Legato Capital Management LLC Trims Stake in Visa Inc. (NYSE:V)

Legato Capital Management LLC reduced its stake in Visa Inc. (NYSE:V) by 21.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 17,665 shares of the credit-card processor’s stock after selling 4,917 shares during the period. Visa comprises approximately 0.6% of Legato Capital Management LLC’s investment portfolio, making the stock its 18th largest position. Legato Capital Management LLC’s holdings in Visa were worth $4,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Livelsberger Financial Advisory acquired a new position in shares of Visa during the fourth quarter worth about $25,000. Westend Capital Management LLC acquired a new stake in shares of Visa in the 1st quarter valued at about $25,000. POM Investment Strategies LLC grew its stake in Visa by 970.0% during the 2nd quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock worth $28,000 after buying an additional 97 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new stake in Visa in the fourth quarter valued at approximately $33,000. Finally, TruNorth Capital Management LLC boosted its holdings in shares of Visa by 211.9% in the second quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock valued at $34,000 after acquiring an additional 89 shares during the period. Institutional investors and hedge funds own 82.15% of the company’s stock.

Visa Stock Performance

Shares of NYSE:V traded up $1.11 during trading on Tuesday, reaching $269.32. The stock had a trading volume of 1,695,700 shares, compared to its average volume of 7,129,890. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.54. The stock has a fifty day simple moving average of $265.87 and a two-hundred day simple moving average of $273.18. The firm has a market capitalization of $492.57 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.89 and a beta of 0.95. Visa Inc. has a 52 week low of $227.78 and a 52 week high of $290.96.

Visa (NYSE:V) last issued its quarterly earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.42. The firm had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.92 billion. Visa had a return on equity of 51.94% and a net margin of 54.72%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.16 earnings per share. As a group, analysts anticipate that Visa Inc. will post 9.91 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 0.77%. Visa’s dividend payout ratio (DPR) is currently 23.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on V. JPMorgan Chase & Co. upped their target price on shares of Visa from $290.00 to $320.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. TD Cowen dropped their price objective on shares of Visa from $320.00 to $318.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Macquarie reissued an “outperform” rating and set a $300.00 price target on shares of Visa in a report on Wednesday, July 24th. Royal Bank of Canada reduced their price target on Visa from $315.00 to $311.00 and set an “outperform” rating for the company in a report on Wednesday, July 24th. Finally, StockNews.com raised shares of Visa from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Six equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $308.50.

About Visa

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.