APG Asset Management N.V. reduced its stake in shares of Visa Inc. (NYSE:V) by 48.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,307,281 shares of the credit-card processor’s stock after selling 1,221,961 shares during the period. APG Asset Management N.V. owned 0.06% of Visa worth $116,178,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of V. Norges Bank purchased a new position in shares of Visa during the fourth quarter worth about $1,335,803,000. Viking Global Investors LP raised its position in shares of Visa by 739.1% in the fourth quarter. Viking Global Investors LP now owns 4,846,485 shares of the credit-card processor’s stock worth $378,123,000 after buying an additional 4,268,933 shares during the last quarter. Lone Pine Capital LLC raised its position in shares of Visa by 180.3% in the fourth quarter. Lone Pine Capital LLC now owns 6,551,477 shares of the credit-card processor’s stock worth $511,146,000 after buying an additional 4,213,802 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Visa by 441.9% in the fourth quarter. Renaissance Technologies LLC now owns 2,594,500 shares of the credit-card processor’s stock worth $202,423,000 after buying an additional 2,115,700 shares during the last quarter. Finally, Glenview Capital Management LLC purchased a new position in shares of Visa during the fourth quarter worth about $146,661,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.
Shares of Visa Inc. (NYSE:V) opened at 96.83 on Tuesday. The company’s 50 day moving average price is $94.45 and its 200 day moving average price is $88.30. Visa Inc. has a one year low of $75.17 and a one year high of $97.37. The stock has a market capitalization of $223.33 billion, a price-to-earnings ratio of 48.32 and a beta of 0.93.
Visa (NYSE:V) last posted its quarterly earnings data on Thursday, April 20th. The credit-card processor reported $0.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.07. Visa had a net margin of 28.78% and a return on equity of 29.14%. The company had revenue of $4.48 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the business posted $0.68 EPS. The company’s quarterly revenue was up 23.5% on a year-over-year basis. On average, analysts expect that Visa Inc. will post $3.36 earnings per share for the current fiscal year.
Visa declared that its board has approved a share buyback program on Thursday, April 20th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the credit-card processor to repurchase up to 2.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
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V has been the subject of a number of research reports. Vetr lowered Visa from a “hold” rating to a “sell” rating and set a $92.84 price target for the company. in a research note on Monday, June 5th. CIBC increased their price target on Visa from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. BidaskClub lowered Visa from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 13th. Zacks Investment Research lowered Visa from a “buy” rating to a “hold” rating in a research note on Friday, May 26th. Finally, Sandler O’Neill reaffirmed a “hold” rating on shares of Visa in a research note on Wednesday, June 21st. Five equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $98.75.
In other news, Vice Chairman Ellen Richey sold 31,260 shares of the stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $91.94, for a total transaction of $2,874,044.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.14% of the company’s stock.
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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