Progressive Investment Management Corp Trims Stake in Visa Inc. (NYSE:V)

Progressive Investment Management Corp lessened its holdings in shares of Visa Inc. (NYSE:V) by 0.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 45,113 shares of the credit-card processor’s stock after selling 409 shares during the quarter. Visa accounts for about 3.2% of Progressive Investment Management Corp’s portfolio, making the stock its 11th largest position. Progressive Investment Management Corp’s holdings in Visa were worth $12,404,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of V. First Horizon Advisors Inc. boosted its holdings in shares of Visa by 3.7% in the third quarter. First Horizon Advisors Inc. now owns 24,665 shares of the credit-card processor’s stock valued at $6,782,000 after purchasing an additional 883 shares during the period. Advisors Asset Management Inc. grew its stake in Visa by 2.7% in the third quarter. Advisors Asset Management Inc. now owns 224,515 shares of the credit-card processor’s stock valued at $61,730,000 after purchasing an additional 5,969 shares during the last quarter. Howe & Rusling Inc. raised its holdings in Visa by 12.5% in the third quarter. Howe & Rusling Inc. now owns 28,867 shares of the credit-card processor’s stock worth $7,937,000 after purchasing an additional 3,216 shares in the last quarter. Kirtland Hills Capital Management LLC lifted its position in shares of Visa by 0.8% during the third quarter. Kirtland Hills Capital Management LLC now owns 12,958 shares of the credit-card processor’s stock valued at $3,563,000 after buying an additional 108 shares during the last quarter. Finally, Commerce Bank boosted its position in shares of Visa by 0.7% in the 3rd quarter. Commerce Bank now owns 700,436 shares of the credit-card processor’s stock worth $192,585,000 after purchasing an additional 5,068 shares in the last quarter. Institutional investors own 82.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on V. Citigroup upped their target price on Visa from $319.00 to $326.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Piper Sandler lifted their target price on Visa from $319.00 to $322.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. TD Cowen increased their price target on shares of Visa from $318.00 to $325.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Compass Point initiated coverage on shares of Visa in a research note on Wednesday, September 4th. They set a “buy” rating and a $319.00 price objective for the company. Finally, BNP Paribas raised shares of Visa from a “neutral” rating to an “outperform” rating and set a $325.00 target price for the company in a report on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $321.74.

Insiders Place Their Bets

In related news, CEO Ryan Mcinerney sold 8,620 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the sale, the chief executive officer now directly owns 538 shares of the company’s stock, valued at $148,687.06. This represents a 94.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by insiders.

Visa Price Performance

NYSE:V opened at $312.00 on Wednesday. Visa Inc. has a one year low of $250.03 and a one year high of $312.44. The stock has a market cap of $568.56 billion, a PE ratio of 32.05, a P/E/G ratio of 2.07 and a beta of 0.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.28 and a current ratio of 1.28. The stock has a 50 day moving average price of $288.10 and a 200 day moving average price of $276.63.

Visa (NYSE:V) last announced its quarterly earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share for the quarter, beating the consensus estimate of $2.58 by $0.13. Visa had a net margin of 54.96% and a return on equity of 53.16%. The firm had revenue of $9.62 billion for the quarter, compared to analysts’ expectations of $9.49 billion. During the same quarter in the previous year, the company posted $2.33 EPS. The company’s revenue was up 11.7% compared to the same quarter last year. Equities research analysts expect that Visa Inc. will post 11.19 EPS for the current fiscal year.

Visa Increases Dividend

The firm 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 $0.59 dividend. The ex-dividend date is Tuesday, November 12th. This is a boost from Visa’s previous quarterly dividend of $0.52. This represents a $2.36 dividend on an annualized basis and a yield of 0.76%. Visa’s dividend payout ratio is currently 24.25%.

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.