Manitou Investment Management Ltd. Grows Stake in Visa Inc. (NYSE:V)

Manitou Investment Management Ltd. raised its stake in Visa Inc. (NYSE:V) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,275 shares of the credit-card processor’s stock after purchasing an additional 127 shares during the quarter. Visa comprises about 0.2% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 21st biggest position. Manitou Investment Management Ltd.’s holdings in Visa were worth $900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Norris Perne & French LLP MI increased its position in shares of Visa by 1.1% during the third quarter. Norris Perne & French LLP MI now owns 125,003 shares of the credit-card processor’s stock worth $34,370,000 after acquiring an additional 1,299 shares during the last quarter. Pacific Wealth Strategies Group Inc. increased its position in shares of Visa by 3.7% during the third quarter. Pacific Wealth Strategies Group Inc. now owns 4,952 shares of the credit-card processor’s stock worth $1,362,000 after acquiring an additional 175 shares during the last quarter. ForthRight Wealth Management LLC increased its position in shares of Visa by 2.8% during the third quarter. ForthRight Wealth Management LLC now owns 8,677 shares of the credit-card processor’s stock worth $2,386,000 after acquiring an additional 236 shares during the last quarter. Oak Ridge Investments LLC increased its position in shares of Visa by 6.3% during the third quarter. Oak Ridge Investments LLC now owns 71,258 shares of the credit-card processor’s stock worth $19,592,000 after acquiring an additional 4,221 shares during the last quarter. Finally, Reston Wealth Management LLC purchased a new stake in shares of Visa during the third quarter worth about $31,000. 82.15% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Visa

In other Visa news, CEO Ryan Mcinerney sold 8,620 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total value of $2,382,309.40. Following the transaction, the chief executive officer now owns 538 shares of the company’s stock, valued at approximately $148,687.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Visa Price Performance

Shares of NYSE:V opened at $290.74 on Friday. Visa Inc. has a 12 month low of $239.20 and a 12 month high of $296.34. The stock has a market cap of $529.82 billion, a price-to-earnings ratio of 29.88, a PEG ratio of 1.94 and a beta of 0.95. The stock’s 50 day moving average price is $281.00 and its 200 day moving average price is $273.63. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.28 and a quick ratio of 1.37.

Visa (NYSE:V) last announced its earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 EPS for the quarter, topping the consensus estimate of $2.58 by $0.13. Visa had a return on equity of 53.16% and a net margin of 54.96%. The firm had revenue of $9.62 billion for the quarter, compared to analysts’ expectations of $9.49 billion. During the same quarter in the previous year, the company earned $2.33 earnings per share. The firm’s quarterly revenue was up 11.7% compared to the same quarter last year. Equities research analysts anticipate that Visa Inc. will post 11.17 earnings per share for the current fiscal year.

Visa Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.36 annualized dividend and a dividend yield of 0.81%. This is a boost from Visa’s previous quarterly dividend of $0.52. Visa’s dividend payout ratio is currently 21.38%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Mizuho lifted their target price on Visa from $279.00 to $292.00 and gave the stock a “neutral” rating in a research report on Friday. TD Cowen lifted their target price on Visa from $318.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday. William Blair upgraded Visa to a “strong-buy” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded Visa from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Finally, Piper Sandler lifted their price target on Visa from $319.00 to $322.00 and gave the stock an “overweight” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Visa currently has a consensus rating of “Moderate Buy” and an average target price of $320.70.

Visa 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.