Stralem & Co. Inc. Sells 11,800 Shares of Visa Inc. (V)
Stralem & Co. Inc. lowered its position in shares of Visa Inc. (NYSE:V) by 3.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 296,595 shares of the credit-card processor’s stock after selling 11,800 shares during the period. Visa comprises approximately 3.3% of Stralem & Co. Inc.’s holdings, making the stock its 5th largest position. Stralem & Co. Inc.’s holdings in Visa were worth $27,815,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of V. Integrated Investment Consultants LLC boosted its stake in Visa by 0.7% in the first quarter. Integrated Investment Consultants LLC now owns 2,961 shares of the credit-card processor’s stock worth $263,000 after buying an additional 20 shares during the last quarter. Mercer Capital Advisers Inc. boosted its stake in Visa by 2.2% in the first quarter. Mercer Capital Advisers Inc. now owns 1,167 shares of the credit-card processor’s stock worth $104,000 after buying an additional 25 shares during the last quarter. Smithfield Trust Co. boosted its stake in Visa by 0.3% in the first quarter. Smithfield Trust Co. now owns 9,047 shares of the credit-card processor’s stock worth $804,000 after buying an additional 25 shares during the last quarter. Harwood Advisory Group LLC boosted its stake in Visa by 0.9% in the second quarter. Harwood Advisory Group LLC now owns 2,765 shares of the credit-card processor’s stock worth $259,000 after buying an additional 25 shares during the last quarter. Finally, Sky Investment Group LLC boosted its stake in Visa by 0.9% in the second quarter. Sky Investment Group LLC now owns 2,685 shares of the credit-card processor’s stock worth $252,000 after buying an additional 25 shares during the last quarter. Institutional investors and hedge funds own 82.02% of the company’s stock.
Visa Inc. (NYSE:V) traded down 0.24% during midday trading on Thursday, hitting $101.04. The stock had a trading volume of 2,112,902 shares. The company has a market cap of $231.02 billion, a price-to-earnings ratio of 37.58 and a beta of 0.94. Visa Inc. has a 1-year low of $75.17 and a 1-year high of $101.18. The company’s 50 day moving average is $96.32 and its 200 day moving average is $91.20.
Visa (NYSE:V) last issued its quarterly earnings data on Thursday, July 20th. The credit-card processor reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.05. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.36 billion. Visa had a net margin of 36.53% and a return on equity of 30.95%. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period last year, the business posted $0.69 earnings per share. On average, equities analysts anticipate that Visa Inc. will post $3.43 earnings per share for the current fiscal year.
Visa announced that its board has authorized a share repurchase plan on Thursday, April 20th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the credit-card processor to purchase up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Friday, August 18th will be given a $0.165 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.65%. Visa’s payout ratio is 24.54%.
A number of analysts recently issued reports on the company. Vetr raised Visa from a “hold” rating to a “buy” rating and set a $100.12 price objective for the company in a research report on Tuesday, June 27th. Instinet lifted their price objective on Visa from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Wells Fargo & Company reissued a “market perform” rating and set a $100.00 price objective (up previously from $87.50) on shares of Visa in a research report on Saturday, July 22nd. Citigroup Inc. reissued a “buy” rating and set a $115.00 price objective (up previously from $100.00) on shares of Visa in a research report on Monday, July 24th. Finally, Zacks Investment Research cut Visa from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $104.56.
In other news, EVP Tullier Kelly Mahon sold 29,772 shares of Visa stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $100.91, for a total value of $3,004,292.52. Following the completion of the sale, the executive vice president now directly owns 17,360 shares in the company, valued at $1,751,797.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.14% of the stock is currently owned by insiders.
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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