Axa Reduces Position in Visa Inc (V)
Axa lessened its holdings in Visa Inc (NYSE:V) by 3.9% in the third quarter, Holdings Channel reports. The institutional investor owned 1,828,733 shares of the credit-card processor’s stock after selling 74,905 shares during the period. Visa accounts for approximately 0.8% of Axa’s holdings, making the stock its 11th largest position. Axa’s holdings in Visa were worth $192,456,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Beach Investment Management LLC. increased its position in Visa by 455.7% during the 2nd quarter. Beach Investment Management LLC. now owns 144,089 shares of the credit-card processor’s stock valued at $13,513,000 after purchasing an additional 118,159 shares during the period. Investment Management of Virginia LLC increased its position in Visa by 0.5% during the 2nd quarter. Investment Management of Virginia LLC now owns 24,752 shares of the credit-card processor’s stock valued at $2,321,000 after purchasing an additional 115 shares during the period. Richard Bernstein Advisors LLC increased its position in Visa by 9.5% during the 2nd quarter. Richard Bernstein Advisors LLC now owns 109,357 shares of the credit-card processor’s stock valued at $10,255,000 after purchasing an additional 9,507 shares during the period. Adell Harriman & Carpenter Inc. increased its position in Visa by 1.6% during the 2nd quarter. Adell Harriman & Carpenter Inc. now owns 125,818 shares of the credit-card processor’s stock valued at $11,799,000 after purchasing an additional 2,021 shares during the period. Finally, Comprehensive Portfolio Management LLC acquired a new stake in Visa during the 2nd quarter valued at approximately $894,000. Institutional investors and hedge funds own 81.59% of the company’s stock.
Shares of Visa Inc (NYSE V) opened at $120.77 on Friday. Visa Inc has a 52-week low of $87.85 and a 52-week 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 stock has a market cap of $272,570.00, a price-to-earnings ratio of 47.36, a P/E/G ratio of 1.59 and a beta of 1.00.
Visa declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 1st that authorizes the company to buyback $7.50 billion in outstanding shares. This buyback authorization authorizes the credit-card processor to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Friday, February 16th will be given a $0.21 dividend. The ex-dividend date is Thursday, February 15th. This represents a $0.84 annualized dividend and a yield of 0.70%. This is an increase from Visa’s previous quarterly dividend of $0.20. Visa’s dividend payout ratio (DPR) is presently 32.94%.
In other Visa news, EVP Tullier Kelly Mahon sold 49,702 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert W. Matschullat sold 6,220 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $113.76, for a total value of $707,587.20. Following the transaction, the director now owns 57,368 shares in the company, valued at $6,526,183.68. The disclosure for this sale can be found here. In the last three months, insiders sold 57,634 shares of company stock valued at $6,562,157. 0.14% of the stock is currently owned by insiders.
A number of analysts have weighed in on the stock. Vetr raised shares of Visa from a “buy” rating to a “strong-buy” rating and set a $135.40 target price for the company in a research report on Thursday. BMO Capital Markets reissued a “positive” rating and set a $148.00 target price on shares of Visa in a research report on Monday, February 5th. Mizuho reissued a “buy” rating and set a $136.00 target price on shares of Visa in a research report on Friday, February 2nd. Guggenheim reissued a “buy” rating and set a $136.00 target price on shares of Visa in a research report on Friday, February 2nd. Finally, Loop Capital raised their price objective on shares of Visa to $142.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Two analysts have rated the stock with a hold rating, thirty have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $134.14.
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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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