Visa Inc. (NYSE:V) Shares Sold by Progressive Investment Management Corp

Progressive Investment Management Corp reduced its holdings in shares of Visa Inc. (NYSE:V) by 2.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 44,099 shares of the credit-card processor’s stock after selling 1,014 shares during the quarter. Visa makes up approximately 3.6% of Progressive Investment Management Corp’s holdings, making the stock its 10th largest holding. Progressive Investment Management Corp’s holdings in Visa were worth $13,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Visa by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 159,405,343 shares of the credit-card processor’s stock worth $50,378,465,000 after buying an additional 7,079,706 shares during the period. State Street Corp raised its stake in Visa by 4.5% in the 3rd quarter. State Street Corp now owns 76,610,942 shares of the credit-card processor’s stock worth $21,064,179,000 after acquiring an additional 3,327,977 shares during the last quarter. Geode Capital Management LLC lifted its position in Visa by 7.7% during the 3rd quarter. Geode Capital Management LLC now owns 38,655,250 shares of the credit-card processor’s stock worth $10,601,135,000 after acquiring an additional 2,772,549 shares during the period. Norges Bank purchased a new stake in Visa during the 4th quarter valued at about $5,171,271,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Visa by 6.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,241,003 shares of the credit-card processor’s stock valued at $3,868,646,000 after purchasing an additional 718,558 shares during the period. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on V shares. Barclays upped their target price on Visa from $361.00 to $396.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Oppenheimer reiterated an “outperform” rating on shares of Visa in a research note on Thursday, February 13th. Piper Sandler restated an “overweight” rating and set a $383.00 target price (up from $368.00) on shares of Visa in a research report on Friday, January 31st. Seaport Res Ptn raised Visa from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 14th. Finally, Citigroup reissued a “neutral” rating on shares of Visa in a report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Visa currently has a consensus rating of “Moderate Buy” and an average price target of $355.84.

Insider Activity at Visa

In related news, CEO Ryan Mcinerney sold 8,620 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $317.78, for a total value of $2,739,263.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Peter M. Andreski sold 2,332 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $349.62, for a total transaction of $815,313.84. Following the completion of the sale, the chief accounting officer now owns 4,488 shares in the company, valued at approximately $1,569,094.56. This trade represents a 34.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 143,205 shares of company stock valued at $48,560,961. Corporate insiders own 0.13% of the company’s stock.

Visa Price Performance

NYSE:V opened at $342.62 on Friday. The firm has a market cap of $636.51 billion, a P/E ratio of 34.54, a price-to-earnings-growth ratio of 2.33 and a beta of 0.95. The stock has a 50 day moving average of $343.60 and a two-hundred day moving average of $315.06. Visa Inc. has a 12 month low of $252.70 and a 12 month high of $366.54. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.45.

Visa (NYSE:V) last issued its quarterly earnings results on Thursday, January 30th. The credit-card processor reported $2.75 EPS for the quarter, topping the consensus estimate of $2.66 by $0.09. Visa had a return on equity of 54.79% and a net margin of 54.27%. On average, analysts expect that Visa Inc. will post 11.3 earnings per share for the current fiscal year.

Visa Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 11th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Tuesday, February 11th. This represents a $2.36 dividend on an annualized basis and a yield of 0.69%. Visa’s payout ratio is presently 23.79%.

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.