Primecap Management Co. CA Sells 30,125 Shares of Visa Inc. (NYSE:V)

Primecap Management Co. CA reduced its holdings in shares of Visa Inc. (NYSE:V) by 0.7% during the third quarter, HoldingsChannel.com reports. The fund owned 4,017,070 shares of the credit-card processor’s stock after selling 30,125 shares during the quarter. Primecap Management Co. CA’s holdings in Visa were worth $1,104,493,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Fidelity National Financial Inc. purchased a new position in Visa during the third quarter worth about $27,495,000. King Luther Capital Management Corp grew its position in Visa by 1.4% during the third quarter. King Luther Capital Management Corp now owns 966,983 shares of the credit-card processor’s stock worth $265,872,000 after buying an additional 13,229 shares in the last quarter. Cornerstone Advisors LLC grew its position in Visa by 3.1% during the third quarter. Cornerstone Advisors LLC now owns 89,600 shares of the credit-card processor’s stock worth $24,636,000 after buying an additional 2,700 shares in the last quarter. Citizens Financial Group Inc. RI grew its position in Visa by 3.8% during the third quarter. Citizens Financial Group Inc. RI now owns 96,237 shares of the credit-card processor’s stock worth $26,460,000 after buying an additional 3,546 shares in the last quarter. Finally, Payden & Rygel grew its position in Visa by 12.4% during the third quarter. Payden & Rygel now owns 60,700 shares of the credit-card processor’s stock worth $16,689,000 after buying an additional 6,700 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on V. Jefferies Financial Group upped their price objective on Visa from $320.00 to $330.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Robert W. Baird upped their price objective on Visa from $330.00 to $340.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and issued a $321.00 price objective (up from $318.00) on shares of Visa in a report on Wednesday, October 30th. Mizuho upped their price objective on Visa from $279.00 to $292.00 and gave the stock a “neutral” rating in a report on Friday, November 1st. Finally, Royal Bank of Canada upped their price objective on Visa from $311.00 to $322.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Visa has an average rating of “Moderate Buy” and a consensus price target of $321.74.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,620 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total value of $2,382,309.40. Following the sale, the chief executive officer now directly owns 538 shares in the company, valued at approximately $148,687.06. This represents a 94.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Visa Trading Down 1.4 %

Shares of Visa stock opened at $307.39 on Thursday. The firm has a market cap of $560.16 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.09 and a beta of 0.95. The business has a 50-day moving average price of $288.57 and a 200-day moving average price of $276.84. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.55. Visa Inc. has a twelve month low of $250.03 and a twelve month high of $312.44.

Visa (NYSE:V) last posted its quarterly earnings data on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.13. The business had revenue of $9.62 billion during the quarter, compared to analyst estimates of $9.49 billion. Visa had a return on equity of 53.16% and a net margin of 54.96%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same period last year, the company earned $2.33 EPS. Equities research analysts anticipate that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.77%. This is a positive change from Visa’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Tuesday, November 12th. Visa’s dividend payout ratio (DPR) is presently 24.25%.

Visa Profile

Visa Inc operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a solution that facilitates the delivery of funds to eligible cards, deposit accounts, and digital wallets; Visa B2B Connect, a multilateral business-to-business cross-border payments network; Visa Cross-Border Solution, a cross-border consumer payments solution; and Visa DPS that provides a range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions, and contact center services.