Benedict Financial Advisors Inc. reduced its position in shares of Visa (NYSE:V) by 2.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,861 shares of the credit-card processor’s stock after selling 489 shares during the period. Benedict Financial Advisors Inc.’s holdings in Visa were worth $1,922,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in V. Vanguard Group Inc. raised its stake in shares of Visa by 2.1% in the second quarter. Vanguard Group Inc. now owns 127,020,401 shares of the credit-card processor’s stock valued at $11,911,973,000 after acquiring an additional 2,628,148 shares in the last quarter. BlackRock Inc. raised its stake in shares of Visa by 1.3% in the second quarter. BlackRock Inc. now owns 114,649,667 shares of the credit-card processor’s stock valued at $10,751,846,000 after acquiring an additional 1,440,034 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Visa by 1.0% in the third quarter. Jennison Associates LLC now owns 21,283,466 shares of the credit-card processor’s stock valued at $2,239,872,000 after acquiring an additional 209,764 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Visa by 9.3% in the third quarter. Bank of New York Mellon Corp now owns 19,188,126 shares of the credit-card processor’s stock valued at $2,019,358,000 after acquiring an additional 1,624,700 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Visa by 2.8% in the fourth quarter. Fisher Asset Management LLC now owns 16,419,486 shares of the credit-card processor’s stock valued at $1,872,150,000 after acquiring an additional 448,015 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.
V opened at $121.88 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.07 and a current ratio of 2.07. Visa has a one year low of $88.75 and a one year high of $126.88. The stock has a market cap of $248,809.86, a PE ratio of 35.02, a PEG ratio of 1.59 and a beta of 0.98.
Visa declared that its board has initiated a share buyback program on Thursday, February 1st that authorizes the company to buyback $7.50 billion in outstanding shares. This buyback authorization authorizes the credit-card processor to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, EVP Lynne Biggar sold 1,712 shares of Visa stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $120.00, for a total transaction of $205,440.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is currently owned by insiders.
Several brokerages have recently issued reports on V. Guggenheim reiterated a “buy” rating and issued a $143.00 price objective on shares of Visa in a research note on Monday, April 9th. Zacks Investment Research upgraded Visa from a “hold” rating to a “buy” rating and set a $133.00 price target on the stock in a research note on Saturday, April 7th. Vetr cut Visa from a “strong-buy” rating to a “buy” rating and set a $135.00 price target on the stock. in a research note on Thursday, April 5th. ValuEngine upgraded Visa from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, Sanford C. Bernstein started coverage on Visa in a research note on Tuesday, March 27th. They issued an “outperform” rating and a $143.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Visa has a consensus rating of “Buy” and a consensus price target of $135.19.
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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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