Sitrin Capital Management LLC Sells 3,099 Shares of Visa Inc. $V

Sitrin Capital Management LLC cut its holdings in Visa Inc. (NYSE:V) by 12.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,086 shares of the credit-card processor’s stock after selling 3,099 shares during the period. Visa comprises approximately 3.8% of Sitrin Capital Management LLC’s investment portfolio, making the stock its 6th biggest holding. Sitrin Capital Management LLC’s holdings in Visa were worth $7,487,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Yeomans Consulting Group Inc. grew its stake in shares of Visa by 2.9% in the first quarter. Yeomans Consulting Group Inc. now owns 1,027 shares of the credit-card processor’s stock valued at $360,000 after buying an additional 29 shares in the last quarter. Semus Wealth Partners LLC grew its stake in shares of Visa by 0.8% in the first quarter. Semus Wealth Partners LLC now owns 3,449 shares of the credit-card processor’s stock valued at $1,209,000 after buying an additional 29 shares in the last quarter. BankPlus Wealth Management LLC grew its stake in shares of Visa by 0.9% in the second quarter. BankPlus Wealth Management LLC now owns 3,338 shares of the credit-card processor’s stock valued at $1,185,000 after buying an additional 29 shares in the last quarter. Wood Tarver Financial Group LLC grew its stake in shares of Visa by 11.1% in the first quarter. Wood Tarver Financial Group LLC now owns 301 shares of the credit-card processor’s stock valued at $105,000 after buying an additional 30 shares in the last quarter. Finally, Synergy Investment Management LLC grew its stake in shares of Visa by 5.3% in the first quarter. Synergy Investment Management LLC now owns 597 shares of the credit-card processor’s stock valued at $209,000 after buying an additional 30 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, 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 completion of the sale, the chief executive officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction on Monday, August 18th. The stock was sold at an average price of $344.02, for a total value of $697,328.54. Following the sale, the general counsel directly owned 11,925 shares of the company’s stock, valued at $4,102,438.50. This represents a 14.53% decrease in their position. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by company insiders.

Visa Trading Down 1.0%

V stock opened at $343.63 on Friday. Visa Inc. has a one year low of $275.37 and a one year high of $375.51. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $629.79 billion, a price-to-earnings ratio of 33.56, a price-to-earnings-growth ratio of 2.04 and a beta of 0.90. The company has a fifty day moving average price of $343.77 and a two-hundred day moving average price of $346.99.

Visa (NYSE:V) last posted its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts’ consensus estimates of $2.85 by $0.13. Visa had a return on equity of 58.93% and a net margin of 52.16%.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 firm earned $2.42 earnings per share. The company’s revenue was up 14.3% on a year-over-year basis. Equities analysts anticipate that Visa Inc. will post 11.3 EPS for the current year.

Visa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend 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 currently 23.05%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on V shares. Oppenheimer raised their target price on shares of Visa from $390.00 to $391.00 and gave the company an “outperform” rating in a research note on Wednesday, July 2nd. Morgan Stanley raised their target price on shares of Visa from $386.00 to $402.00 and gave the company an “overweight” rating in a research note on Wednesday, July 30th. Macquarie lifted their price objective on shares of Visa from $380.00 to $425.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. UBS Group reaffirmed a “buy” rating and set a $415.00 price objective (up from $405.00) on shares of Visa in a research report on Wednesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Visa in a research report on Thursday, July 17th. They set a “buy” rating and a $410.00 price objective for the company. One equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $389.00.

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.