Connor Clark & Lunn Investment Management Ltd. Acquires 179,379 Shares of Visa Inc. $V

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Visa Inc. (NYSE:V) by 21.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,030,032 shares of the credit-card processor’s stock after purchasing an additional 179,379 shares during the quarter. Visa accounts for approximately 0.7% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 28th biggest holding. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Visa worth $353,394,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in V. Cresta Advisors Ltd. acquired a new stake in Visa in the 4th quarter valued at $26,000. Parvin Asset Management LLC boosted its stake in shares of Visa by 200.0% during the 3rd quarter. Parvin Asset Management LLC now owns 75 shares of the credit-card processor’s stock worth $26,000 after buying an additional 50 shares during the last quarter. Virtus Advisers LLC bought a new position in shares of Visa in the 2nd quarter valued at about $33,000. RHL Group LLC acquired a new stake in shares of Visa in the fourth quarter valued at about $34,000. Finally, Timmons Wealth Management LLC acquired a new stake in shares of Visa in the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 82.15% of the company’s stock.

Analyst Ratings Changes

V has been the subject of several recent research reports. Truist Financial set a $406.00 price target on Visa and gave the company a “buy” rating in a research report on Wednesday, August 5th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $450.00 price target on shares of Visa in a research report on Tuesday, June 2nd. TD Cowen reiterated a “buy” rating on shares of Visa in a research note on Wednesday, July 29th. Barclays assumed coverage on Visa in a report on Tuesday, July 7th. They issued an “overweight” rating and a $420.00 price objective for the company. Finally, Oppenheimer reissued an “outperform” rating and issued a $403.00 target price (up from $391.00) on shares of Visa in a research note on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Strong Buy rating and twenty-four have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, Visa currently has an average rating of “Buy” and an average target price of $413.58.

Visa Stock Up 0.0%

Shares of V stock opened at $371.09 on Monday. Visa Inc. has a 52-week low of $293.89 and a 52-week high of $373.97. The stock has a market cap of $662.18 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 1.99 and a beta of 0.74. The firm’s 50-day moving average is $353.73 and its 200-day moving average is $329.61. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.99 and a current ratio of 0.99.

Visa (NYSE:V) last posted its quarterly earnings results on Tuesday, July 28th. The credit-card processor reported $3.32 EPS for the quarter, topping analysts’ consensus estimates of $3.23 by $0.09. The business had revenue of $11.63 billion during the quarter, compared to analysts’ expectations of $11.40 billion. Visa had a return on equity of 67.68% and a net margin of 50.78%.Visa’s quarterly revenue was up 14.4% on a year-over-year basis. During the same quarter last year, the company posted $2.98 earnings per share. Sell-side analysts predict that Visa Inc. will post 13.16 EPS for the current year.

Visa Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, August 11th. Visa’s payout ratio is currently 22.79%.

Visa declared that its Board of Directors has authorized a stock buyback plan on Tuesday, April 28th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the credit-card processor to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Visa

In other Visa news, insider Tullier Kelly Mahon sold 57,272 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $364.97, for a total value of $20,902,561.84. Following the transaction, the insider directly owned 49,662 shares of the company’s stock, valued at $18,125,140.14. This represents a 53.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $360.00, for a total value of $729,720.00. Following the transaction, the general counsel owned 18,404 shares in the company, valued at approximately $6,625,440. This trade represents a 9.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 90,759 shares of company stock worth $32,375,779. Insiders own 0.12% of the company’s stock.

About Visa

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.