Sargent Investment Group LLC has reduced its holdings in Visa Inc. (NYSE: V) by 2.2% during the first quarter of 2024, as disclosed in a recent filing with the Securities and Exchange Commission. The institutional investor now owns 5,621 shares of Visa, following the sale of 124 shares during this period. As of the latest filing, Sargent’s investment in Visa is valued at approximately $1,970,000.
Several other institutional investors have also adjusted their stakes in Visa recently. For instance, Brighton Jones LLC increased its holding by 50.1% in the fourth quarter, acquiring an additional 6,883 shares to reach a total of 20,635 shares, valued at $6,522,000. Similarly, Revolve Wealth Partners LLC raised its stake by 68.9%, now owning 11,811 shares worth $3,733,000, after purchasing 4,817 shares. Washington Trust Bank also increased its holdings by 9.9%, owning 3,582 shares valued at $1,132,000 after buying an additional 324 shares.
In addition to these adjustments, Millstone Evans Group LLC and ZEGA Investments LLC both established new positions in Visa during the fourth quarter, valued at approximately $787,000 and $778,000, respectively. Overall, hedge funds and institutional investors control approximately 82.15% of Visa’s stock.
Recent Insider Transactions and Company Performance
In related news, Visa’s CEO, Ryan McInerney, sold 8,630 shares of the company’s stock on July 1, 2024, at an average price of $353.82. This transaction amounted to a total of $3,053,466.60. Following this sale, McInerney’s remaining shares total just 537, valued at approximately $190,001.34, marking a significant decrease of 94.14% in his holdings.
Additionally, General Counsel Julie B. Rottenberg sold 2,575 shares on May 1, 2024, for a total of $889,868.50. After this sale, her remaining holdings are 11,925 shares, worth about $4,121,041.50, reflecting a 17.76% decrease. Over the past ninety days, insiders have sold a total of 101,108 shares valued at $36,771,200. Currently, insiders hold only 0.13% of the company’s stock.
Visa’s stock recently experienced a slight decline of 0.3%. The company released its quarterly earnings results on April 29, 2024, reporting earnings per share of $2.76, surpassing analysts’ expectations of $2.68 by $0.08. Visa’s revenue for the quarter reached $9.59 billion, slightly above the forecasted $9.57 billion. The company posted a net margin of 52.86% and a return on equity of 56.28%, with revenue increasing by 9.3% compared to the same period last year.
Dividend Announcement and Analyst Ratings
Visa has also announced a quarterly dividend, which was paid on June 2, 2024. Shareholders on record as of May 13, 2024, received a dividend of $0.59 per share, which translates to an annualized dividend of $2.36 and a yield of 0.68%. The ex-dividend date was also May 13, 2024, and Visa’s current dividend payout ratio stands at 23.72%.
A number of analysts have recently evaluated Visa’s stock. The Goldman Sachs Group initiated coverage with a “neutral” rating on June 2, 2024. Meanwhile, Barclays reaffirmed an “overweight” rating, and Wall Street Zen upgraded its rating from “hold” to “buy.” Additionally, Jefferies Financial Group raised its price target from $400.00 to $410.00 and maintained a “buy” rating. Deutsche Bank Aktiengesellschaft also began coverage with a “buy” rating and a price target of $410.00.
The consensus rating for Visa’s stock remains at “Moderate Buy,” with an average target price of $375.52, according to data from MarketBeat. This reflects a strong interest in the company’s financial performance and growth potential moving forward.
