Cullinan Associates Inc. Sells 1,878 Shares of Visa Inc. $V

Cullinan Associates Inc. cut its holdings in Visa Inc. (NYSE:V) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,595 shares of the credit-card processor’s stock after selling 1,878 shares during the period. Visa makes up 1.6% of Cullinan Associates Inc.’s portfolio, making the stock its 14th largest position. Cullinan Associates Inc.’s holdings in Visa were worth $23,645,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Lakeridge Wealth Management LLC lifted its stake in Visa by 5.7% in the first quarter. Lakeridge Wealth Management LLC now owns 1,507 shares of the credit-card processor’s stock worth $528,000 after purchasing an additional 81 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Visa by 14.5% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 455,183 shares of the credit-card processor’s stock valued at $159,523,000 after acquiring an additional 57,800 shares during the last quarter. Precedent Wealth Partners LLC raised its stake in shares of Visa by 7.5% during the second quarter. Precedent Wealth Partners LLC now owns 1,588 shares of the credit-card processor’s stock valued at $564,000 after acquiring an additional 111 shares during the last quarter. Consilium Wealth Advisory LLC bought a new position in shares of Visa during the second quarter valued at about $862,000. Finally, Iron Gate Global Advisors LLC raised its stake in shares of Visa by 5.9% during the first quarter. Iron Gate Global Advisors LLC now owns 62,890 shares of the credit-card processor’s stock valued at $22,040,000 after acquiring an additional 3,484 shares during the last quarter. 82.15% of the stock is owned by institutional investors.

Insider Activity at Visa

In related news, General Counsel Julie B. Rottenberg sold 2,027 shares of the firm’s 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 completion of the sale, the general counsel owned 11,925 shares of the company’s stock, valued at $4,102,438.50. This trade represents a 14.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ryan Mcinerney sold 10,485 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $342.30, for a total transaction of $3,589,015.50. Following the sale, the chief executive officer directly owned 537 shares of the company’s stock, valued at $183,815.10. This trade represents a 95.13% decrease in their position. The disclosure for this sale can be found here. 0.13% of the stock is owned by company insiders.

Visa Price Performance

Shares of NYSE V opened at $351.31 on Thursday. Visa Inc. has a fifty-two week low of $274.42 and a fifty-two week high of $375.51. The company has a 50 day simple moving average of $343.66 and a two-hundred day simple moving average of $346.96. The company has a market capitalization of $643.88 billion, a price-to-earnings ratio of 34.31, a P/E/G ratio of 2.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.12.

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

Visa Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently commented on V. Deutsche Bank Aktiengesellschaft began coverage on shares of Visa in a research note on Thursday, July 17th. They set a “buy” rating and a $410.00 price objective for the company. Robert W. Baird set a $410.00 price objective on shares of Visa and gave the company an “outperform” rating in a research note on Monday. Raymond James Financial reaffirmed an “outperform” rating on shares of Visa in a research note on Wednesday, July 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Visa in a research note on Wednesday. Finally, UBS Group reissued a “buy” rating and issued a $415.00 price target (up from $405.00) on shares of Visa in a research note on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $389.00.

Visa Company Profile

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.