Fred Alger Management LLC Reduces Stake in Visa Inc. $V

by · The Markets Daily

Fred Alger Management LLC reduced its holdings in Visa Inc. (NYSE:V – Free Report) by 10.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 935,750 shares of the credit-card processor’s stock after selling 112,171 shares during the quarter. Visa accounts for about 1.9% of Fred Alger Management LLC’s investment portfolio, making the stock its 12th largest holding. Fred Alger Management LLC’s holdings in Visa were worth $327,943,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in V. Keystone Global Partners LLC purchased a new position in Visa during the 1st quarter valued at $26,000. von Borstel & Associates Inc. bought a new stake in shares of Visa during the 1st quarter valued at about $27,000. 1 North Wealth Services LLC bought a new stake in shares of Visa during the 1st quarter valued at about $38,000. Measured Risk Portfolios Inc. purchased a new position in shares of Visa during the fourth quarter valued at about $47,000. Finally, O Brien Wealth Partners LLC purchased a new position in shares of Visa during the first quarter valued at about $54,000. Institutional investors own 82.15% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ryan Mcinerney sold 8,630 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $353.82, for a total value of $3,053,466.60. Following the transaction, the chief executive officer owned 537 shares in the company, valued at approximately $190,001.34. This represents a 94.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul D. Fabara sold 11,636 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $375.00, for a total transaction of $4,363,500.00. Following the sale, the insider owned 26,413 shares in the company, valued at approximately $9,904,875. The trade was a 30.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,293 shares of company stock valued at $8,114,295. Insiders own 0.13% of the company’s stock.

Visa Stock Down 2.3%

Shares of NYSE:V opened at $343.02 on Monday. 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 stock has a fifty day simple moving average of $348.51 and a two-hundred day simple moving average of $347.19. Visa Inc. has a 12-month low of $268.23 and a 12-month high of $375.51. The stock has a market capitalization of $628.67 billion, a price-to-earnings ratio of 33.50, a PEG ratio of 2.28 and a beta of 0.92.

Visa (NYSE:V – Get Free Report) last issued its quarterly 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 the consensus estimate of $9.82 billion. Visa had a return on equity of 58.93% and a net margin of 52.16%.The company’s revenue was up 14.3% on a year-over-year basis. During the same period last year, the company earned $2.42 earnings per share. On average, research analysts anticipate that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Tuesday, August 12th. Visa’s dividend payout ratio (DPR) is currently 23.05%.

Wall Street Analyst Weigh In

V has been the topic of several research reports. Morgan Stanley lifted their price objective on Visa from $386.00 to $402.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded Visa from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. Citigroup assumed coverage on Visa in a research report on Monday, June 2nd. They set a “buy” rating on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Visa in a report on Thursday, July 17th. They issued a “buy” rating and a $410.00 price objective for the company. Finally, UBS Group reissued a “buy” rating and set a $415.00 price objective (up previously from $405.00) on shares of Visa in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $385.96.

Get Our Latest Analysis on Visa

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.

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