Lorne Steinberg Wealth Management Inc. Reduces Holdings in Visa Inc. $V

Lorne Steinberg Wealth Management Inc. lowered its stake in Visa Inc. (NYSE:V) by 0.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 27,973 shares of the credit-card processor’s stock after selling 185 shares during the period. Visa accounts for approximately 2.6% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its 12th biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Visa were worth $9,932,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Keystone Global Partners LLC acquired a new position in shares of Visa in the 1st quarter valued at about $26,000. von Borstel & Associates Inc. bought a new stake in shares of Visa during the 1st quarter worth about $27,000. Family Legacy Financial Solutions LLC bought a new stake in shares of Visa during the 2nd quarter worth about $28,000. Harbor Asset Planning Inc. bought a new stake in shares of Visa in the 2nd quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC raised its holdings in shares of Visa by 82.0% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock worth $32,000 after purchasing an additional 41 shares in the last quarter. 82.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on V shares. UBS Group restated a “buy” rating and set a $415.00 price target (up previously from $405.00) on shares of Visa in a report on Wednesday, July 30th. Citigroup assumed coverage on shares of Visa in a research report on Wednesday. They set a “buy” rating and a $450.00 price objective on the stock. Truist Financial decreased their target price on shares of Visa from $400.00 to $397.00 and set a “buy” rating for the company in a research report on Thursday, July 17th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Visa in a research note on Thursday, July 17th. They issued a “buy” rating and a $410.00 price objective for the company. Finally, Raymond James Financial restated an “outperform” rating on shares of Visa in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $392.75.

Visa Stock Down 0.6%

Shares of NYSE V opened at $345.10 on Thursday. The firm has a market capitalization of $632.50 billion, a PE ratio of 33.70, a price-to-earnings-growth ratio of 2.05 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. Visa Inc. has a 1 year low of $280.78 and a 1 year high of $375.51. The firm’s 50-day moving average is $344.72 and its 200-day moving average is $347.09.

Visa (NYSE:V) last released its quarterly earnings data on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping 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 business had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. During the same quarter last year, the firm earned $2.42 EPS. Visa’s quarterly revenue was up 14.3% compared to the same quarter last year. Equities analysts expect that Visa Inc. will post 11.3 EPS for the current year.

Visa Dividend Announcement

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

Insiders Place Their Bets

In related news, General Counsel Julie B. Rottenberg sold 2,027 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares in the company, valued at approximately $4,102,438.50. The trade was a 14.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ryan Mcinerney sold 10,485 shares of Visa stock in a transaction 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 transaction, the chief executive officer directly owned 537 shares of the company’s stock, valued at approximately $183,815.10. This trade represents a 95.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by insiders.

Visa Company 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.