State of Michigan Retirement System Lowers Position in Visa Inc. (NYSE:V)

State of Michigan Retirement System trimmed its position in shares of Visa Inc. (NYSE:V) by 0.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 585,523 shares of the credit-card processor’s stock after selling 3,100 shares during the quarter. Visa makes up about 0.9% of State of Michigan Retirement System’s portfolio, making the stock its 18th biggest holding. State of Michigan Retirement System’s holdings in Visa were worth $163,408,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Visa during the 4th quarter valued at about $3,895,015,000. International Assets Investment Management LLC grew its holdings in Visa by 17,418.7% in the fourth quarter. International Assets Investment Management LLC now owns 4,737,229 shares of the credit-card processor’s stock valued at $1,233,338,000 after purchasing an additional 4,710,188 shares during the period. Public Employees Retirement Association of Colorado increased its position in shares of Visa by 14,306.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,500,270 shares of the credit-card processor’s stock valued at $390,595,000 after buying an additional 1,489,856 shares in the last quarter. Capital World Investors raised its stake in shares of Visa by 8.0% during the 4th quarter. Capital World Investors now owns 17,895,788 shares of the credit-card processor’s stock worth $4,659,169,000 after buying an additional 1,323,238 shares during the period. Finally, Capital Research Global Investors raised its stake in shares of Visa by 139.4% during the 4th quarter. Capital Research Global Investors now owns 2,185,077 shares of the credit-card processor’s stock worth $568,885,000 after buying an additional 1,272,211 shares during the period. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Visa Stock Up 1.9 %

Visa stock traded up $4.92 during trading on Tuesday, reaching $268.16. The stock had a trading volume of 8,696,822 shares, compared to its average volume of 6,833,536. Visa Inc. has a 52-week low of $227.68 and a 52-week high of $290.96. The business has a 50 day moving average price of $273.70 and a 200 day moving average price of $273.61. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.53. The stock has a market cap of $490.45 billion, a PE ratio of 29.77, a P/E/G ratio of 1.80 and a beta of 0.95.

Visa (NYSE:V) last released its quarterly earnings data on Tuesday, April 23rd. The credit-card processor reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.08. The business had revenue of $8.78 billion during the quarter, compared to analysts’ expectations of $8.62 billion. Visa had a net margin of 53.87% and a return on equity of 51.23%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.09 EPS. On average, analysts predict that Visa Inc. will post 9.94 EPS for the current year.

Visa Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 17th were issued a $0.52 dividend. The ex-dividend date was Thursday, May 16th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.78%. Visa’s payout ratio is currently 23.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on V shares. Mizuho boosted their price target on shares of Visa from $265.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Citigroup upped their price target on shares of Visa from $314.00 to $321.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. TD Cowen initiated coverage on Visa in a report on Thursday, April 11th. They issued a “buy” rating and a $320.00 price objective on the stock. Redburn Atlantic reissued a “neutral” rating and set a $307.00 target price on shares of Visa in a report on Wednesday, March 27th. Finally, Macquarie lifted their price target on Visa from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Visa has a consensus rating of “Moderate Buy” and an average price target of $303.56.

Insider Transactions at Visa

In other news, Director Lloyd Carney sold 909 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The shares were sold at an average price of $275.55, for a total transaction of $250,474.95. Following the completion of the sale, the director now owns 2,591 shares in the company, valued at approximately $713,950.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Lloyd Carney sold 909 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $275.55, for a total value of $250,474.95. Following the completion of the sale, the director now directly owns 2,591 shares of the company’s stock, valued at approximately $713,950.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul D. Fabara sold 25,293 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total value of $7,009,954.95. Following the transaction, the insider now owns 17,894 shares in the company, valued at approximately $4,959,322.10. The disclosure for this sale can be found here. Corporate 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.