Visa Inc. (NYSE:V) Stock Rating Reaffirmed by Citigroup Inc.
Visa Inc. (NYSE:V)‘s stock had its “buy” rating reaffirmed by investment analysts at Citigroup Inc. in a report issued on Monday. They currently have a $115.00 price objective on the credit-card processor’s stock, up from their previous price objective of $100.00. Citigroup Inc.’s price objective suggests a potential upside of 14.58% from the company’s previous close.
V has been the subject of a number of other reports. Vetr raised shares of Visa from a “hold” rating to a “buy” rating and set a $95.32 target price for the company in a research note on Thursday, April 27th. Wedbush restated an “outperform” rating and set a $100.00 price objective (up from $96.00) on shares of Visa in a research note on Tuesday, June 6th. Loop Capital increased their price objective on shares of Visa from $101.00 to $111.00 and gave the stock a “buy” rating in a research note on Friday. They noted that the move was a valuation call. Royal Bank Of Canada increased their price objective on shares of Visa from $97.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, April 21st. Finally, Deutsche Bank AG increased their price objective on shares of Visa from $124.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, July 10th. Five analysts have rated the stock with a hold rating, twenty-seven have given 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 an average price target of $103.87.
Shares of Visa (V) traded up 0.77% during mid-day trading on Monday, hitting $100.37. The stock had a trading volume of 9,185,141 shares. The stock has a market capitalization of $229.49 billion, a price-to-earnings ratio of 37.33 and a beta of 0.93. The stock’s 50-day moving average price is $95.30 and its 200-day moving average price is $90.04. Visa has a 12-month low of $75.17 and a 12-month high of $100.42.
Visa (NYSE:V) last announced 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 firm had revenue of $4.57 billion during the quarter, compared to analyst estimates of $4.36 billion. Visa had a net margin of 36.53% and a return on equity of 30.95%. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 EPS. On average, equities analysts anticipate that Visa will post $3.42 EPS for the current fiscal year.
Visa announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 20th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the credit-card processor to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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In other Visa news, Vice Chairman Ellen Richey sold 31,260 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $91.94, for a total value of $2,874,044.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.14% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in shares of Visa by 0.9% in the first quarter. State Street Corp now owns 83,471,859 shares of the credit-card processor’s stock worth $7,418,151,000 after buying an additional 722,878 shares during the period. Bank of New York Mellon Corp raised its position in shares of Visa by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 18,286,230 shares of the credit-card processor’s stock worth $1,625,097,000 after buying an additional 73,926 shares during the period. Norges Bank acquired a new position in shares of Visa during the fourth quarter worth approximately $1,335,803,000. Fisher Asset Management LLC raised its position in shares of Visa by 3.0% in the second quarter. Fisher Asset Management LLC now owns 15,616,151 shares of the credit-card processor’s stock worth $1,464,483,000 after buying an additional 452,183 shares during the period. Finally, Loomis Sayles & Co. L P raised its position in shares of Visa by 3.9% in the fourth quarter. Loomis Sayles & Co. L P now owns 14,002,819 shares of the credit-card processor’s stock worth $1,092,500,000 after buying an additional 531,327 shares during the period. 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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