Pinnacle Associates Ltd. Sells 1,527 Shares of Visa Inc. (NYSE:V)

Pinnacle Associates Ltd. lessened its stake in shares of Visa Inc. (NYSE:V) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 207,025 shares of the credit-card processor’s stock after selling 1,527 shares during the period. Visa accounts for about 0.9% of Pinnacle Associates Ltd.’s portfolio, making the stock its 23rd biggest position. Pinnacle Associates Ltd.’s holdings in Visa were worth $54,338,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Westend Capital Management LLC acquired a new stake in shares of Visa in the 1st quarter valued at $25,000. Livelsberger Financial Advisory acquired a new stake in shares of Visa in the 4th quarter valued at $25,000. POM Investment Strategies LLC boosted its holdings in shares of Visa by 970.0% in the 2nd quarter. POM Investment Strategies LLC now owns 107 shares of the credit-card processor’s stock valued at $28,000 after purchasing an additional 97 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in shares of Visa in the 4th quarter valued at $33,000. Finally, TruNorth Capital Management LLC boosted its holdings in shares of Visa by 211.9% in the 2nd quarter. TruNorth Capital Management LLC now owns 131 shares of the credit-card processor’s stock valued at $34,000 after purchasing an additional 89 shares in the last quarter. Institutional investors own 82.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on V. Macquarie reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Visa in a report on Wednesday, July 24th. William Blair raised Visa to a “strong-buy” rating in a report on Tuesday, July 23rd. Piper Sandler cut their price objective on Visa from $322.00 to $319.00 and set an “overweight” rating on the stock in a report on Wednesday, July 24th. Jefferies Financial Group cut their price objective on Visa from $325.00 to $300.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Finally, Royal Bank of Canada cut their price objective on Visa from $315.00 to $311.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $308.50.

Visa Stock Performance

V stock opened at $276.37 on Friday. The stock has a 50-day moving average price of $265.70 and a 200-day moving average price of $273.13. Visa Inc. has a 1-year low of $227.78 and a 1-year high of $290.96. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54. The firm has a market cap of $503.63 billion, a PE ratio of 30.88, a price-to-earnings-growth ratio of 1.95 and a beta of 0.95.

Visa (NYSE:V) last issued its earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 EPS for the quarter, meeting analysts’ consensus estimates of $2.42. Visa had a return on equity of 51.94% and a net margin of 54.72%. The business had revenue of $8.90 billion during the quarter, compared to analyst estimates of $8.92 billion. During the same period in the previous year, the company posted $2.16 EPS. The firm’s revenue was up 9.6% compared to the same quarter last year. As a group, equities research analysts expect that Visa Inc. will post 9.92 earnings per share for the current year.

Visa Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Friday, August 9th. Visa’s payout ratio is 23.24%.

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.