Magellan Asset Management Ltd Has $20.76 Million Stake in Visa Inc. $V

Magellan Asset Management Ltd trimmed its holdings in Visa Inc. (NYSE:V) by 90.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,505 shares of the credit-card processor’s stock after selling 603,723 shares during the quarter. Magellan Asset Management Ltd’s holdings in Visa were worth $20,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Cresta Advisors Ltd. bought a new position in shares of Visa during the 4th quarter worth about $26,000. Parvin Asset Management LLC lifted its position in Visa by 200.0% in the 3rd quarter. Parvin Asset Management LLC now owns 75 shares of the credit-card processor’s stock valued at $26,000 after acquiring an additional 50 shares in the last quarter. Virtus Advisers LLC bought a new position in Visa in the 2nd quarter valued at about $33,000. RHL Group LLC acquired a new position in Visa during the 4th quarter valued at about $34,000. Finally, Timmons Wealth Management LLC bought a new stake in Visa during the 4th quarter worth approximately $34,000. 82.15% of the stock is owned by institutional investors.

Visa Stock Performance

V stock opened at $371.09 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.60. The firm has a market cap of $662.18 billion, a PE ratio of 31.56, a P/E/G ratio of 1.99 and a beta of 0.74. The business has a 50 day moving average of $353.73 and a 200-day moving average of $329.61. Visa Inc. has a 12-month low of $293.89 and a 12-month high of $373.97.

Visa (NYSE:V) last posted its quarterly earnings data on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share for the quarter, topping the consensus estimate of $3.23 by $0.09. The business had revenue of $11.63 billion for the quarter, compared to analysts’ expectations of $11.40 billion. Visa had a return on equity of 67.68% and a net margin of 50.78%.The business’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.98 earnings per share. As a group, sell-side analysts expect that Visa Inc. will post 13.16 earnings per share for the current year.

Visa Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 11th will be given a dividend of $0.67 per share. The ex-dividend date is Tuesday, August 11th. This represents a $2.68 annualized dividend and a yield of 0.7%. Visa’s dividend payout ratio is presently 22.79%.

Visa declared that its Board of Directors has approved a share repurchase plan on Tuesday, April 28th that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the credit-card processor to reacquire up to 3.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Truist Financial set a $406.00 target price on Visa and gave the company a “buy” rating in a report on Wednesday, August 5th. Cantor Fitzgerald set a $445.00 price target on Visa and gave the stock an “overweight” rating in a report on Monday, August 3rd. Weiss Ratings upgraded Visa from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of Visa from $400.00 to $450.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Finally, Wolfe Research reiterated an “outperform” rating and issued a $435.00 target price (up from $430.00) on shares of Visa in a research note on Wednesday, July 29th. Seven research analysts have rated the stock with a Strong Buy rating and twenty-four have given a Buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $413.58.

Insider Activity at Visa

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $360.00, for a total value 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. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ryan Mcinerney sold 20,970 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $340.25, for a total transaction of $7,135,042.50. Following the completion of the transaction, the chief executive officer owned 15,174 shares in the company, valued at approximately $5,162,953.50. The trade was a 58.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 90,759 shares of company stock worth $32,375,779. 0.12% of the stock is owned by company insiders.

About Visa

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.