Hidden Cove Wealth Management LLC Raises Position in Visa Inc. (NYSE:V)

Hidden Cove Wealth Management LLC grew its holdings in shares of Visa Inc. (NYSE:V) by 27.7% in the first quarter, HoldingsChannel reports. The fund owned 903 shares of the credit-card processor’s stock after purchasing an additional 196 shares during the quarter. Hidden Cove Wealth Management LLC’s holdings in Visa were worth $316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Beacon Financial Advisory LLC increased its holdings in Visa by 4.3% in the 1st quarter. Beacon Financial Advisory LLC now owns 8,317 shares of the credit-card processor’s stock worth $2,915,000 after acquiring an additional 345 shares in the last quarter. Tanager Wealth Management LLP boosted its position in shares of Visa by 53.0% in the first quarter. Tanager Wealth Management LLP now owns 1,126 shares of the credit-card processor’s stock worth $395,000 after purchasing an additional 390 shares during the period. TFC Financial Management Inc. increased its stake in shares of Visa by 4.1% in the first quarter. TFC Financial Management Inc. now owns 1,513 shares of the credit-card processor’s stock worth $530,000 after purchasing an additional 60 shares in the last quarter. Elite Life Management LLC raised its position in shares of Visa by 2.7% during the 1st quarter. Elite Life Management LLC now owns 1,419 shares of the credit-card processor’s stock valued at $497,000 after purchasing an additional 37 shares during the period. Finally, Stone Summit Wealth LLC raised its position in shares of Visa by 5.4% during the 1st quarter. Stone Summit Wealth LLC now owns 7,435 shares of the credit-card processor’s stock valued at $2,606,000 after purchasing an additional 379 shares during the period. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Visa Price Performance

Shares of V stock opened at $349.13 on Friday. The stock has a 50 day moving average price of $353.30 and a 200 day moving average price of $340.01. Visa Inc. has a 52-week low of $252.70 and a 52-week high of $375.51. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market capitalization of $644.20 billion, a P/E ratio of 35.09, a P/E/G ratio of 2.34 and a beta of 0.94.

Visa (NYSE:V) last released its earnings results on Tuesday, April 29th. The credit-card processor reported $2.76 earnings per share for the quarter, topping the consensus estimate of $2.68 by $0.08. The business had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.57 billion. Visa had a return on equity of 56.28% and a net margin of 52.86%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period last year, the company earned $2.51 earnings per share. As a group, sell-side analysts predict that Visa Inc. will post 11.3 earnings per share for the current year.

Visa Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th were given a $0.59 dividend. The ex-dividend date was Tuesday, May 13th. This represents a $2.36 annualized dividend and a yield of 0.68%. Visa’s dividend payout ratio (DPR) is 23.72%.

Insider Buying and Selling at Visa

In other news, insider Paul D. Fabara sold 46,214 shares of the firm’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $370.00, for a total transaction of $17,099,180.00. Following the transaction, the insider now owns 26,413 shares in the company, valued at approximately $9,772,810. This trade represents a 63.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ryan Mcinerney sold 8,620 shares of Visa stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $350.44, for a total value of $3,020,792.80. Following the completion of the sale, the chief executive officer now owns 537 shares of the company’s stock, valued at $188,186.28. The trade was a 94.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,098 shares of company stock valued at $36,738,526 in the last three months. Company insiders own 0.13% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on V. Evercore ISI assumed coverage on shares of Visa in a report on Wednesday, April 9th. They issued an “in-line” rating and a $330.00 target price for the company. Citigroup started coverage on Visa in a research report on Monday, June 2nd. They set a “buy” rating for the company. William Blair reiterated an “outperform” rating on shares of Visa in a research report on Wednesday, April 30th. Susquehanna reiterated a “positive” rating on shares of Visa in a report on Friday, March 21st. Finally, Macquarie dropped their price objective on shares of Visa from $400.00 to $380.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $372.80.

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.