Chase Investment Counsel Corp Sells 13,147 Shares of Visa Inc. (NYSE:V)

Chase Investment Counsel Corp lowered its stake in shares of Visa Inc. (NYSE:V) by 55.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,714 shares of the credit-card processor’s stock after selling 13,147 shares during the quarter. Chase Investment Counsel Corp’s holdings in Visa were worth $2,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in V. Hilltop National Bank acquired a new position in Visa during the 1st quarter valued at about $1,212,000. Absolute Capital Management LLC purchased a new position in shares of Visa during the first quarter worth $404,000. Davidson Capital Management Inc. grew its position in Visa by 0.5% during the 1st quarter. Davidson Capital Management Inc. now owns 9,275 shares of the credit-card processor’s stock worth $2,588,000 after purchasing an additional 44 shares during the period. Empirical Finance LLC grew its holdings in Visa by 4.4% during the first quarter. Empirical Finance LLC now owns 45,724 shares of the credit-card processor’s stock worth $12,761,000 after acquiring an additional 1,914 shares during the period. Finally, Arjuna Capital lifted its holdings in Visa by 0.8% in the second quarter. Arjuna Capital now owns 11,851 shares of the credit-card processor’s stock valued at $3,111,000 after acquiring an additional 96 shares during the period. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on V. Keefe, Bruyette & Woods upgraded Visa from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, September 24th. Citigroup cut their price target on shares of Visa from $321.00 to $319.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Evercore ISI dropped their target price on shares of Visa from $335.00 to $330.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 25th. TD Cowen decreased their price target on shares of Visa from $320.00 to $318.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, Compass Point initiated coverage on Visa in a report on Wednesday, September 4th. They set a “buy” rating and a $319.00 target price for the company. Six research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Visa presently has an average rating of “Moderate Buy” and a consensus target price of $310.22.

Visa Price Performance

Shares of NYSE V opened at $275.17 on Monday. 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 company’s 50-day moving average price is $271.31 and its 200 day moving average price is $273.19. Visa Inc. has a 52 week low of $227.78 and a 52 week high of $293.07. The stock has a market cap of $503.27 billion, a price-to-earnings ratio of 30.75, a PEG ratio of 1.92 and a beta of 0.96.

Visa (NYSE:V) last posted its earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 earnings per share (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 firm had revenue of $8.90 billion for the quarter, compared to analyst estimates of $8.92 billion. During the same quarter in the prior year, the company earned $2.16 EPS. Visa’s revenue was up 9.6% on a year-over-year basis. As a group, research analysts forecast that Visa Inc. will post 9.92 earnings per share for the current fiscal year.

Visa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Friday, August 9th. Visa’s dividend payout ratio (DPR) is 23.24%.

Insider Activity

In other Visa news, CEO Ryan Mcinerney sold 8,620 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the completion of the sale, the chief executive officer now directly owns 538 shares in the company, valued at $148,687.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.