CIBC Asset Management Inc Buys 24,542 Shares of Visa Inc. (NYSE:V)

CIBC Asset Management Inc lifted its stake in shares of Visa Inc. (NYSE:V) by 4.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 539,316 shares of the credit-card processor’s stock after purchasing an additional 24,542 shares during the period. CIBC Asset Management Inc’s holdings in Visa were worth $148,177,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in V. WFA Asset Management Corp increased its stake in shares of Visa by 4.6% during the 1st quarter. WFA Asset Management Corp now owns 2,263 shares of the credit-card processor’s stock worth $632,000 after purchasing an additional 100 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Visa by 46.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 50,328 shares of the credit-card processor’s stock worth $14,046,000 after purchasing an additional 16,078 shares during the period. Empowered Funds LLC increased its position in Visa by 16.0% during the first quarter. Empowered Funds LLC now owns 58,506 shares of the credit-card processor’s stock worth $16,328,000 after buying an additional 8,086 shares during the last quarter. M&G Plc bought a new stake in Visa in the first quarter valued at approximately $327,800,000. Finally, Towercrest Capital Management lifted its position in shares of Visa by 2.1% in the first quarter. Towercrest Capital Management now owns 2,426 shares of the credit-card processor’s stock valued at $677,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 82.15% of the company’s stock.

Visa Trading Down 0.4 %

NYSE V opened at $308.27 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.37 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $561.76 billion, a P/E ratio of 31.68, a PEG ratio of 2.07 and a beta of 0.95. The business has a fifty day simple moving average of $285.84 and a 200 day simple moving average of $275.41. Visa Inc. has a 12 month low of $245.34 and a 12 month high of $312.44.

Visa (NYSE:V) last released its quarterly earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.58 by $0.13. Visa had a net margin of 54.96% and a return on equity of 53.16%. The company had revenue of $9.62 billion for the quarter, compared to analyst estimates of $9.49 billion. During the same period last year, the firm earned $2.33 earnings per share. The firm’s revenue was up 11.7% on a year-over-year basis. On average, analysts predict that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend is Tuesday, November 12th. This is an increase from Visa’s previous quarterly dividend of $0.52. Visa’s dividend payout ratio (DPR) is 24.25%.

Insiders Place Their Bets

In related news, CEO Ryan Mcinerney sold 8,620 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total value of $2,382,309.40. Following the sale, the chief executive officer now directly owns 538 shares in the company, valued at approximately $148,687.06. The trade was a 94.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on V. Macquarie increased their price target on Visa from $300.00 to $335.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Mizuho raised their target price on shares of Visa from $279.00 to $292.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Oppenheimer restated an “outperform” rating and set a $321.00 price objective (up from $318.00) on shares of Visa in a research report on Wednesday, October 30th. Piper Sandler upped their price objective on Visa from $319.00 to $322.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Susquehanna lifted their price objective on shares of Visa from $326.00 to $339.00 and gave the stock a “positive” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Visa has a consensus rating of “Moderate Buy” and an average target price of $321.74.

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.