CI Investments Inc. Has $161.24 Million Position in Visa Inc. $V

CI Investments Inc. cut its position in Visa Inc. (NYSE:V) by 26.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 533,494 shares of the credit-card processor’s stock after selling 190,404 shares during the quarter. Visa comprises about 0.8% of CI Investments Inc.’s portfolio, making the stock its 25th biggest holding. CI Investments Inc.’s holdings in Visa were worth $161,243,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Visa by 50.1% in the fourth quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor’s stock valued at $6,522,000 after acquiring an additional 6,883 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in Visa by 68.9% in the 4th quarter. Revolve Wealth Partners LLC now owns 11,811 shares of the credit-card processor’s stock worth $3,733,000 after purchasing an additional 4,817 shares in the last quarter. Nicholas Hoffman & Company LLC. boosted its holdings in Visa by 4.6% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 10,941 shares of the credit-card processor’s stock valued at $3,834,000 after purchasing an additional 477 shares during the period. Matrix Asset Advisors Inc. NY boosted its holdings in Visa by 16.9% in the 2nd quarter. Matrix Asset Advisors Inc. NY now owns 1,133 shares of the credit-card processor’s stock valued at $402,000 after purchasing an additional 164 shares during the period. Finally, Schnieders Capital Management LLC. increased its holdings in shares of Visa by 13.8% during the second quarter. Schnieders Capital Management LLC. now owns 18,367 shares of the credit-card processor’s stock worth $6,521,000 after purchasing an additional 2,230 shares during the period. 82.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Ryan Mcinerney sold 31,455 shares of Visa stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $340.14, for a total value of $10,699,103.70. Following the transaction, the chief executive officer owned 15,174 shares in the company, valued at approximately $5,161,284.36. This trade represents a 67.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total value of $729,720.00. Following the transaction, the general counsel directly owned 18,404 shares of the company’s stock, valued at $6,625,440. This trade represents 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 quarter, insiders have sold 75,581 shares of company stock worth $25,627,975. Insiders own 0.12% of the company’s stock.

Visa Stock Performance

Shares of Visa stock opened at $355.94 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.64. The company has a market cap of $638.47 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 1.92 and a beta of 0.75. The company has a 50 day moving average of $335.74 and a 200-day moving average of $325.08. Visa Inc. has a 1-year low of $293.89 and a 1-year high of $365.14.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The business had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $10.75 billion. During the same period last year, the firm posted $2.76 earnings per share. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. As a group, equities research analysts forecast that Visa Inc. will post 13.13 earnings per share for the current fiscal year.

Visa announced that its board has authorized a share repurchase plan on Tuesday, April 28th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the credit-card processor to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Visa Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on V shares. Morgan Stanley reiterated an “overweight” rating and issued a $415.00 price target on shares of Visa in a research note on Wednesday, April 29th. Citigroup dropped their price objective on Visa from $450.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Weiss Ratings upgraded Visa from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 6th. Sanford C. Bernstein reissued an “outperform” rating and set a $450.00 target price on shares of Visa in a report on Tuesday, June 2nd. Finally, Truist Financial set a $371.00 price target on Visa and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Seven analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $398.36.

About Visa

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.