Visa Inc. $V Stock Position Cut by SummitTX Capital L.P.

SummitTX Capital L.P. trimmed its stake in shares of Visa Inc. (NYSE:V) by 41.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,296 shares of the credit-card processor’s stock after selling 12,929 shares during the quarter. SummitTX Capital L.P.’s holdings in Visa were worth $5,530,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in Visa by 50.1% during the fourth quarter. Brighton Jones LLC now owns 20,635 shares of the credit-card processor’s stock worth $6,522,000 after acquiring an additional 6,883 shares during the period. Revolve Wealth Partners LLC lifted its holdings 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 valued at $3,733,000 after acquiring an additional 4,817 shares during the last quarter. Nicholas Hoffman & Company LLC. boosted its position in shares of Visa by 4.6% during 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 in the last quarter. Matrix Asset Advisors Inc. NY grew its stake in shares of 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 worth $402,000 after purchasing an additional 164 shares during the last quarter. Finally, Schnieders Capital Management LLC. grew its stake in shares of Visa by 13.8% in the 2nd 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 last quarter. 82.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on V shares. Evercore set a $350.00 target price on shares of Visa in a research note on Wednesday, April 29th. Loop Capital began coverage on shares of Visa in a research report on Tuesday, March 31st. They issued a “buy” rating and a $387.00 price target on the stock. Robert W. Baird set a $412.00 price target on Visa and gave the company an “outperform” rating in a report on Monday, July 6th. Weiss Ratings upgraded Visa from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 6th. Finally, Oppenheimer reissued an “outperform” rating and set a $403.00 price objective (up from $391.00) on shares of Visa in a research note on Wednesday, April 29th. Eight research analysts have rated the stock with a Strong Buy rating and nineteen have given a Buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $399.41.

Visa Stock Up 1.9%

Shares of NYSE:V opened at $362.37 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $650.01 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 1.89 and a beta of 0.75. Visa Inc. has a 52 week low of $293.89 and a 52 week high of $365.14. The firm has a 50 day simple moving average of $338.16 and a 200 day simple moving average of $325.18.

Visa (NYSE:V) last posted its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.21. The firm had revenue of $11.23 billion for the quarter, compared to analysts’ expectations of $10.75 billion. Visa had a net margin of 51.68% and a return on equity of 65.00%. The company’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.76 EPS. As a group, research analysts expect that Visa Inc. will post 13.12 earnings per share for the current year.

Visa declared that its board has authorized a stock buyback 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 buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Visa

In related news, CEO Ryan Mcinerney sold 31,455 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $340.14, for a total transaction of $10,699,103.70. Following the transaction, the chief executive officer directly owned 15,174 shares of the company’s stock, valued at approximately $5,161,284.36. The trade was a 67.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chris Suh sold 10,639 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $324.81, for a total value of $3,455,653.59. Following the completion of the sale, the chief financial officer directly owned 9,872 shares of the company’s stock, valued at approximately $3,206,524.32. This represents a 51.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 75,581 shares of company stock valued at $25,627,975. Company insiders own 0.12% of the company’s stock.

Visa Profile

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.