Visa (NYSE:V – Get Free Report) was upgraded by Erste Group Bank from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday.
V has been the subject of a number of other research reports. Truist Financial boosted their target price on Visa from $371.00 to $394.00 and gave the stock a “buy” rating in a research report on Friday. Robert W. Baird set a $412.00 price objective on shares of Visa and gave the company an “outperform” rating in a report on Monday, July 6th. Clear Str raised Visa to a “strong-buy” rating in a report on Thursday, July 16th. Evercore set a $350.00 price target on shares of Visa in a research report on Wednesday, April 29th. Finally, Loop Capital assumed coverage on shares of Visa in a research report on Tuesday, March 31st. They set a “buy” rating and a $387.00 price objective on the stock. Eight research analysts have rated the stock with a Strong Buy rating and nineteen have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $399.41.
Visa Stock Performance
Visa (NYSE:V – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share for the quarter, topping the consensus estimate of $3.10 by $0.21. The firm had revenue of $11.23 billion during the quarter, compared to analysts’ expectations of $10.75 billion. Visa had a return on equity of 65.00% and a net margin of 51.68%.The company’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.76 earnings per share. Research analysts anticipate that Visa will post 13.12 earnings per share for the current fiscal year.
Visa announced that its Board of Directors has authorized a stock repurchase program on Tuesday, April 28th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the credit-card processor to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Insider Activity
In related news, CEO Ryan Mcinerney sold 10,490 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $343.99, for a total value of $3,608,455.10. Following the transaction, the chief executive officer directly owned 15,174 shares of the company’s stock, valued at approximately $5,219,704.26. This trade represents a 40.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $360.00, for a total value of $729,720.00. Following the transaction, the general counsel directly owned 18,404 shares of the company’s stock, valued at $6,625,440. The trade was a 9.92% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 75,581 shares of company stock worth $25,627,975 in the last ninety days. Company insiders own 0.12% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of V. Norges Bank purchased a new position in Visa in the fourth quarter worth approximately $5,877,738,000. Cardano Risk Management B.V. lifted its stake in shares of Visa by 867.6% in the 4th quarter. Cardano Risk Management B.V. now owns 8,213,610 shares of the credit-card processor’s stock valued at $2,880,595,000 after purchasing an additional 7,364,762 shares during the last quarter. Diamant Asset Management Inc. grew its holdings in shares of Visa by 29,706.3% during the 1st quarter. Diamant Asset Management Inc. now owns 7,332,947 shares of the credit-card processor’s stock worth $2,216,310,000 after purchasing an additional 7,308,345 shares during the period. J. Stern & Co. LLP increased its position in shares of Visa by 12,497.1% during the 4th quarter. J. Stern & Co. LLP now owns 3,378,039 shares of the credit-card processor’s stock worth $1,184,712,000 after purchasing an additional 3,351,223 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Visa by 48.2% during the 4th quarter. Victory Capital Management Inc. now owns 6,508,089 shares of the credit-card processor’s stock worth $2,282,472,000 after purchasing an additional 2,116,463 shares during the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.
Visa Company Profile
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.
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