Visa Inc. (NYSE:V) Shares Sold by Cigna Investments Inc. New

Cigna Investments Inc. New cut its stake in Visa Inc. (NYSE:V) by 2.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 16,469 shares of the credit-card processor’s stock after selling 379 shares during the period. Visa accounts for approximately 0.8% of Cigna Investments Inc. New’s portfolio, making the stock its 17th largest position. Cigna Investments Inc. New’s holdings in Visa were worth $4,323,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Nadler Financial Group Inc. raised its holdings in Visa by 2.4% in the fourth quarter. Nadler Financial Group Inc. now owns 1,900 shares of the credit-card processor’s stock valued at $495,000 after buying an additional 44 shares during the period. Andrew Hill Investment Advisors Inc. purchased a new stake in shares of Visa during the fourth quarter valued at approximately $3,427,000. Knights of Columbus Asset Advisors LLC raised its stake in shares of Visa by 1.1% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 75,421 shares of the credit-card processor’s stock valued at $19,636,000 after purchasing an additional 795 shares during the period. Hilltop National Bank purchased a new stake in shares of Visa during the first quarter valued at approximately $1,212,000. Finally, TCI Wealth Advisors Inc. raised its stake in shares of Visa by 0.8% during the fourth quarter. TCI Wealth Advisors Inc. now owns 5,107 shares of the credit-card processor’s stock valued at $1,330,000 after purchasing an additional 40 shares during the period. 82.15% of the stock is owned by institutional investors and hedge funds.

Visa Price Performance

V stock traded up $5.67 during trading on Thursday, hitting $266.81. The company had a trading volume of 7,397,535 shares, compared to its average volume of 7,241,343. The firm has a market capitalization of $486.21 billion, a price-to-earnings ratio of 29.53, a P/E/G ratio of 1.83 and a beta of 0.95. The business has a 50 day moving average of $266.84 and a 200 day moving average of $273.69. Visa Inc. has a fifty-two week low of $227.78 and a fifty-two week high of $290.96. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.54.

Visa (NYSE:V) last issued its quarterly earnings results on Tuesday, July 23rd. The credit-card processor reported $2.42 EPS for the quarter, hitting the consensus estimate of $2.42. Visa had a net margin of 54.72% and a return on equity of 51.94%. The firm had revenue of $8.90 billion for the quarter, compared to analysts’ expectations of $8.92 billion. During the same period in the previous year, the business earned $2.16 earnings per share. Visa’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, research analysts predict that Visa Inc. will post 9.91 earnings per share for the current year.

Visa Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 0.78%. The ex-dividend date of this dividend is Friday, August 9th. Visa’s dividend payout ratio (DPR) is presently 23.24%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Macquarie reiterated an “outperform” rating and set a $300.00 price objective on shares of Visa in a research note on Wednesday, July 24th. TD Cowen dropped their price objective on shares of Visa from $320.00 to $318.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Jefferies Financial Group dropped their price objective on shares of Visa from $325.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Wedbush lifted their price target on shares of Visa from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Finally, Robert W. Baird lifted their price target on shares of Visa from $314.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $307.25.

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.