Canandaigua National Corp lessened its stake in shares of Visa Inc. (NYSE:V) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,023 shares of the credit-card processor’s stock after selling 991 shares during the quarter. Canandaigua National Corp’s holdings in Visa were worth $2,757,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Woodstock Corp boosted its stake in shares of Visa by 0.4% in the first quarter. Woodstock Corp now owns 29,211 shares of the credit-card processor’s stock valued at $6,185,000 after purchasing an additional 115 shares during the period. Chemung Canal Trust Co. boosted its stake in shares of Visa by 6.1% in the first quarter. Chemung Canal Trust Co. now owns 45,506 shares of the credit-card processor’s stock valued at $9,635,000 after purchasing an additional 2,597 shares during the period. Private Asset Management Inc. boosted its stake in shares of Visa by 1.0% in the first quarter. Private Asset Management Inc. now owns 115,656 shares of the credit-card processor’s stock valued at $24,488,000 after purchasing an additional 1,089 shares during the period. Park National Corp OH boosted its stake in shares of Visa by 10.5% in the first quarter. Park National Corp OH now owns 172,300 shares of the credit-card processor’s stock valued at $36,481,000 after purchasing an additional 16,371 shares during the period. Finally, Cox Capital Mgt LLC boosted its stake in shares of Visa by 3.3% in the first quarter. Cox Capital Mgt LLC now owns 7,350 shares of the credit-card processor’s stock valued at $1,556,000 after purchasing an additional 233 shares during the period. 80.50% of the stock is owned by institutional investors.
In other Visa news, CEO Alfred F. Kelly, Jr. sold 9,000 shares of the business’s stock in a transaction on Wednesday, March 31st. The shares were sold at an average price of $212.55, for a total value of $1,912,950.00. Following the transaction, the chief executive officer now directly owns 163,112 shares of the company’s stock, valued at approximately $34,669,455.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Ryan Mcinerney sold 11,193 shares of the business’s stock in a transaction on Monday, February 8th. The shares were sold at an average price of $210.00, for a total transaction of $2,350,530.00. Following the completion of the transaction, the president now directly owns 11,193 shares in the company, valued at $2,350,530. The disclosure for this sale can be found here. Insiders sold a total of 93,093 shares of company stock worth $20,418,578 over the last three months. 0.19% of the stock is currently owned by corporate insiders.
Visa (NYSE:V) last announced its earnings results on Thursday, January 28th. The credit-card processor reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The business had revenue of $5.69 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Visa had a net margin of 49.74% and a return on equity of 37.22%. The company’s quarterly revenue was down 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. On average, analysts predict that Visa Inc. will post 5.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, March 1st. Shareholders of record on Friday, February 12th were paid a $0.32 dividend. The ex-dividend date was Thursday, February 11th. This represents a $1.28 annualized dividend and a yield of 0.58%. Visa’s dividend payout ratio is currently 25.40%.
V has been the subject of several recent research reports. Jefferies Financial Group raised shares of Visa from a “hold” rating to a “buy” rating and raised their price objective for the company from $195.00 to $250.00 in a research note on Wednesday, January 13th. Sanford C. Bernstein assumed coverage on shares of Visa in a research note on Tuesday, January 26th. They issued an “outperform” rating and a $232.00 price target for the company. Morgan Stanley lifted their price target on shares of Visa from $233.00 to $253.00 and gave the stock an “overweight” rating in a research note on Monday, March 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Visa from $220.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, January 14th. Finally, Credit Suisse Group lifted their price target on shares of Visa from $255.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, January 29th. Five equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Visa currently has a consensus rating of “Buy” and a consensus target price of $226.42.
Visa Company Profile
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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