Oppenheimer Asset Management Inc. Takes Position in Visa Inc. (V)
Oppenheimer Asset Management Inc. acquired a new position in shares of Visa Inc. (NYSE:V) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 270,286 shares of the credit-card processor’s stock, valued at approximately $24,020,000. Visa comprises about 0.7% of Oppenheimer Asset Management Inc.’s portfolio, making the stock its 22nd largest position.
Several other hedge funds and other institutional investors also recently modified their holdings of V. Logan Capital Management Inc. boosted its position in Visa by 1.0% in the first quarter. Logan Capital Management Inc. now owns 18,640 shares of the credit-card processor’s stock worth $1,657,000 after buying an additional 187 shares in the last quarter. TRB Advisors LP boosted its position in Visa by 283.3% in the first quarter. TRB Advisors LP now owns 575,000 shares of the credit-card processor’s stock worth $51,101,000 after buying an additional 425,000 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its position in Visa by 37.4% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 152,209 shares of the credit-card processor’s stock worth $13,526,000 after buying an additional 41,422 shares in the last quarter. HighVista Strategies LLC acquired a new position in Visa during the first quarter worth about $6,603,000. Finally, Schwab Charles Investment Management Inc. boosted its position in Visa by 4.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 5,660,675 shares of the credit-card processor’s stock worth $503,065,000 after buying an additional 219,125 shares in the last quarter. 82.46% of the stock is owned by institutional investors.
Visa Inc. (NYSE V) traded up 0.62% during midday trading on Friday, reaching $100.11. The company’s stock had a trading volume of 1,576,772 shares. Visa Inc. has a 52-week low of $75.17 and a 52-week high of $101.72. The firm has a market cap of $228.89 billion, a P/E ratio of 37.23 and a beta of 0.94. The firm has a 50 day moving average of $97.57 and a 200 day moving average of $91.96.
Visa (NYSE:V) last announced its earnings results on Thursday, July 20th. The credit-card processor reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.05. The company had revenue of $4.57 billion for the quarter, compared to analysts’ expectations of $4.36 billion. Visa had a return on equity of 30.95% and a net margin of 36.53%. Visa’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Analysts anticipate that Visa Inc. will post $3.43 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Friday, August 18th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.66 annualized dividend and a dividend yield of 0.66%. Visa’s payout ratio is 24.54%.
Visa announced that its Board of Directors has approved a share buyback program on Thursday, April 20th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the credit-card processor to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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A number of research analysts recently issued reports on V shares. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $45.00 price target on shares of Visa in a report on Friday, April 14th. Royal Bank Of Canada lifted their price target on Visa from $97.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, April 21st. Cowen and Company reaffirmed an “outperform” rating and issued a $105.00 price target (up from $100.00) on shares of Visa in a report on Sunday, April 23rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $104.00 price target on shares of Visa in a report on Sunday, April 23rd. Finally, Instinet reaffirmed a “buy” rating and issued a $105.00 price target (up from $103.00) on shares of Visa in a report on Sunday, April 23rd. Four research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $104.56.
In related news, EVP Tullier Kelly Mahon sold 29,772 shares of Visa stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $100.91, for a total transaction of $3,004,292.52. Following the transaction, the executive vice president now owns 17,360 shares of the company’s stock, valued at $1,751,797.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.14% of the stock is owned by insiders.
Visa Company Profile
Visa Inc (Visa) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments. The Company operates through payment services segment. The Company enables global commerce through the transfer of value and information among the participants.
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