Coronation Fund Managers Ltd. Purchases 3,674 Shares of Visa Inc. $V

Coronation Fund Managers Ltd. lifted its position in Visa Inc. (NYSE:V) by 3.0% during the 1st quarter, HoldingsChannel reports. The firm owned 124,579 shares of the credit-card processor’s stock after buying an additional 3,674 shares during the period. Visa comprises about 1.7% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 17th biggest position. Coronation Fund Managers Ltd.’s holdings in Visa were worth $37,653,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Clayton Financial Group LLC increased its holdings in shares of Visa by 446.2% in the 4th quarter. Clayton Financial Group LLC now owns 71 shares of the credit-card processor’s stock worth $25,000 after buying an additional 58 shares during the last quarter. PayPay Securities Corp lifted its holdings in shares of Visa by 102.7% during the 4th quarter. PayPay Securities Corp now owns 75 shares of the credit-card processor’s stock worth $26,000 after acquiring an additional 38 shares during the last quarter. Cresta Advisors Ltd. purchased a new position in Visa in the fourth quarter worth $26,000. Parvin Asset Management LLC increased its stake in Visa by 200.0% in the third 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 during the last quarter. Finally, Dorato Capital Management purchased a new stake in Visa during the fourth quarter valued at about $30,000. 82.15% of the stock is owned by hedge funds and other institutional investors.

Visa Stock Performance

NYSE:V opened at $353.10 on Thursday. The firm has a market cap of $633.38 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 1.89 and a beta of 0.75. Visa Inc. has a fifty-two week low of $293.89 and a fifty-two week high of $365.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.09 and a current ratio of 1.09. The business has a 50 day moving average price of $336.39 and a 200-day moving average price of $325.10.

Visa (NYSE:V) last issued its earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 EPS for the quarter, topping the consensus estimate of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The company had revenue of $11.23 billion for the quarter, compared to the consensus estimate of $10.75 billion. During the same period in the previous year, the firm earned $2.76 earnings per share. The firm’s revenue for the quarter was up 17.1% on a year-over-year basis. Equities research analysts predict that Visa Inc. will post 13.13 earnings per share for the current year.

Visa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Tuesday, May 12th were paid a $0.67 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $2.68 annualized dividend and a dividend yield of 0.8%. Visa’s dividend payout ratio (DPR) is presently 23.34%.

Visa announced that its board has authorized a stock buyback 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 repurchase up to 3.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have issued reports on V. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $450.00 price target on shares of Visa in a research note on Tuesday, June 2nd. Barclays started coverage on Visa in a report on Tuesday, July 7th. They set an “overweight” rating and a $420.00 price objective on the stock. Truist Financial set a $371.00 target price on Visa and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Robert W. Baird set a $412.00 target price on Visa and gave the stock an “outperform” rating in a research note on Monday, July 6th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $415.00 price target on shares of Visa in a research report on Wednesday, April 29th. Eight investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Visa currently has a consensus rating of “Buy” and an average target price of $398.36.

Insider Transactions at Visa

In other news, CFO Chris Suh sold 10,639 shares of Visa stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total transaction of $3,455,653.59. Following the sale, the chief financial officer owned 9,872 shares of the company’s stock, valued at approximately $3,206,524.32. The trade was a 51.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $729,720.00. Following the sale, the general counsel directly owned 18,404 shares in the company, valued at $6,625,440. The trade was a 9.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 75,581 shares of company stock worth $25,627,975. 0.12% of the stock is currently owned by insiders.

Visa Company Profile

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.