State of Michigan Retirement System raised its holdings in shares of Visa Inc (NYSE:V) by 5.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 905,349 shares of the credit-card processor’s stock after buying an additional 48,105 shares during the quarter. Visa comprises 1.5% of State of Michigan Retirement System’s portfolio, making the stock its 7th largest holding. State of Michigan Retirement System’s holdings in Visa were worth $174,886,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the stock. Sunbelt Securities Inc. grew its stake in Visa by 6.3% in the fourth quarter. Sunbelt Securities Inc. now owns 55,719 shares of the credit-card processor’s stock worth $10,470,000 after purchasing an additional 3,298 shares in the last quarter. Stillwater Investment Management LLC raised its holdings in Visa by 1.4% in the first quarter. Stillwater Investment Management LLC now owns 39,410 shares of the credit-card processor’s stock worth $6,350,000 after purchasing an additional 560 shares in the last quarter. Woodstock Corp lifted its position in shares of Visa by 1.1% during the first quarter. Woodstock Corp now owns 22,045 shares of the credit-card processor’s stock valued at $3,552,000 after buying an additional 235 shares during the last quarter. Lenox Wealth Advisors LLC boosted its holdings in shares of Visa by 1.6% in the 1st quarter. Lenox Wealth Advisors LLC now owns 5,793 shares of the credit-card processor’s stock valued at $933,000 after buying an additional 92 shares in the last quarter. Finally, Pensionfund Sabic boosted its holdings in shares of Visa by 3.6% in the 1st quarter. Pensionfund Sabic now owns 28,400 shares of the credit-card processor’s stock valued at $4,576,000 after buying an additional 1,000 shares in the last quarter. 81.41% of the stock is owned by hedge funds and other institutional investors.
In related news, CEO Alfred F. Kelly, Jr. sold 7,000 shares of Visa stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $191.49, for a total value of $1,340,430.00. Following the sale, the chief executive officer now owns 133,090 shares of the company’s stock, valued at approximately $25,485,404.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Ryan Mcinerney sold 26,150 shares of the business’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $191.87, for a total transaction of $5,017,400.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,429 shares of company stock worth $9,746,754. 0.19% of the stock is owned by company insiders.
Several equities research analysts have weighed in on the stock. Cowen raised their target price on shares of Visa from $189.00 to $196.00 and gave the company an “outperform” rating in a research note on Wednesday, May 20th. Oppenheimer initiated coverage on Visa in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $202.00 price objective for the company. Guggenheim lowered Visa from a “buy” rating to a “neutral” rating in a research report on Wednesday, April 22nd. Wedbush increased their price target on Visa from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, June 1st. Finally, Wells Fargo & Co boosted their price target on Visa from $205.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. Seven research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Visa presently has an average rating of “Buy” and an average target price of $207.56.
Shares of V opened at $190.40 on Friday. The business’s 50-day moving average is $194.04 and its two-hundred day moving average is $187.14. The company has a market capitalization of $377.15 billion, a P/E ratio of 36.07, a P/E/G ratio of 3.09 and a beta of 0.92. Visa Inc has a fifty-two week low of $133.93 and a fifty-two week high of $214.17. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.25 and a current ratio of 1.55.
Visa (NYSE:V) last posted its earnings results on Tuesday, July 28th. The credit-card processor reported $1.07 EPS for the quarter, topping the consensus estimate of $1.02 by $0.05. Visa had a return on equity of 40.65% and a net margin of 51.37%. The firm had revenue of $4.84 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the company earned $1.37 earnings per share. Visa’s revenue for the quarter was down 18.6% compared to the same quarter last year. Analysts forecast that Visa Inc will post 4.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Thursday, August 13th. Visa’s dividend payout ratio (DPR) is presently 22.06%.
Visa Inc operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants.
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