Visa Inc. (NYSE:V) Shares Sold by Covey Capital Advisors LLC

Covey Capital Advisors LLC lessened its position in shares of Visa Inc. (NYSE:V) by 4.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 24,930 shares of the credit-card processor’s stock after selling 1,063 shares during the quarter. Visa accounts for approximately 7.6% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 3rd largest holding. Covey Capital Advisors LLC’s holdings in Visa were worth $6,855,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of V. Unionview LLC increased its position in Visa by 1.5% during the third quarter. Unionview LLC now owns 2,296 shares of the credit-card processor’s stock worth $631,000 after acquiring an additional 33 shares during the period. St. Louis Trust Co grew its position in shares of Visa by 0.9% during the 3rd quarter. St. Louis Trust Co now owns 3,885 shares of the credit-card processor’s stock worth $1,068,000 after purchasing an additional 34 shares in the last quarter. FWG Holdings LLC increased its holdings in shares of Visa by 1.1% during the third quarter. FWG Holdings LLC now owns 3,168 shares of the credit-card processor’s stock worth $900,000 after purchasing an additional 34 shares during the period. KMG Fiduciary Partners LLC raised its position in shares of Visa by 0.3% in the third quarter. KMG Fiduciary Partners LLC now owns 13,933 shares of the credit-card processor’s stock valued at $3,831,000 after buying an additional 37 shares in the last quarter. Finally, Iron Horse Wealth Management LLC grew its position in Visa by 15.9% during the third quarter. Iron Horse Wealth Management LLC now owns 270 shares of the credit-card processor’s stock worth $74,000 after buying an additional 37 shares in the last quarter. 82.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on V shares. Macquarie lifted their price objective on Visa from $300.00 to $335.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Piper Sandler boosted their price target on Visa from $319.00 to $322.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group restated a “buy” rating and set a $317.00 target price on shares of Visa in a research note on Thursday, September 12th. Deutsche Bank Aktiengesellschaft raised their price objective on Visa from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer reissued an “outperform” rating and set a $321.00 target price (up previously from $318.00) on shares of Visa in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $321.74.

Visa Trading Up 0.9 %

V opened at $314.70 on Friday. Visa Inc. has a twelve month low of $251.61 and a twelve month high of $316.37. The company has a fifty day moving average of $291.48 and a 200-day moving average of $278.31. The stock has a market cap of $586.25 billion, a PE ratio of 32.34, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.55.

Visa (NYSE:V) last issued its quarterly earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.13. The firm had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $9.49 billion. Visa had a return on equity of 53.16% and a net margin of 54.96%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the business posted $2.33 EPS. On average, sell-side analysts predict that Visa Inc. will post 11.19 EPS for the current year.

Visa Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be issued a $0.59 dividend. This is an increase from Visa’s previous quarterly dividend of $0.52. This represents a $2.36 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Tuesday, November 12th. Visa’s payout ratio is presently 24.25%.

Insider Buying and Selling at Visa

In other Visa news, insider Paul D. Fabara sold 2,171 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $307.97, for a total value of $668,602.87. Following the transaction, the insider now owns 17,894 shares in the company, valued at approximately $5,510,815.18. This represents a 10.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ryan Mcinerney sold 8,620 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total value of $2,382,309.40. Following the completion of the sale, the chief executive officer now directly owns 538 shares of the company’s stock, valued at $148,687.06. This trade represents a 94.13 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

About Visa

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.