Scharf Investments LLC lessened its position in Visa Inc (NYSE:V) by 1.0% in the third quarter, HoldingsChannel.com reports. The fund owned 232,104 shares of the credit-card processor’s stock after selling 2,273 shares during the period. Visa comprises about 0.6% of Scharf Investments LLC’s portfolio, making the stock its 26th biggest holding. Scharf Investments LLC’s holdings in Visa were worth $24,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Welch Investments LLC acquired a new stake in shares of Visa during the 3rd quarter worth about $101,000. Cordasco Financial Network acquired a new stake in shares of Visa during the 3rd quarter worth about $105,000. Motco lifted its stake in shares of Visa by 25.1% during the 2nd quarter. Motco now owns 1,176 shares of the credit-card processor’s stock worth $110,000 after buying an additional 236 shares during the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in shares of Visa during the 3rd quarter worth about $110,000. Finally, BDO Wealth Advisors LLC acquired a new stake in shares of Visa during the 2nd quarter worth about $115,000. 81.59% of the stock is owned by institutional investors.
A number of research firms have recently issued reports on V. BMO Capital Markets restated a “positive” rating and set a $148.00 target price on shares of Visa in a research note on Monday, February 5th. Vetr upgraded shares of Visa from a “hold” rating to a “buy” rating and set a $126.37 target price for the company in a research note on Monday, February 5th. Mizuho restated a “buy” rating and set a $136.00 target price on shares of Visa in a research note on Friday, February 2nd. Guggenheim restated a “buy” rating and set a $136.00 target price on shares of Visa in a research note on Friday, February 2nd. Finally, Loop Capital raised their target price on shares of Visa to $142.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Two equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Visa currently has an average rating of “Buy” and a consensus target price of $133.85.
Visa (NYSE:V) last issued its earnings results on Thursday, February 1st. The credit-card processor reported $1.08 EPS for the quarter, beating the consensus estimate of $0.98 by $0.10. The company had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Visa had a net margin of 51.87% and a return on equity of 35.40%. The business’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.86 EPS. sell-side analysts predict that Visa Inc will post 4.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Friday, February 16th will be given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This is a boost from Visa’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 0.69%. Visa’s payout ratio is presently 27.81%.
Visa announced that its Board of Directors has initiated a stock repurchase plan 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 repurchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director Robert W. Matschullat sold 6,220 shares of Visa stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $113.76, for a total transaction of $707,587.20. Following the sale, the director now directly owns 57,368 shares of the company’s stock, valued at approximately $6,526,183.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James H. Hoffmeister sold 2,146 shares of Visa stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $112.09, for a total transaction of $240,545.14. Following the sale, the senior vice president now directly owns 687 shares in the company, valued at $77,005.83. The disclosure for this sale can be found here. Insiders sold a total of 59,780 shares of company stock valued at $6,802,702 over the last 90 days. Corporate insiders own 0.14% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This article was first published by Community Financial News and is the sole property of of Community Financial News. If you are reading this article on another site, it was stolen and reposted in violation of U.S. and international trademark and copyright legislation. The legal version of this article can be viewed at https://www.com-unik.info/2018/02/20/scharf-investments-llc-has-24-43-million-stake-in-visa-inc-v.html.
Visa Inc (Visa) is a payments technology company that connects consumers, merchants, financial institutions, businesses, strategic partners and government entities to electronic payments. The Company operates through payment services segment. The Company enables global commerce through the transfer of value and information among the participants.
Want to see what other hedge funds are holding V? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Visa Inc (NYSE:V).
Receive News & Ratings for Visa Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Visa and related companies with MarketBeat.com's FREE daily email newsletter.