Citigroup Inc. reiterated their buy rating on shares of Visa Inc. (NYSE:V) in a research note released on Monday, July 24th. The brokerage currently has a $115.00 price target on the credit-card processor’s stock, up from their prior price target of $100.00.
A number of other brokerages also recently weighed in on V. Bank of America Corporation lifted their target price on Visa from $103.00 to $111.00 and gave the stock a buy rating in a report on Friday, July 21st. Barclays PLC restated an overweight rating and set a $114.00 price objective (up previously from $111.00) on shares of Visa in a report on Saturday, July 22nd. Wells Fargo & Company restated a market perform rating and set a $100.00 price objective (up previously from $87.50) on shares of Visa in a report on Saturday, July 22nd. Morgan Stanley reaffirmed an overweight rating and set a $114.00 target price (up previously from $107.00) on shares of Visa in a research report on Saturday, July 22nd. Finally, Cowen and Company reaffirmed an outperform rating and set a $107.00 target price (up previously from $105.00) on shares of Visa in a research report on Saturday, July 22nd. Four investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $104.56.
Shares of Visa (NYSE:V) opened at 100.89 on Monday. The company has a market capitalization of $230.68 billion, a PE ratio of 37.52 and a beta of 0.94. The stock has a 50 day moving average price of $96.32 and a 200-day moving average price of $91.20. Visa has a 52 week low of $75.17 and a 52 week high of $101.34.
Visa (NYSE:V) last issued its earnings results on Thursday, July 20th. The credit-card processor reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.05. The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.36 billion. Visa had a return on equity of 30.95% and a net margin of 36.53%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 earnings per share. Equities research analysts expect that Visa will post $3.43 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Friday, August 18th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $0.66 dividend on an annualized basis and a yield of 0.65%. Visa’s dividend payout ratio is currently 24.54%.
Visa declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 20th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the credit-card processor to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.
In other news, EVP Tullier Kelly Mahon sold 29,772 shares of the stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $100.91, for a total transaction of $3,004,292.52. Following the transaction, the executive vice president now directly owns 17,360 shares in the company, valued at approximately $1,751,797.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in V. Folger Hill Asset Management LP bought a new stake in shares of Visa during the fourth quarter valued at $474,000. Chilton Capital Management LLC boosted its stake in shares of Visa by 8.5% in the fourth quarter. Chilton Capital Management LLC now owns 135,794 shares of the credit-card processor’s stock valued at $10,595,000 after buying an additional 10,613 shares in the last quarter. InterOcean Capital LLC boosted its stake in shares of Visa by 5.9% in the fourth quarter. InterOcean Capital LLC now owns 2,889 shares of the credit-card processor’s stock valued at $225,000 after buying an additional 162 shares in the last quarter. Parallel Advisors LLC bought a new stake in shares of Visa during the fourth quarter valued at $3,189,000. Finally, Temasek Holdings Private Ltd bought a new stake in shares of Visa during the fourth quarter valued at $118,769,000. Hedge funds and other institutional investors own 82.02% of the company’s stock.
Visa Company Profile
Visa Inc (Visa) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments. The Company operates through payment services segment. The Company enables global commerce through the transfer of value and information among the participants.
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