Provident Trust Co. Reduces Stake in Visa Inc. (V)
Provident Trust Co. lowered its position in Visa Inc. (NYSE:V) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,641,776 shares of the credit-card processor’s stock after selling 49,799 shares during the period. Visa comprises approximately 11.8% of Provident Trust Co.’s portfolio, making the stock its 2nd largest position. Provident Trust Co. owned approximately 0.11% of Visa worth $234,775,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Aviva PLC increased its stake in Visa by 22.7% in the fourth quarter. Aviva PLC now owns 1,479,984 shares of the credit-card processor’s stock worth $115,690,000 after buying an additional 273,449 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Visa by 719.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 3,445,162 shares of the credit-card processor’s stock worth $268,897,000 after buying an additional 3,024,860 shares during the last quarter. Good Life Advisors LLC acquired a new position in shares of Visa during the fourth quarter worth about $267,000. Sii Investments Inc. WI boosted its position in shares of Visa by 2.4% in the fourth quarter. Sii Investments Inc. WI now owns 16,782 shares of the credit-card processor’s stock worth $1,308,000 after buying an additional 401 shares during the last quarter. Finally, DSM Capital Partners LLC boosted its position in shares of Visa by 26.5% in the fourth quarter. DSM Capital Partners LLC now owns 3,720,080 shares of the credit-card processor’s stock worth $290,240,000 after buying an additional 779,765 shares during the last quarter. 82.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Visa Inc. (NYSE:V) traded down 0.21% during trading on Tuesday, reaching $101.28. 6,282,284 shares of the company were exchanged. The stock has a market capitalization of $231.57 billion, a P/E ratio of 37.66 and a beta of 0.94. Visa Inc. has a 52-week low of $75.17 and a 52-week high of $101.71. The stock has a 50-day moving average of $96.32 and a 200 day moving average of $91.20.
Visa (NYSE:V) last released its quarterly earnings results on Thursday, July 20th. The credit-card processor reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.05. Visa had a return on equity of 30.95% and a net margin of 36.53%. The business had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.36 billion. During the same period in the previous year, the business posted $0.69 earnings per share. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. On average, equities analysts anticipate that Visa Inc. will post $3.43 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Friday, August 18th will be issued 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 dividend payout ratio is 24.54%.
Visa announced that its Board of Directors has approved a share buyback program on Thursday, April 20th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the credit-card processor to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
V has been the subject of a number of analyst reports. Oppenheimer Holdings, Inc. boosted their price objective on shares of Visa from $100.00 to $106.00 in a research report on Tuesday, July 18th. Citigroup Inc. restated a “buy” rating and issued a $100.00 target price on shares of Visa in a report on Thursday, May 25th. Instinet restated a “buy” rating and issued a $105.00 target price (up from $103.00) on shares of Visa in a report on Sunday, April 23rd. Jefferies Group LLC reiterated a “buy” rating and set a $104.00 price objective on shares of Visa in a research note on Sunday, April 23rd. Finally, Vetr upgraded shares of Visa from a “hold” rating to a “buy” rating and set a $95.32 price objective for the company in a research note on Thursday, April 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. Visa presently has an average rating of “Buy” and an average target price of $104.56.
In related news, EVP Tullier Kelly Mahon sold 29,772 shares of Visa stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $100.91, for a total value of $3,004,292.52. Following the completion of the transaction, the executive vice president now directly owns 17,360 shares of the company’s stock, valued at $1,751,797.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.
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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