Visa Inc. $V Stake Decreased by DAVENPORT & Co LLC

DAVENPORT & Co LLC lessened its holdings in shares of Visa Inc. (NYSE:V) by 0.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 490,246 shares of the credit-card processor’s stock after selling 3,918 shares during the quarter. Visa comprises approximately 0.9% of DAVENPORT & Co LLC’s holdings, making the stock its 24th largest position. DAVENPORT & Co LLC’s holdings in Visa were worth $167,248,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC bought a new stake in Visa in the second quarter worth about $28,000. Harbor Asset Planning Inc. acquired a new stake in shares of Visa during the 2nd quarter valued at $29,000. Sagard Holdings Management Inc. acquired a new stake in Visa during the second quarter valued at $31,000. Cranbrook Wealth Management LLC lifted its holdings in shares of Visa by 82.0% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock valued at $32,000 after buying an additional 41 shares during the last quarter. Finally, Bare Financial Services Inc lifted its stake in Visa by 287.0% in the second quarter. Bare Financial Services Inc now owns 89 shares of the credit-card processor’s stock valued at $32,000 after acquiring an additional 66 shares during the last quarter. 82.15% of the stock is currently owned by institutional investors.

Visa Stock Performance

V stock opened at $354.78 on Friday. Visa Inc. has a 1-year low of $299.00 and a 1-year high of $375.51. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.53. The firm has a market cap of $646.31 billion, a PE ratio of 34.75, a P/E/G ratio of 2.09 and a beta of 0.82. The business’s 50-day moving average price is $338.34 and its two-hundred day moving average price is $344.40.

Visa (NYSE:V) last released its earnings results on Tuesday, October 28th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.97 by $0.01. The firm had revenue of $10.72 billion during the quarter, compared to analysts’ expectations of $10.60 billion. Visa had a return on equity of 60.31% and a net margin of 50.15%.The company’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.71 EPS. As a group, research analysts forecast that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th were given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 0.8%. This is an increase from Visa’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Wednesday, November 12th. Visa’s payout ratio is currently 26.25%.

Wall Street Analyst Weigh In

Several brokerages have commented on V. Morgan Stanley set a $398.00 price target on Visa and gave the company an “overweight” rating in a report on Wednesday, October 29th. Evercore ISI set a $380.00 price target on shares of Visa in a research note on Friday, December 12th. Robert W. Baird set a $425.00 price objective on Visa in a research note on Wednesday, October 29th. Erste Group Bank lowered shares of Visa from a “buy” rating to a “hold” rating in a report on Monday, September 22nd. Finally, Raymond James Financial reiterated an “outperform” rating and set a $408.00 price target (up previously from $398.00) on shares of Visa in a research report on Wednesday, October 29th. Five equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $402.52.

Insider Activity at Visa

In other news, CEO Ryan Mcinerney sold 10,485 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $341.00, for a total value of $3,575,385.00. Following the transaction, the chief executive officer owned 537 shares of the company’s stock, valued at approximately $183,117. This represents a 95.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul D. Fabara sold 2,172 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $325.93, for a total value of $707,919.96. Following the completion of the sale, the insider owned 26,413 shares of the company’s stock, valued at $8,608,789.09. This trade represents a 7.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 24,042 shares of company stock worth $8,175,152. Insiders own 0.12% of the company’s stock.

About Visa

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.