Legacy Capital Group California Inc. Acquires New Position in Visa Inc. (NYSE:V)

Legacy Capital Group California Inc. acquired a new stake in Visa Inc. (NYSE:V) during the second quarter, Holdings Channel.com reports. The fund acquired 953 shares of the credit-card processor’s stock, valued at approximately $226,000.

Other hedge funds have also added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich grew its stake in shares of Visa by 107,990.7% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,998,628,576 shares of the credit-card processor’s stock worth $474,634,314,000 after buying an additional 1,996,779,546 shares during the last quarter. State Street Corp grew its stake in shares of Visa by 3.7% during the first quarter. State Street Corp now owns 72,897,112 shares of the credit-card processor’s stock worth $16,435,339,000 after buying an additional 2,572,159 shares during the last quarter. Morgan Stanley grew its stake in shares of Visa by 13.0% during the fourth quarter. Morgan Stanley now owns 51,122,866 shares of the credit-card processor’s stock worth $10,621,287,000 after buying an additional 5,864,340 shares during the last quarter. Moneta Group Investment Advisors LLC grew its stake in shares of Visa by 116,608.6% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,504,130 shares of the credit-card processor’s stock worth $5,090,978,000 after buying an additional 24,483,134 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Visa during the fourth quarter worth $3,067,232,000. 81.35% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,150 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $247.47, for a total transaction of $2,016,880.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Ryan Mcinerney sold 8,150 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $247.47, for a total transaction of $2,016,880.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rajat Taneja sold 15,800 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $250.01, for a total transaction of $3,950,158.00. Following the sale, the insider now directly owns 232,112 shares of the company’s stock, valued at $58,030,321.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,100 shares of company stock worth $17,368,639. Company insiders own 0.22% of the company’s stock.

Visa Price Performance

Shares of NYSE V opened at $249.56 on Friday. The firm’s 50-day moving average price is $238.42 and its 200-day moving average price is $236.19. Visa Inc. has a 1-year low of $202.13 and a 1-year high of $250.24. The firm has a market capitalization of $464.64 billion, a P/E ratio of 30.10, a P/E/G ratio of 1.66 and a beta of 0.95. The company has a current ratio of 1.45, a quick ratio of 1.49 and a debt-to-equity ratio of 0.55.

Visa (NYSE:V) last announced its quarterly earnings data on Tuesday, October 24th. The credit-card processor reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.10. Visa had a net margin of 52.90% and a return on equity of 50.13%. The firm had revenue of $8.61 billion for the quarter, compared to analyst estimates of $8.56 billion. During the same quarter in the prior year, the business earned $1.93 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Visa Inc. will post 9.9 earnings per share for the current fiscal year.

Visa Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 0.83%. This is a positive change from Visa’s previous quarterly dividend of $0.45. Visa’s dividend payout ratio is currently 25.09%.

Analysts Set New Price Targets

A number of brokerages have recently commented on V. UBS Group began coverage on shares of Visa in a report on Friday, October 20th. They set a “buy” rating and a $295.00 price target on the stock. Credit Suisse Group lifted their price target on shares of Visa from $265.00 to $275.00 in a report on Wednesday, July 26th. Seaport Res Ptn reiterated a “neutral” rating on shares of Visa in a report on Thursday, October 12th. Wedbush reiterated an “outperform” rating and set a $270.00 price target on shares of Visa in a report on Wednesday, October 25th. Finally, Royal Bank of Canada lifted their price target on shares of Visa from $265.00 to $290.00 in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $275.67.

Visa Company Profile

Visa Inc operates as a payments technology company worldwide. 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, click to pay; Visa Direct, a real-time payments network; Visa B2B Connect, a multilateral B2B cross-border payments network; Visa Treasury as a Service, a cross-border consumer payments business; 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.