Skye Global Management LP Boosts Stake in Visa Inc. (NYSE:V)

Skye Global Management LP raised its stake in Visa Inc. (NYSE:V) by 97.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,000 shares of the credit-card processor’s stock after acquiring an additional 51,400 shares during the quarter. Visa makes up 0.7% of Skye Global Management LP’s portfolio, making the stock its 18th biggest holding. Skye Global Management LP’s holdings in Visa were worth $28,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Centric Wealth Management boosted its position in Visa by 0.4% during the third quarter. Centric Wealth Management now owns 18,913 shares of the credit-card processor’s stock worth $5,200,000 after acquiring an additional 75 shares during the last quarter. Providence Wealth Advisors LLC acquired a new stake in Visa in the 3rd quarter worth about $224,000. Carl P. Sherr & Co. LLC increased its stake in shares of Visa by 1.0% during the 3rd quarter. Carl P. Sherr & Co. LLC now owns 5,906 shares of the credit-card processor’s stock valued at $1,624,000 after acquiring an additional 60 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its holdings in Visa by 5.7% in the third quarter. Pin Oak Investment Advisors Inc. now owns 831 shares of the credit-card processor’s stock valued at $228,000 after purchasing an additional 45 shares during the period. Finally, Vinva Investment Management Ltd increased its position in Visa by 14.7% during the third quarter. Vinva Investment Management Ltd now owns 74,940 shares of the credit-card processor’s stock worth $20,621,000 after purchasing an additional 9,588 shares during the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Visa

In related news, insider Paul D. Fabara sold 2,171 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $307.97, for a total value of $668,602.87. Following the completion of the transaction, the insider now directly owns 17,894 shares in the company, valued at approximately $5,510,815.18. This represents a 10.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ryan Mcinerney sold 8,620 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the completion of the transaction, the chief executive officer now owns 538 shares of the company’s stock, valued at approximately $148,687.06. This represents a 94.13 % decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on V shares. Macquarie upped their price objective on Visa from $300.00 to $335.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Susquehanna lifted their price objective on Visa from $326.00 to $339.00 and gave the company a “positive” rating in a research note on Wednesday, October 30th. Morgan Stanley boosted their target price on Visa from $322.00 to $326.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on Visa from $300.00 to $340.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Compass Point started coverage on Visa in a report on Wednesday, September 4th. They set a “buy” rating and a $319.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $321.74.

Visa Price Performance

NYSE V opened at $314.70 on Friday. Visa Inc. has a fifty-two week low of $251.61 and a fifty-two week high of $316.37. The stock’s 50-day moving average is $291.48 and its two-hundred day moving average is $278.31. The firm has a market cap of $586.25 billion, a P/E ratio of 32.34, a price-to-earnings-growth ratio of 2.11 and a beta of 0.95. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.28 and a quick ratio of 1.28.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share for the quarter, topping analysts’ consensus estimates of $2.58 by $0.13. Visa had a net margin of 54.96% and a return on equity of 53.16%. The business had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.49 billion. During the same period in the previous year, the company earned $2.33 earnings per share. Visa’s revenue for the quarter was up 11.7% on a year-over-year basis. On average, analysts anticipate that Visa Inc. will post 11.19 earnings per share for the current fiscal year.

Visa Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a $0.59 dividend. This is an increase from Visa’s previous quarterly dividend of $0.52. This represents a $2.36 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Tuesday, November 12th. Visa’s payout ratio is currently 24.25%.

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.