Lord Abbett & CO. LLC Has $61.82 Million Stake in Visa Inc. (NYSE:V)

Lord Abbett & CO. LLC trimmed its position in Visa Inc. (NYSE:V) by 1.9% in the first quarter, HoldingsChannel.com reports. The firm owned 221,515 shares of the credit-card processor’s stock after selling 4,189 shares during the period. Lord Abbett & CO. LLC’s holdings in Visa were worth $61,821,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Norges Bank bought a new stake in Visa in the fourth quarter valued at $3,895,015,000. International Assets Investment Management LLC grew its holdings in shares of Visa by 17,418.7% during the fourth quarter. International Assets Investment Management LLC now owns 4,737,229 shares of the credit-card processor’s stock worth $1,233,338,000 after purchasing an additional 4,710,188 shares during the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of Visa by 14,306.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,500,270 shares of the credit-card processor’s stock worth $390,595,000 after purchasing an additional 1,489,856 shares during the last quarter. Capital World Investors grew its holdings in shares of Visa by 8.0% during the fourth quarter. Capital World Investors now owns 17,895,788 shares of the credit-card processor’s stock worth $4,659,169,000 after purchasing an additional 1,323,238 shares during the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of Visa by 139.4% during the fourth quarter. Capital Research Global Investors now owns 2,185,077 shares of the credit-card processor’s stock worth $568,885,000 after purchasing an additional 1,272,211 shares during the last quarter. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Stock Down 1.4 %

Shares of NYSE V traded down $3.69 during mid-day trading on Friday, reaching $265.46. 6,554,486 shares of the company’s stock were exchanged, compared to its average volume of 6,856,801. The firm has a market capitalization of $485.51 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 1.90 and a beta of 0.95. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $272.31 and a 200 day simple moving average of $274.19. Visa Inc. has a twelve month low of $227.68 and a twelve month high of $290.96.

Visa (NYSE:V) last released its quarterly earnings results on Tuesday, April 23rd. The credit-card processor reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.08. The company had revenue of $8.78 billion for the quarter, compared to analyst estimates of $8.62 billion. Visa had a return on equity of 51.23% and a net margin of 53.87%. Visa’s revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.09 earnings per share. As a group, equities analysts expect that Visa Inc. will post 9.94 EPS for the current fiscal year.

Visa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 17th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.78%. Visa’s payout ratio is presently 23.24%.

Insider Buying and Selling

In related news, insider Paul D. Fabara sold 25,293 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total transaction of $7,009,954.95. Following the completion of the transaction, the insider now directly owns 17,894 shares in the company, valued at $4,959,322.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Lloyd Carney sold 909 shares of Visa stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $275.55, for a total transaction of $250,474.95. Following the completion of the transaction, the director now directly owns 2,591 shares in the company, valued at approximately $713,950.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul D. Fabara sold 25,293 shares of Visa stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total value of $7,009,954.95. Following the transaction, the insider now owns 17,894 shares of the company’s stock, valued at $4,959,322.10. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Citigroup upped their price target on Visa from $314.00 to $321.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Mizuho upped their price target on Visa from $265.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Oppenheimer upped their price target on Visa from $297.00 to $299.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Evercore ISI cut their price target on Visa from $335.00 to $330.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 25th. Finally, Piper Sandler assumed coverage on Visa in a research note on Monday, May 13th. They set an “overweight” rating and a $322.00 price target on the stock. Six analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $304.72.

Visa Company Profile

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.