XXEC Inc. Has $63.90 Billion Stock Holdings in Visa Inc. $V

XXEC Inc. grew its stake in shares of Visa Inc. (NYSE:V) by 153,118.8% in the second quarter, HoldingsChannel.com reports. The firm owned 186,260,448 shares of the credit-card processor’s stock after buying an additional 186,138,883 shares during the quarter. Visa comprises approximately 31.9% of XXEC Inc.’s holdings, making the stock its 2nd largest holding. XXEC Inc. owned 0.10% of Visa worth $63,904,097,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. George Kaiser Family Foundation bought a new position in shares of Visa in the second quarter worth approximately $564,000. Emerald Investment Advisers LLC raised its holdings in Visa by 8.0% during the 2nd quarter. Emerald Investment Advisers LLC now owns 30,635 shares of the credit-card processor’s stock valued at $10,511,000 after buying an additional 2,271 shares during the last quarter. Harber Asset Management LLC raised its holdings in Visa by 18.3% during the 2nd quarter. Harber Asset Management LLC now owns 25,750 shares of the credit-card processor’s stock valued at $8,835,000 after buying an additional 3,987 shares during the last quarter. Concord Investment Counsel Inc. boosted its position in Visa by 1.0% during the 2nd quarter. Concord Investment Counsel Inc. now owns 22,642 shares of the credit-card processor’s stock valued at $7,768,000 after buying an additional 218 shares during the period. Finally, EP Wealth Advisors LLC boosted its position in Visa by 12.1% during the 2nd quarter. EP Wealth Advisors LLC now owns 359,913 shares of the credit-card processor’s stock valued at $123,483,000 after buying an additional 38,749 shares during the period. Institutional investors own 82.15% of the company’s stock.

Visa Stock Performance

NYSE:V opened at $371.09 on Friday. The stock has a market cap of $662.18 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 1.99 and a beta of 0.74. The firm’s fifty day simple moving average is $353.73 and its 200 day simple moving average is $329.64. Visa Inc. has a twelve month low of $293.89 and a twelve month high of $373.97. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.60.

Visa (NYSE:V) last issued its quarterly earnings data on Tuesday, July 28th. The credit-card processor reported $3.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.23 by $0.09. Visa had a net margin of 50.78% and a return on equity of 67.68%. The business had revenue of $11.63 billion for the quarter, compared to the consensus estimate of $11.40 billion. During the same period in the previous year, the firm earned $2.98 EPS. The company’s quarterly revenue was up 14.4% compared to the same quarter last year. As a group, research analysts predict that Visa Inc. will post 13.16 EPS for the current year.

Visa declared that its board has approved a share buyback plan on Tuesday, April 28th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the credit-card processor to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Visa Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 11th will be given a dividend of $0.67 per share. The ex-dividend date is Tuesday, August 11th. This represents a $2.68 annualized dividend and a dividend yield of 0.7%. Visa’s payout ratio is currently 22.79%.

Insider Activity at Visa

In other Visa news, CEO Ryan Mcinerney sold 20,970 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $340.25, for a total value of $7,135,042.50. Following the completion of the sale, the chief executive officer directly owned 15,174 shares in the company, valued at $5,162,953.50. This trade represents a 58.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tullier Kelly Mahon sold 57,272 shares of Visa stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $364.97, for a total value of $20,902,561.84. Following the sale, the insider directly owned 49,662 shares in the company, valued at approximately $18,125,140.14. The trade was a 53.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,759 shares of company stock worth $32,375,779 over the last 90 days. 0.12% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein reissued an “outperform” rating and issued a $450.00 price target on shares of Visa in a report on Tuesday, June 2nd. Evercore set a $350.00 target price on shares of Visa in a report on Wednesday, April 29th. BNP Paribas Exane raised Visa to a “strong-buy” rating in a research note on Tuesday, July 21st. Royal Bank Of Canada reissued an “outperform” rating and issued a $412.00 target price (up from $395.00) on shares of Visa in a research note on Wednesday, July 29th. Finally, Robert W. Baird boosted their price target on Visa from $412.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Seven research analysts have rated the stock with a Strong Buy rating and twenty-four have issued a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $413.58.

About Visa

Visa Inc is a global payments technology company that facilitates electronic funds transfers and digital commerce by connecting consumers, merchants, financial institutions and governments. The firm operates one of the world’s largest payment networks, providing processing, authorization, clearing and settlement services for credit, debit and prepaid card transactions. Visa’s network-based model enables partner banks and other issuers to offer branded payment products while Visa focuses on the infrastructure, standards and technologies that move money securely and efficiently around the world.

Visa’s product and service portfolio includes card-based payment products for consumers and businesses, real-time push-payment capabilities, tokenization and authentication services, fraud and risk-management tools, data analytics and APIs for fintech and merchant integration.