Visa (NYSE:V) Shares Down 1.3% – Here’s What Happened

Visa Inc. (NYSE:VGet Free Report)’s share price dropped 1.3% during trading on Wednesday . The company traded as low as $345.69 and last traded at $347.66. Approximately 10,082,895 shares traded hands during trading, an increase of 25% from the average session volume of 8,094,271 shares. The stock had previously closed at $352.20.

More Visa News

Here are the key news stories impacting Visa this week:

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $450.00 target price on shares of Visa in a research note on Tuesday, June 2nd. Barclays initiated coverage on Visa in a research note on Tuesday. They set an “overweight” rating and a $420.00 target price on the stock. Evercore set a $350.00 price target on shares of Visa in a research report on Wednesday, April 29th. Truist Financial set a $371.00 price objective on Visa and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, Loop Capital assumed coverage on shares of Visa in a research report on Tuesday, March 31st. They set a “buy” rating and a $387.00 price objective for the company. Six equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Visa has a consensus rating of “Buy” and a consensus price target of $397.91.

View Our Latest Report on Visa

Visa Trading Down 1.3%

The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $623.62 billion, a PE ratio of 30.28, a PEG ratio of 1.91 and a beta of 0.75. The business’s 50-day moving average is $328.99 and its two-hundred day moving average is $324.88.

Visa (NYSE:VGet Free Report) last posted its earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 EPS for the quarter, topping analysts’ consensus estimates of $3.10 by $0.21. The business had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $10.75 billion. Visa had a return on equity of 65.00% and a net margin of 51.68%.The business’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.76 earnings per share. On average, analysts anticipate that Visa Inc. will post 13.1 earnings per share for the current fiscal year.

Visa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were paid a $0.67 dividend. The ex-dividend date was Tuesday, May 12th. This represents a $2.68 dividend on an annualized basis and a yield of 0.8%. Visa’s payout ratio is currently 23.34%.

Visa announced that its Board of Directors has authorized a share buyback plan on Tuesday, April 28th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the credit-card processor to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Visa

In other news, CFO Chris Suh sold 10,639 shares of Visa stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total value of $3,455,653.59. Following the transaction, the chief financial officer directly owned 9,872 shares of the company’s stock, valued at $3,206,524.32. The trade was a 51.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total transaction of $729,720.00. Following the sale, the general counsel owned 18,404 shares of the company’s stock, valued at approximately $6,625,440. This represents a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 75,581 shares of company stock worth $25,627,975. Insiders own 0.12% of the company’s stock.

Hedge Funds Weigh In On Visa

Institutional investors have recently added to or reduced their stakes in the stock. Kwmg LLC acquired a new position in Visa in the 2nd quarter valued at $209,000. Victrix Investment Advisors lifted its stake in shares of Visa by 20.6% in the 2nd quarter. Victrix Investment Advisors now owns 16,018 shares of the credit-card processor’s stock worth $5,496,000 after acquiring an additional 2,738 shares during the period. Abner Herrman & Brock LLC acquired a new stake in shares of Visa in the 2nd quarter worth $208,000. Ebert Capital Management Inc. boosted its holdings in shares of Visa by 2.7% in the second quarter. Ebert Capital Management Inc. now owns 7,173 shares of the credit-card processor’s stock valued at $2,461,000 after acquiring an additional 188 shares in the last quarter. Finally, TrueWealth Advisors LLC purchased a new stake in shares of Visa in the second quarter valued at about $205,000. Institutional investors and hedge funds own 82.15% of the company’s stock.

Visa Company Profile

(Get Free Report)

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.

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