Legacy Wealth Management LLC MS Cuts Stock Holdings in Visa Inc. $V

Legacy Wealth Management LLC MS lowered its position in Visa Inc. (NYSE:V) by 11.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,097 shares of the credit-card processor’s stock after selling 2,438 shares during the period. Visa comprises approximately 1.9% of Legacy Wealth Management LLC MS’s holdings, making the stock its 11th largest position. Legacy Wealth Management LLC MS’s holdings in Visa were worth $6,178,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC acquired a new stake in shares of Visa in the 2nd quarter valued at approximately $28,000. Harbor Asset Planning Inc. acquired a new position in Visa during the second quarter worth $29,000. Sagard Holdings Management Inc. purchased a new position in Visa in the second quarter worth $31,000. Cranbrook Wealth Management LLC lifted its holdings in Visa by 82.0% in the second quarter. Cranbrook Wealth Management LLC now owns 91 shares of the credit-card processor’s stock valued at $32,000 after acquiring an additional 41 shares during the period. Finally, Bare Financial Services Inc boosted its position in shares of Visa by 287.0% during the 2nd quarter. Bare Financial Services Inc now owns 89 shares of the credit-card processor’s stock worth $32,000 after purchasing an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Visa Stock Down 0.7%

Shares of NYSE V opened at $349.75 on Friday. The firm’s 50-day moving average is $340.09 and its two-hundred day moving average is $344.14. The company has a market capitalization of $637.15 billion, a PE ratio of 34.26, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81. Visa Inc. has a 12-month low of $299.00 and a 12-month high of $375.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.08 and a quick ratio of 1.08.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, October 28th. The credit-card processor reported $2.98 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.01. Visa had a net margin of 50.15% and a return on equity of 60.31%. The business had revenue of $10.72 billion during the quarter, compared to analysts’ expectations of $10.60 billion. During the same period last year, the company posted $2.71 EPS. The company’s revenue was up 11.5% on a year-over-year basis. Equities analysts anticipate that Visa Inc. will post 11.3 EPS for the current fiscal year.

Visa Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Wednesday, November 12th were issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 0.8%. This is a positive change from Visa’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Wednesday, November 12th. Visa’s payout ratio is presently 26.25%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on V. KeyCorp reaffirmed an “overweight” rating and set a $405.00 price target on shares of Visa in a research note on Wednesday, October 22nd. Wells Fargo & Company upgraded shares of Visa to a “strong-buy” rating in a research report on Wednesday, October 22nd. Evercore ISI set a $380.00 price target on shares of Visa in a research report on Friday, December 12th. Bank of America raised Visa from a “neutral” rating to a “buy” rating and set a $382.00 price target on the stock in a research note on Thursday, December 11th. Finally, Citigroup upgraded Visa to a “strong-buy” rating in a report on Thursday, October 23rd. Five investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $402.52.

Insider Activity

In other Visa news, CEO Ryan Mcinerney sold 10,485 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $349.18, for a total value of $3,661,152.30. Following the transaction, the chief executive officer directly owned 9,401 shares in the company, valued at approximately $3,282,641.18. This represents a 52.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul D. Fabara sold 2,172 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $325.93, for a total transaction of $707,919.96. Following the sale, the insider directly owned 26,413 shares in the company, valued at $8,608,789.09. This represents a 7.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 24,042 shares of company stock worth $8,247,289 over the last three months. 0.12% of the stock is currently owned by corporate insiders.

About Visa

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.