday, November 8th. Visa’s dividend payout ratio (DPR) is presently 25.09%.
Insider Activity
In other Visa news, CEO Ryan Mcinerney sold 8,150 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $247.47, for a total transaction of $2,016,880.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Visa news, CEO Ryan Mcinerney sold 8,150 shares of Visa stock in a transaction on Friday, September 1st. The stock was sold at an average price of $247.47, for a total transaction of $2,016,880.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Alfred F. Kelly, Jr. sold 40,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $236.14, for a total value of $9,445,600.00. Following the completion of the transaction, the chairman now directly owns 139,854 shares of the company’s stock, valued at approximately $33,025,123.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 89,111 shares of company stock valued at $21,646,241. 0.22% of the stock is currently owned by company insiders.
About Visa
Visa Inc operates as a payments 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, click to pay; Visa Direct, a person-to-person digital payments apps; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solutions, a cross-border consumer payments business; 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.
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