Atticus Wealth Management LLC Decreases Position in Visa Inc. (NYSE:V)

Atticus Wealth Management LLC lessened its holdings in Visa Inc. (NYSE:V) by 1.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,753 shares of the credit-card processor’s stock after selling 65 shares during the period. Atticus Wealth Management LLC’s holdings in Visa were worth $1,315,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in V. Norges Bank acquired a new stake in shares of Visa in the 4th quarter valued at $5,171,271,000. GAMMA Investing LLC raised its holdings in shares of Visa by 38,416.3% in the 1st quarter. GAMMA Investing LLC now owns 14,761,375 shares of the credit-card processor’s stock valued at $5,173,271,000 after purchasing an additional 14,723,050 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Visa by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 159,405,343 shares of the credit-card processor’s stock valued at $50,378,465,000 after purchasing an additional 7,079,706 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Visa in the 4th quarter valued at $1,955,403,000. Finally, Proficio Capital Partners LLC raised its holdings in shares of Visa by 17,018.7% in the 4th quarter. Proficio Capital Partners LLC now owns 3,949,118 shares of the credit-card processor’s stock valued at $1,248,079,000 after purchasing an additional 3,926,049 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Visa Stock Down 0.7%

Shares of NYSE:V opened at $338.04 on Monday. The company has a market cap of $623.73 billion, a price-to-earnings ratio of 33.97, a PEG ratio of 2.28 and a beta of 0.94. The firm’s 50-day simple moving average is $351.78 and its 200-day simple moving average is $338.94. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.45. Visa Inc. has a fifty-two week low of $252.70 and a fifty-two week high of $375.51.

Visa (NYSE:V) last issued its earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.08. The business had revenue of $9.59 billion for the quarter, compared to the consensus estimate of $9.57 billion. Visa had a net margin of 52.86% and a return on equity of 56.28%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.51 earnings per share. As a group, equities research analysts predict that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.70%. The ex-dividend date was Tuesday, May 13th. Visa’s payout ratio is 23.72%.

Insider Activity

In related news, General Counsel Julie B. Rottenberg sold 2,575 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $345.58, for a total value of $889,868.50. Following the completion of the sale, the general counsel now owns 11,925 shares in the company, valued at $4,121,041.50. This trade represents a 17.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ryan Mcinerney sold 8,620 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $350.44, for a total transaction of $3,020,792.80. Following the completion of the sale, the chief executive officer now owns 537 shares of the company’s stock, valued at $188,186.28. This trade represents a 94.14% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,098 shares of company stock valued at $36,738,526 over the last quarter. Corporate insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on V shares. Evercore ISI started coverage on shares of Visa in a report on Wednesday, April 9th. They issued an “in-line” rating and a $330.00 price objective on the stock. Piper Sandler raised their price objective on shares of Visa from $383.00 to $384.00 and gave the company an “overweight” rating in a report on Wednesday, April 30th. Macquarie reduced their price objective on shares of Visa from $400.00 to $380.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Susquehanna reiterated a “positive” rating on shares of Visa in a research note on Friday, March 21st. Finally, BMO Capital Markets lifted their price target on shares of Visa from $370.00 to $380.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 30th. Five analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Visa currently has a consensus rating of “Moderate Buy” and an average price target of $372.80.

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.