New Millennium Group LLC Boosts Stake in Visa Inc. (NYSE:V)

New Millennium Group LLC increased its stake in Visa Inc. (NYSE:V) by 257.0% in the 3rd quarter, Holdings Channel reports. The fund owned 3,824 shares of the credit-card processor’s stock after buying an additional 2,753 shares during the quarter. New Millennium Group LLC’s holdings in Visa were worth $1,051,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in V. Unionview LLC lifted its stake in Visa by 1.5% in the third quarter. Unionview LLC now owns 2,296 shares of the credit-card processor’s stock worth $631,000 after purchasing an additional 33 shares during the last quarter. St. Louis Trust Co raised its holdings in shares of Visa by 0.9% in the third quarter. St. Louis Trust Co now owns 3,885 shares of the credit-card processor’s stock worth $1,068,000 after buying an additional 34 shares during the period. FWG Holdings LLC lifted its stake in shares of Visa by 1.1% during the 3rd quarter. FWG Holdings LLC now owns 3,168 shares of the credit-card processor’s stock worth $900,000 after acquiring an additional 34 shares during the last quarter. KMG Fiduciary Partners LLC boosted its holdings in Visa by 0.3% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 13,933 shares of the credit-card processor’s stock valued at $3,831,000 after acquiring an additional 37 shares during the period. Finally, Iron Horse Wealth Management LLC grew its position in Visa by 15.9% in the 3rd quarter. Iron Horse Wealth Management LLC now owns 270 shares of the credit-card processor’s stock valued at $74,000 after acquiring an additional 37 shares during the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Visa Stock Down 0.6 %

Shares of V stock opened at $310.21 on Tuesday. Visa Inc. has a twelve month low of $245.60 and a twelve month high of $312.44. The stock has a market cap of $565.30 billion, a P/E ratio of 32.08, a P/E/G ratio of 2.07 and a beta of 0.95. The stock has a 50 day moving average of $287.57 and a 200 day moving average of $276.32. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.55.

Visa (NYSE:V) last posted its earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.58 by $0.13. The firm had revenue of $9.62 billion during the quarter, compared to analysts’ expectations of $9.49 billion. Visa had a net margin of 54.96% and a return on equity of 53.16%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.33 EPS. As a group, sell-side analysts expect that Visa Inc. will post 11.19 EPS for the current year.

Visa Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.59 per share. This is a positive change from Visa’s previous quarterly dividend of $0.52. This represents a $2.36 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend is Tuesday, November 12th. Visa’s dividend payout ratio is presently 24.25%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on V shares. 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, November 1st. Royal Bank of Canada lifted their price objective on shares of Visa from $311.00 to $322.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods raised Visa from a “moderate buy” rating to a “strong-buy” rating in a research report on Tuesday, September 24th. Oppenheimer restated an “outperform” rating and issued a $321.00 price objective (up from $318.00) on shares of Visa in a report on Wednesday, October 30th. Finally, William Blair upgraded shares of Visa to a “strong-buy” rating in a research note on Tuesday, July 23rd. Four equities research 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 stock. According to data from MarketBeat, Visa presently has an average rating of “Moderate Buy” and a consensus target price of $321.74.

Insider Activity

In other news, CEO Ryan Mcinerney sold 8,620 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $276.37, for a total transaction of $2,382,309.40. Following the transaction, the chief executive officer now owns 538 shares in the company, valued at $148,687.06. This trade represents a 94.13 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

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.