Covey Capital Advisors LLC Has $6.86 Million Position in Visa Inc. (NYSE:V)

Covey Capital Advisors LLC reduced its holdings in Visa Inc. (NYSE:V) by 4.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 24,930 shares of the credit-card processor’s stock after selling 1,063 shares during the quarter. Visa makes up 7.6% of Covey Capital Advisors LLC’s portfolio, making the stock its 3rd biggest position. Covey Capital Advisors LLC’s holdings in Visa were worth $6,855,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of V. Peterson Financial Group Inc. bought a new position in Visa during the 3rd quarter worth $26,000. POM Investment Strategies LLC grew its position in shares of Visa by 970.0% during the second quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock worth $28,000 after acquiring an additional 97 shares during the last quarter. Reston Wealth Management LLC acquired a new stake in shares of Visa in the 3rd quarter worth about $31,000. TruNorth Capital Management LLC lifted its position in Visa by 211.9% in the 2nd quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock valued at $34,000 after purchasing an additional 89 shares during the last quarter. Finally, Abich Financial Wealth Management LLC boosted its stake in Visa by 52.9% during the 1st quarter. Abich Financial Wealth Management LLC now owns 133 shares of the credit-card processor’s stock valued at $37,000 after purchasing an additional 46 shares during the period. 82.15% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 8,620 shares of Visa stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total value of $2,382,309.40. Following the transaction, the chief executive officer now directly owns 538 shares in the company, valued at approximately $148,687.06. The trade was a 94.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul D. Fabara sold 2,171 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $307.97, for a total value of $668,602.87. Following the transaction, the insider now owns 17,894 shares of the company’s stock, valued at approximately $5,510,815.18. This trade represents a 10.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

Visa Price Performance

V opened at $314.70 on Friday. The stock has a fifty day moving average price of $291.48 and a 200 day moving average price of $278.31. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.55. Visa Inc. has a 1 year low of $251.61 and a 1 year high of $316.37. The stock has a market cap of $586.25 billion, a price-to-earnings ratio of 32.34, a PEG ratio of 2.11 and a beta of 0.95.

Visa (NYSE:V) last announced its quarterly earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.13. Visa had a return on equity of 53.16% and a net margin of 54.96%. The business had revenue of $9.62 billion during the quarter, compared to analyst estimates of $9.49 billion. During the same period in the previous year, the company earned $2.33 EPS. The firm’s revenue was up 11.7% on a year-over-year basis. Analysts forecast that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a $0.59 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.75%. This is a boost from Visa’s previous quarterly dividend of $0.52. Visa’s payout ratio is currently 24.25%.

Analysts Set New Price Targets

Several brokerages have weighed in on V. Piper Sandler lifted their target price on Visa from $319.00 to $322.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Citigroup increased their target price on shares of Visa from $319.00 to $326.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Barclays boosted their price target on shares of Visa from $319.00 to $347.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Royal Bank of Canada increased their price objective on shares of Visa from $311.00 to $322.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. boosted their target price on Visa from $290.00 to $320.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $321.74.

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.