First Long Island Investors LLC Sells 6,650 Shares of Visa Inc. (NYSE:V)

First Long Island Investors LLC trimmed its position in shares of Visa Inc. (NYSE:V) by 5.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 107,519 shares of the credit-card processor’s stock after selling 6,650 shares during the quarter. Visa accounts for 2.5% of First Long Island Investors LLC’s investment portfolio, making the stock its 13th largest holding. First Long Island Investors LLC’s holdings in Visa were worth $30,006,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new stake in Visa in the 3rd quarter valued at $2,951,000. Invst LLC raised its position in Visa by 2.1% in the 3rd quarter. Invst LLC now owns 3,649 shares of the credit-card processor’s stock valued at $839,000 after buying an additional 75 shares during the last quarter. Quantum Financial Advisors LLC raised its position in Visa by 63.0% in the 3rd quarter. Quantum Financial Advisors LLC now owns 4,499 shares of the credit-card processor’s stock valued at $1,035,000 after buying an additional 1,739 shares during the last quarter. Modera Wealth Management LLC raised its position in Visa by 1.5% in the 3rd quarter. Modera Wealth Management LLC now owns 134,265 shares of the credit-card processor’s stock valued at $30,882,000 after buying an additional 2,004 shares during the last quarter. Finally, Scarborough Advisors LLC purchased a new stake in Visa in the 3rd quarter valued at $203,000. 82.15% of the stock is owned by institutional investors and hedge funds.

Visa Price Performance

Shares of V traded up $1.90 during trading hours on Friday, reaching $264.45. 977,593 shares of the company’s stock traded hands, compared to its average volume of 6,830,402. The stock has a market cap of $483.66 billion, a PE ratio of 29.34, a price-to-earnings-growth ratio of 1.80 and a beta of 0.95. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.53. The firm’s 50 day simple moving average is $272.88 and its 200-day simple moving average is $273.85. Visa Inc. has a 12 month low of $227.68 and a 12 month high of $290.96.

Visa (NYSE:V) last issued its quarterly earnings results on Tuesday, April 23rd. The credit-card processor reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.08. The firm had revenue of $8.78 billion during the quarter, compared to the consensus estimate of $8.62 billion. Visa had a return on equity of 51.23% and a net margin of 53.87%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $2.09 EPS. Equities analysts expect that Visa Inc. will post 9.94 EPS for the current year.

Visa Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Friday, May 17th were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, May 16th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.79%. Visa’s dividend payout ratio is 23.24%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on V. Wedbush raised their target price on Visa from $280.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Piper Sandler began coverage on Visa in a research report on Monday, May 13th. They set an “overweight” rating and a $322.00 target price for the company. Macquarie raised their target price on Visa from $290.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. UBS Group raised their target price on Visa from $315.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Finally, TD Cowen began coverage on Visa in a research report on Thursday, April 11th. They set a “buy” rating and a $320.00 target price for the company. Six analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $304.44.

Insider Activity at Visa

In related news, Director Lloyd Carney sold 909 shares of the firm’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $275.55, for a total transaction of $250,474.95. Following the transaction, the director now directly owns 2,591 shares of the company’s stock, valued at approximately $713,950.05. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Visa news, Director Lloyd Carney sold 909 shares of Visa stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $275.55, for a total value of $250,474.95. Following the transaction, the director now directly owns 2,591 shares of the company’s stock, valued at approximately $713,950.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Paul D. Fabara sold 25,293 shares of Visa stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $277.15, for a total value of $7,009,954.95. Following the completion of the transaction, the insider now directly owns 17,894 shares in the company, valued at $4,959,322.10. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

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.