Visa Inc. $V Shares Bought by Dock Street Asset Management Inc.

Dock Street Asset Management Inc. grew its stake in shares of Visa Inc. (NYSE:V) by 3.8% in the second quarter, HoldingsChannel reports. The fund owned 164,210 shares of the credit-card processor’s stock after buying an additional 5,953 shares during the quarter. Visa makes up about 5.5% of Dock Street Asset Management Inc.’s portfolio, making the stock its 4th largest position. Dock Street Asset Management Inc.’s holdings in Visa were worth $58,303,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Generali Asset Management SPA SGR increased its stake in shares of Visa by 0.9% during the 2nd quarter. Generali Asset Management SPA SGR now owns 141,885 shares of the credit-card processor’s stock valued at $50,376,000 after acquiring an additional 1,197 shares during the last quarter. Tuttle Capital Management LLC increased its position in Visa by 14.8% during the 2nd quarter. Tuttle Capital Management LLC now owns 1,953 shares of the credit-card processor’s stock worth $693,000 after purchasing an additional 252 shares in the last quarter. Ritholtz Wealth Management increased its position in Visa by 6.5% during the 2nd quarter. Ritholtz Wealth Management now owns 65,286 shares of the credit-card processor’s stock worth $23,180,000 after purchasing an additional 3,991 shares in the last quarter. Triton Wealth Management PLLC acquired a new stake in Visa during the 2nd quarter worth approximately $429,000. Finally, Aries Wealth Management increased its position in Visa by 1.3% during the 2nd quarter. Aries Wealth Management now owns 13,102 shares of the credit-card processor’s stock worth $4,652,000 after purchasing an additional 170 shares in the last quarter. Institutional investors and hedge funds own 82.15% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on V. Morgan Stanley increased their target price on shares of Visa from $386.00 to $402.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of Visa in a research report on Wednesday, October 8th. Barclays reissued an “overweight” rating and set a $408.00 target price (up previously from $396.00) on shares of Visa in a research report on Thursday, July 31st. Erste Group Bank downgraded shares of Visa from a “buy” rating to a “hold” rating in a research report on Monday, September 22nd. Finally, Macquarie increased their price objective on shares of Visa from $380.00 to $425.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $389.00.

Visa Stock Up 1.9%

Shares of NYSE:V opened at $341.90 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. Visa Inc. has a 52-week low of $280.78 and a 52-week high of $375.51. The company has a 50 day moving average of $344.30 and a two-hundred day moving average of $346.83. The company has a market capitalization of $626.63 billion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 2.02 and a beta of 0.90.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.13. Visa had a net margin of 52.16% and a return on equity of 58.93%. The company had revenue of $10.17 billion during the quarter, compared to the consensus estimate of $9.82 billion. During the same quarter last year, the company earned $2.42 earnings per share. Visa’s revenue for the quarter was up 14.3% on a year-over-year basis. As a group, analysts forecast that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Tuesday, August 12th. Visa’s dividend payout ratio is 23.05%.

Insider Activity at Visa

In other news, CEO Ryan Mcinerney sold 10,485 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the completion of the transaction, the chief executive officer directly owned 537 shares in the company, valued at approximately $183,815.10. This represents a 95.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $344.02, for a total value of $697,328.54. Following the transaction, the general counsel owned 11,925 shares of the company’s stock, valued at approximately $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company’s stock.

About Visa

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.