Provident Investment Management Inc. boosted its stake in shares of Visa Inc (NYSE:V) by 7.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 426,133 shares of the credit-card processor’s stock after purchasing an additional 29,563 shares during the quarter. Visa comprises 8.0% of Provident Investment Management Inc.’s portfolio, making the stock its largest holding. Provident Investment Management Inc.’s holdings in Visa were worth $56,441,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Tredje AP fonden lifted its holdings in shares of Visa by 14.4% during the second quarter. Tredje AP fonden now owns 237,154 shares of the credit-card processor’s stock worth $31,411,000 after buying an additional 29,923 shares during the last quarter. Parkwood LLC lifted its holdings in shares of Visa by 78.2% during the second quarter. Parkwood LLC now owns 136,841 shares of the credit-card processor’s stock worth $18,125,000 after buying an additional 60,039 shares during the last quarter. AKO Capital LLP lifted its holdings in shares of Visa by 9.1% during the second quarter. AKO Capital LLP now owns 740,305 shares of the credit-card processor’s stock worth $98,053,000 after buying an additional 61,761 shares during the last quarter. Gradient Investments LLC acquired a new position in shares of Visa during the second quarter worth approximately $1,402,000. Finally, Keybank National Association OH lifted its holdings in shares of Visa by 5.7% during the second quarter. Keybank National Association OH now owns 178,801 shares of the credit-card processor’s stock worth $23,682,000 after buying an additional 9,683 shares during the last quarter. 80.18% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE V opened at $140.06 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.69 and a quick ratio of 1.69. The firm has a market capitalization of $305.32 billion, a P/E ratio of 40.25, a PEG ratio of 1.86 and a beta of 1.06. Visa Inc has a one year low of $106.60 and a one year high of $151.56.
Visa (NYSE:V) last issued its earnings results on Wednesday, July 25th. The credit-card processor reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.11. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.09 billion. Visa had a return on equity of 36.09% and a net margin of 47.91%. Visa’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 earnings per share. Equities analysts anticipate that Visa Inc will post 4.59 EPS for the current year.
In other Visa news, CFO Vasant M. Prabhu sold 25,064 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $140.56, for a total transaction of $3,522,995.84. Following the completion of the transaction, the chief financial officer now directly owns 58,232 shares in the company, valued at $8,185,089.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James H. Hoffmeister sold 6,912 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $140.01, for a total value of $967,749.12. Following the transaction, the senior vice president now owns 6,912 shares of the company’s stock, valued at $967,749.12. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.
A number of research analysts have recently commented on V shares. Morgan Stanley upgraded Visa to an “overweight” rating in a report on Monday, July 23rd. Zacks Investment Research upgraded Visa from a “hold” rating to a “buy” rating and set a $168.00 price target for the company in a report on Tuesday, September 25th. Wells Fargo & Co upped their price target on Visa from $143.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, July 12th. Goldman Sachs Group lowered Visa from a “conviction-buy” rating to a “buy” rating and set a $160.00 price target for the company. in a report on Monday, September 17th. Finally, Bank of America reiterated a “buy” rating and set a $163.00 price target on shares of Visa in a report on Monday, September 17th. Two research analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the stock. Visa presently has a consensus rating of “Buy” and a consensus price target of $153.97.
Visa Inc operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants.
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