Renaissance Investment Group LLC Cuts Stake in Visa Inc. $V

Renaissance Investment Group LLC trimmed its holdings in shares of Visa Inc. (NYSE:V) by 0.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,824 shares of the credit-card processor’s stock after selling 255 shares during the quarter. Visa accounts for about 2.8% of Renaissance Investment Group LLC’s investment portfolio, making the stock its 14th biggest position. Renaissance Investment Group LLC’s holdings in Visa were worth $13,074,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of V. Keystone Global Partners LLC bought a new stake in Visa during the first quarter worth approximately $26,000. von Borstel & Associates Inc. acquired a new stake in shares of Visa during the 1st quarter valued at $27,000. 1 North Wealth Services LLC acquired a new stake in Visa during the 1st quarter valued at $38,000. Anderson Financial Strategies LLC acquired a new stake in Visa during the 1st quarter valued at $53,000. Finally, O Brien Wealth Partners LLC acquired a new position in shares of Visa in the first quarter worth $54,000. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Visa

In other Visa news, General Counsel Julie B. Rottenberg sold 2,027 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $344.02, for a total value of $697,328.54. Following the completion of the sale, the general counsel directly owned 11,925 shares of the company’s stock, valued at approximately $4,102,438.50. This represents a 14.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ryan Mcinerney sold 8,630 shares of the company’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the completion of the sale, the chief executive officer directly owned 537 shares of the company’s stock, valued at $190,001.34. The trade was a 94.14% 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.

Wall Street Analyst Weigh In

Several equities analysts have commented on V shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Visa in a research report on Thursday, July 17th. They set a “buy” rating and a $410.00 target price on the stock. The Goldman Sachs Group started coverage on shares of Visa in a research note on Monday, June 2nd. They issued a “neutral” rating for the company. Mizuho upgraded shares of Visa from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $359.00 to $425.00 in a research report on Thursday, June 5th. UBS Group reissued a “buy” rating and issued a $415.00 price target (up previously from $405.00) on shares of Visa in a report on Wednesday, July 30th. Finally, Jefferies Financial Group upped their target price on shares of Visa from $400.00 to $410.00 and gave the stock a “buy” rating in a research note on Tuesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Visa currently has a consensus rating of “Moderate Buy” and an average target price of $385.96.

Visa Price Performance

Shares of NYSE:V opened at $339.92 on Wednesday. The firm has a market cap of $623.00 billion, a PE ratio of 33.20, a price-to-earnings-growth ratio of 2.26 and a beta of 0.92. The firm’s fifty day moving average is $346.38 and its 200-day moving average is $346.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12. Visa Inc. has a 52 week low of $268.23 and a 52 week high of $375.51.

Visa (NYSE:V) last released its earnings results 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 business had revenue of $10.17 billion for the quarter, compared to analyst estimates of $9.82 billion. During the same quarter in the previous year, the business earned $2.42 earnings per share. Visa’s revenue for the quarter was up 14.3% on a year-over-year basis. Sell-side analysts predict that Visa Inc. will post 11.3 earnings per share for the current 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 given a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, August 12th. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. Visa’s payout ratio is presently 23.05%.

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.