Bowen Hanes & Co. Inc. lessened its stake in Visa Inc (NYSE:V) by 8.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 246,737 shares of the credit-card processor’s stock after selling 22,115 shares during the period. Visa comprises approximately 1.8% of Bowen Hanes & Co. Inc.’s investment portfolio, making the stock its 21st largest holding. Bowen Hanes & Co. Inc.’s holdings in Visa were worth $42,821,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC acquired a new position in Visa in the 2nd quarter valued at $26,000. Lowe Wealth Advisors LLC grew its holdings in shares of Visa by 114.7% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 161 shares of the credit-card processor’s stock worth $28,000 after purchasing an additional 86 shares during the period. Personal Wealth Partners purchased a new position in shares of Visa during the 2nd quarter worth $30,000. Essex Investment Management Co. LLC purchased a new position in Visa during the 4th quarter valued at about $33,000. Finally, Mcmillion Capital Management Inc. purchased a new position in Visa during the 2nd quarter valued at about $38,000. 80.99% of the stock is owned by institutional investors and hedge funds.
A number of research firms have issued reports on V. Deutsche Bank increased their price target on Visa from $177.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. ValuEngine lowered Visa from a “buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Guggenheim raised their target price on Visa from $178.00 to $190.00 and gave the stock a “positive” rating in a research report on Wednesday, July 24th. Credit Suisse Group raised their target price on Visa from $200.00 to $203.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Bank of America raised their target price on Visa from $177.00 to $192.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Three research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $196.57.
Shares of NYSE V opened at $174.00 on Friday. The company has a market capitalization of $347.74 billion, a price-to-earnings ratio of 37.74, a PEG ratio of 2.08 and a beta of 0.97. Visa Inc has a 1-year low of $121.60 and a 1-year high of $187.05. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.69 and a quick ratio of 1.69. The business has a 50-day moving average of $178.12 and a 200-day moving average of $169.17.
Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, July 23rd. The credit-card processor reported $1.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.04. The firm had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Visa had a return on equity of 41.04% and a net margin of 53.43%. Visa’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Research analysts expect that Visa Inc will post 5.4 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 16th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Thursday, August 15th. Visa’s dividend payout ratio is currently 21.69%.
In related news, Director Denise M. Morrison acquired 1,000 shares of Visa stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average cost of $171.13 per share, with a total value of $171,130.00. Following the purchase, the director now directly owns 3,223 shares in the company, valued at approximately $551,551.99. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Vasant M. Prabhu sold 25,051 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $181.14, for a total value of $4,537,738.14. Following the sale, the insider now directly owns 62,223 shares of the company’s stock, valued at $11,271,074.22. The disclosure for this sale can be found here. 0.17% of the stock is owned by company insiders.
Visa Company Profile
Visa Inc operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants.
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