Skye Global Management LP Buys 51,400 Shares of Visa Inc. (NYSE:V)

Skye Global Management LP grew its stake in Visa Inc. (NYSE:V) by 97.7% in the third quarter, HoldingsChannel reports. The fund owned 104,000 shares of the credit-card processor’s stock after acquiring an additional 51,400 shares during the period. Visa accounts for 0.7% of Skye Global Management LP’s holdings, making the stock its 18th largest position. Skye Global Management LP’s holdings in Visa were worth $28,595,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of V. FMR LLC raised its holdings in Visa by 6.1% during the 3rd quarter. FMR LLC now owns 57,111,843 shares of the credit-card processor’s stock worth $15,702,901,000 after purchasing an additional 3,265,518 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Visa by 2.4% in the second quarter. Ameriprise Financial Inc. now owns 14,610,590 shares of the credit-card processor’s stock valued at $3,833,981,000 after acquiring an additional 345,829 shares during the last quarter. Legal & General Group Plc boosted its stake in Visa by 2.2% in the second quarter. Legal & General Group Plc now owns 14,416,394 shares of the credit-card processor’s stock valued at $3,783,857,000 after acquiring an additional 312,286 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Visa by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,597,969 shares of the credit-card processor’s stock valued at $3,188,862,000 after acquiring an additional 123,927 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Visa by 6.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,522,445 shares of the credit-card processor’s stock valued at $3,168,096,000 after purchasing an additional 670,590 shares during the period. 82.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on V. Royal Bank of Canada raised their target price on Visa from $311.00 to $322.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. BNP Paribas raised shares of Visa from a “neutral” rating to an “outperform” rating and set a $325.00 price target on the stock in a research report on Tuesday, September 3rd. BMO Capital Markets upped their price objective on shares of Visa from $310.00 to $320.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. Barclays raised their price target on Visa from $319.00 to $347.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Finally, StockNews.com raised shares of Visa from a “hold” rating to a “buy” rating in a research report on Friday, August 9th. Four 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 company’s stock. According to data from MarketBeat, Visa 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 Visa stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total value of $2,382,309.40. Following the completion of the sale, the chief executive officer now owns 538 shares in the company, valued at $148,687.06. The trade was a 94.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Paul D. Fabara sold 2,171 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $307.97, for a total transaction of $668,602.87. Following 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 disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Visa Trading Up 0.9 %

Shares of NYSE V opened at $314.70 on Friday. The stock 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 firm has a 50 day moving average price of $291.48 and a two-hundred day moving average price of $278.31. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.28 and a current ratio of 1.28. Visa Inc. has a 52-week low of $251.61 and a 52-week high of $316.37.

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. The firm had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $9.49 billion. Visa had a return on equity of 53.16% and a net margin of 54.96%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 EPS. As a group, equities analysts forecast that Visa Inc. will post 11.19 EPS for the current year.

Visa Increases Dividend

The company 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 dividend of $0.59 per share. This is a positive change from Visa’s previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, November 12th. This represents a $2.36 annualized dividend and a yield of 0.75%. Visa’s dividend payout ratio (DPR) is presently 24.25%.

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.