Beech Hill Advisors Inc. cut its holdings in Visa Inc. (NYSE:V – Get Rating) by 4.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,763 shares of the credit-card processor’s stock after selling 725 shares during the quarter. Visa comprises approximately 1.8% of Beech Hill Advisors Inc.’s portfolio, making the stock its 21st largest holding. Beech Hill Advisors Inc.’s holdings in Visa were worth $3,300,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Landmark Wealth Management LLC acquired a new position in Visa in the first quarter valued at $32,000. Rise Advisors LLC purchased a new stake in shares of Visa in the fourth quarter valued at about $35,000. Monumental Financial Group Inc. purchased a new stake in shares of Visa in the first quarter valued at about $35,000. James Investment Research Inc. boosted its holdings in shares of Visa by 1,400.0% in the first quarter. James Investment Research Inc. now owns 180 shares of the credit-card processor’s stock valued at $40,000 after acquiring an additional 168 shares in the last quarter. Finally, Rather & Kittrell Inc. purchased a new stake in shares of Visa in the fourth quarter valued at about $43,000. 81.49% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Alfred F. Kelly, Jr. sold 9,000 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $212.11, for a total value of $1,908,990.00. Following the sale, the chief executive officer now owns 156,887 shares in the company, valued at $33,277,301.57. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.21% of the company’s stock.
Visa Price Performance
Visa Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were given a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date was Thursday, August 11th. Visa’s dividend payout ratio is 22.12%.
Analysts Set New Price Targets
Several analysts have recently weighed in on the stock. Royal Bank of Canada lowered their target price on shares of Visa from $278.00 to $262.00 in a report on Wednesday, July 27th. Susquehanna Bancshares lowered their target price on shares of Visa from $290.00 to $260.00 in a report on Thursday, July 28th. Daiwa Capital Markets downgraded shares of Visa from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $230.00 to $225.00 in a report on Tuesday, August 16th. UBS Group boosted their price objective on shares of Visa from $292.00 to $296.00 and gave the stock a “buy” rating in a report on Wednesday, July 27th. Finally, Piper Sandler decreased their price objective on shares of Visa from $239.00 to $204.00 and set an “overweight” rating on the stock in a report on Wednesday, July 6th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Visa presently has a consensus rating of “Moderate Buy” and an average price target of $257.64.
Visa Inc operates as a payments technology company worldwide. The company facilitates digital payments among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions.
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