Cadence Capital Management LLC Takes $229,000 Position in Visa Inc (V)
Cadence Capital Management LLC acquired a new position in shares of Visa Inc (NYSE:V) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 2,175 shares of the credit-card processor’s stock, valued at approximately $229,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in Visa in the second quarter valued at $958,000. Welch Investments LLC purchased a new stake in shares of Visa in the third quarter valued at about $101,000. Cordasco Financial Network purchased a new stake in shares of Visa in the third quarter valued at about $105,000. Massey Quick Simon & CO. LLC purchased a new stake in shares of Visa in the third quarter valued at about $110,000. Finally, Motco raised its holdings in shares of Visa by 25.1% in the second quarter. Motco now owns 1,176 shares of the credit-card processor’s stock valued at $110,000 after buying an additional 236 shares during the last quarter. 81.57% of the stock is owned by institutional investors and hedge funds.
Shares of Visa Inc (NYSE V) opened at $113.86 on Friday. The company has a market cap of $258,030.00, a P/E ratio of 37.70, a PEG ratio of 1.59 and a beta of 1.03. Visa Inc has a 1 year low of $84.88 and a 1 year high of $126.88. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.07 and a quick ratio of 2.07.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Friday, February 16th will be given a $0.21 dividend. The ex-dividend date is Thursday, February 15th. This is a positive change from Visa’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.74%. Visa’s dividend payout ratio is currently 25.83%.
Visa declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 1st that permits the company to buyback $7.50 billion in outstanding shares. This buyback authorization permits the credit-card processor to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
V has been the subject of a number of research reports. Barclays upped their target price on shares of Visa from $114.00 to $123.00 and gave the company an “overweight” rating in a report on Wednesday, October 18th. KeyCorp reaffirmed a “buy” rating and issued a $118.00 target price on shares of Visa in a report on Wednesday, October 18th. Morgan Stanley boosted their price target on shares of Visa from $114.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 20th. Zacks Investment Research lowered shares of Visa from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Finally, Citigroup boosted their price target on shares of Visa from $115.00 to $124.00 and gave the stock a “buy” rating in a research note on Wednesday, October 18th. Two analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $133.85.
In related news, SVP James H. Hoffmeister sold 2,146 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $112.09, for a total transaction of $240,545.14. Following the transaction, the senior vice president now owns 687 shares of the company’s stock, valued at $77,005.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tullier Kelly Mahon sold 49,702 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $113.66, for a total transaction of $5,649,129.32. Following the transaction, the executive vice president now directly owns 76,202 shares in the company, valued at approximately $8,661,119.32. The disclosure for this sale can be found here. Insiders sold 58,068 shares of company stock worth $6,597,262 over the last quarter. Company insiders own 0.14% of the company’s stock.
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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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