Sheets Smith Wealth Management Has $14.01 Million Stock Holdings in Visa Inc. $V

Sheets Smith Wealth Management trimmed its stake in shares of Visa Inc. (NYSE:V) by 11.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 46,342 shares of the credit-card processor’s stock after selling 5,752 shares during the quarter. Visa accounts for about 1.6% of Sheets Smith Wealth Management’s holdings, making the stock its 8th largest position. Sheets Smith Wealth Management’s holdings in Visa were worth $14,006,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Visa by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 160,975,832 shares of the credit-card processor’s stock valued at $56,455,834,000 after acquiring an additional 1,054,343 shares in the last quarter. State Street Corp lifted its stake in Visa by 0.8% in the 4th quarter. State Street Corp now owns 82,798,151 shares of the credit-card processor’s stock worth $29,038,140,000 after purchasing an additional 626,821 shares in the last quarter. Geode Capital Management LLC lifted its stake in Visa by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 44,042,586 shares of the credit-card processor’s stock worth $15,411,395,000 after purchasing an additional 388,996 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Visa by 1.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 41,092,294 shares of the credit-card processor’s stock valued at $14,411,480,000 after purchasing an additional 716,218 shares during the period. Finally, Capital World Investors grew its position in shares of Visa by 0.8% during the 3rd quarter. Capital World Investors now owns 24,792,246 shares of the credit-card processor’s stock valued at $8,463,484,000 after purchasing an additional 193,288 shares in the last quarter. Hedge funds and other institutional investors own 82.15% of the company’s stock.

Insider Transactions at Visa

In other news, CEO Ryan Mcinerney sold 31,455 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $340.14, for a total value of $10,699,103.70. Following the completion of the transaction, the chief executive officer directly owned 15,174 shares in the company, valued at approximately $5,161,284.36. This represents a 67.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Chris Suh sold 10,639 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $324.81, for a total value of $3,455,653.59. Following the transaction, the chief financial officer owned 9,872 shares in the company, valued at $3,206,524.32. This trade represents a 51.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.12% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

V has been the topic of several research analyst reports. Evercore set a $350.00 price target on shares of Visa in a report on Wednesday, April 29th. Cantor Fitzgerald reissued an “overweight” rating and set a $400.00 price objective on shares of Visa in a research note on Wednesday, April 29th. Sanford C. Bernstein restated an “outperform” rating and issued a $450.00 target price on shares of Visa in a research note on Tuesday, June 2nd. Raymond James Financial restated an “outperform” rating and issued a $389.00 target price on shares of Visa in a research note on Wednesday, April 29th. Finally, Truist Financial set a $371.00 price target on Visa and gave the company a “buy” rating in a research report on Tuesday, May 12th. Six analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $387.78.

Visa Stock Performance

Visa stock opened at $327.78 on Tuesday. The firm’s fifty day moving average price is $321.61 and its 200-day moving average price is $324.18. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $587.96 billion, a P/E ratio of 28.55, a price-to-earnings-growth ratio of 1.75 and a beta of 0.77. Visa Inc. has a fifty-two week low of $293.89 and a fifty-two week high of $359.66.

Visa (NYSE:V) last posted its quarterly earnings data on Tuesday, April 28th. The credit-card processor reported $3.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.10 by $0.21. Visa had a net margin of 51.68% and a return on equity of 65.00%. The company had revenue of $11.23 billion during the quarter, compared to the consensus estimate of $10.75 billion. During the same period in the previous year, the firm posted $2.76 EPS. The firm’s revenue was up 17.1% compared to the same quarter last year. On average, equities research analysts expect that Visa Inc. will post 13.09 earnings per share for the current fiscal year.

Visa announced that its Board of Directors has initiated a share buyback plan on Tuesday, April 28th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the credit-card processor to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Visa Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 12th were paid a dividend of $0.67 per share. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $2.68 annualized dividend and a yield of 0.8%. Visa’s payout ratio is 23.34%.

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.