Procyon Advisors LLC Trims Position in Visa Inc. $V

by · The Cerbat Gem

Procyon Advisors LLC lessened its stake in Visa Inc. (NYSE:V – Free Report) by 78.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,009 shares of the credit-card processor’s stock after selling 57,274 shares during the period. Procyon Advisors LLC’s holdings in Visa were worth $5,684,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in V. Keystone Global Partners LLC bought a new position in Visa during the 1st quarter worth about $26,000. von Borstel & Associates Inc. bought a new stake in shares of Visa in the 1st quarter valued at about $27,000. 1 North Wealth Services LLC bought a new stake in shares of Visa in the 1st quarter valued at about $38,000. Anderson Financial Strategies LLC bought a new stake in shares of Visa in the 1st quarter valued at about $53,000. Finally, O Brien Wealth Partners LLC bought a new stake in shares of Visa in the 1st quarter valued at about $54,000. 82.15% of the stock is currently owned by institutional investors.

Insider Activity at Visa

In other news, CEO Ryan Mcinerney sold 8,630 shares of Visa stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total transaction of $3,053,466.60. Following the completion of the transaction, the chief executive officer directly owned 537 shares of the company’s stock, valued at $190,001.34. The trade was a 94.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Julie B. Rottenberg sold 2,027 shares of Visa stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $344.02, for a total transaction of $697,328.54. Following the transaction, the general counsel directly owned 11,925 shares of the company’s stock, valued at approximately $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.13% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on V shares. Citigroup started coverage on shares of Visa in a report on Monday, June 2nd. They issued a “buy” rating on the stock. Mizuho raised shares of Visa from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $359.00 to $425.00 in a research report on Thursday, June 5th. Raymond James Financial reaffirmed an “outperform” rating on shares of Visa in a research report on Wednesday, July 30th. The Goldman Sachs Group started coverage on shares of Visa in a research report on Monday, June 2nd. They issued a “neutral” rating for the company. Finally, Barclays reaffirmed an “overweight” rating and issued a $408.00 price objective (up from $396.00) on shares of Visa in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $385.96.

Check Out Our Latest Stock Report on Visa

Visa Stock Performance

V opened at $345.62 on Thursday. Visa Inc. has a 12-month low of $268.23 and a 12-month high of $375.51. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $633.45 billion, a PE ratio of 33.75, a P/E/G ratio of 2.26 and a beta of 0.92. The firm has a 50 day moving average of $346.16 and a two-hundred day moving average of $346.63.

Visa (NYSE:V – Get Free Report) last posted its earnings results on Tuesday, July 29th. The credit-card processor reported $2.98 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.13. The firm had revenue of $10.17 billion during the quarter, compared to analyst estimates of $9.82 billion. Visa had a net margin of 52.16% and a return on equity of 58.93%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.42 EPS. On average, analysts anticipate that Visa Inc. will post 11.3 EPS for the current year.

Visa Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Tuesday, August 12th. Visa’s payout ratio is 23.05%.

Visa Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding V? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Visa Inc. (NYSE:V – Free Report).