Visa Inc. $V Shares Sold by Palestra Capital Management LLC
Palestra Capital Management LLC reduced its stake in Visa Inc. (NYSE:V) by 6.7% in Q1, now holding 320,034 shares after selling 23,019 shares. Visa represents 4.4% of its portfolio, valued at $112.16 million. Other investors also acquired stakes in Visa during the same period. Insiders sold a total of 22,293 shares worth over $8 million recently. Visa's stock opened at $343.02, with a market cap of $628.67 billion and a P/E ratio of 33.50. The company reported strong earnings, exceeding estimates, and announced a quarterly dividend of $0.59 per share.
Palestra Capital Management LLC trimmed its stake in Visa Inc. (NYSE:V - Free Report) by 6.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 320,034 shares of the credit-card processor's stock after selling 23,019 shares during the quarter. Visa comprises 4.4% of Palestra Capital Management LLC's portfolio, making the stock its 13th largest position. Palestra Capital Management LLC's holdings in Visa were worth $112,159,000 as of its most recent filing with the SEC.
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A number of other large investors also recently modified their holdings of V. Keystone Global Partners LLC purchased a new stake in Visa during the 1st quarter worth $26,000. von Borstel & Associates Inc. acquired a new stake in Visa during the first quarter valued at approximately $27,000. 1 North Wealth Services LLC bought a new stake in shares of Visa during the 1st quarter valued at about $38,000. Measured Risk Portfolios Inc. bought a new stake in shares of Visa in the 4th quarter worth approximately $47,000. Finally, O Brien Wealth Partners LLC bought a new position in shares of Visa during the first quarter worth about $54,000. 82.15% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In related news, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $344.02, for a total value of $697,328.54. Following the completion of the transaction, the general counsel owned 11,925 shares in the company, valued at $4,102,438.50. This trade represents a 14.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ryan Mcinerney sold 8,630 shares of Visa stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $353.82, for a total value of $3,053,466.60. Following the completion of the transaction, the chief executive officer directly owned 537 shares in the company, valued at $190,001.34. This represents a 94.14% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,293 shares of company stock valued at $8,114,295 over the last three months. Insiders own 0.13% of the company's stock.
Visa Stock Performance
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Shares of V opened at $343.02 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12. The firm's 50 day moving average is $348.51 and its 200-day moving average is $347.27. Visa Inc. has a 12-month low of $268.23 and a 12-month high of $375.51. The stock has a market capitalization of $628.67 billion, a P/E ratio of 33.50, a P/E/G ratio of 2.34 and a beta of 0.92.
Visa (NYSE:V - Get Free Report) last issued its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.85 by $0.13. Visa had a net margin of 52.16% and a return on equity of 58.93%. The firm had revenue of $10.17 billion during the quarter, compared to analysts' expectations of $9.82 billion. During the same period last year, the firm posted $2.42 earnings per share. The firm's revenue for the quarter was up 14.3% compared to the same quarter last year. Equities research analysts anticipate that Visa Inc. will post 11.3 EPS for the current fiscal year.
Visa Dividend Announcement
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The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. Visa's payout ratio is 23.05%.
Wall Street Analyst Weigh In
Several brokerages have weighed in on V. Citigroup began coverage on Visa in a research note on Monday, June 2nd. They set a "buy" rating on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Visa in a research note on Thursday, July 17th. They set a "buy" rating and a $410.00 price objective on the stock. Wall Street Zen raised shares of Visa from a "hold" rating to a "buy" rating in a report on Monday, May 12th. The Goldman Sachs Group assumed coverage on shares of Visa in a research report on Monday, June 2nd. They set a "neutral" rating on the stock. Finally, Morgan Stanley increased their price objective on shares of Visa from $386.00 to $402.00 and gave the company an "overweight" rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $385.96.
Check Out Our Latest Stock Analysis on V
Visa Profile
(Free Report)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.
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