Today: Kornitzer Capital Management Inc. KS Sold shares of Visa Inc. (V)

Today: Kornitzer Capital Management Inc. KS Sold shares of Visa Inc. (V)

Kornitzer Capital Management Inc. KS reduced its position in shares of Visa Inc. (NYSE:V) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 194,025 shares of the credit-card processor’s stock after selling 3,205 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Visa were worth $16,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in V. WealthTrust Arizona LLC boosted its stake in Visa by 0.9% in the second quarter. WealthTrust Arizona LLC now owns 2,393 shares of the credit-card processor’s stock worth $177,000 after buying an additional 21 shares in the last quarter. Weybosset Research & Management LLC boosted its stake in Visa by 0.8% in the second quarter. Weybosset Research & Management LLC now owns 3,130 shares of the credit-card processor’s stock worth $232,000 after buying an additional 25 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in Visa by 0.3% in the second quarter. Rehmann Capital Advisory Group now owns 12,869 shares of the credit-card processor’s stock worth $954,000 after buying an additional 35 shares in the last quarter. Enterprise Financial Services Corp boosted its stake in Visa by 1.4% in the third quarter. Enterprise Financial Services Corp now owns 2,536 shares of the credit-card processor’s stock worth $210,000 after buying an additional 36 shares in the last quarter. Finally, Cypress Asset Management Inc. TX boosted its stake in Visa by 0.3% in the third quarter. Cypress Asset Management Inc. TX now owns 12,050 shares of the credit-card processor’s stock worth $997,000 after buying an additional 40 shares in the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Visa Inc. (NYSE:V) traded down 0.95% during midday trading on Monday, reaching $79.37. 6,259,300 shares of the company’s stock traded hands. Visa Inc. has a 52-week low of $66.12 and a 52-week high of $83.96. The firm has a market cap of $185.73 billion, a PE ratio of 31.36 and a beta of 1.00. The firm’s 50-day moving average is $81.58 and its 200 day moving average is $80.00.

Visa (NYSE:V) last issued its earnings results on Monday, October 24th. The credit-card processor reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.05. Visa had a return on equity of 24.31% and a net margin of 39.72%. The business earned $4.26 billion during the quarter. During the same period in the previous year, the company posted $0.62 earnings per share. The company’s quarterly revenue was up 19.3% on a year-over-year basis. Equities research analysts expect that Visa Inc. will post $3.29 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Friday, November 18th will be issued a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, November 16th. This is a boost from Visa’s previous quarterly dividend of $0.14. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.82%. Visa’s dividend payout ratio is presently 26.72%.

A number of research analysts have commented on the company. Deutsche Bank AG reiterated a “buy” rating and issued a $87.00 price objective on shares of Visa in a research report on Tuesday, September 6th. Vetr cut Visa from a “buy” rating to a “hold” rating and set a $84.76 price target for the company. in a report on Monday, November 21st. Cowen and Company reiterated an “outperform” rating and set a $100.00 price target on shares of Visa in a report on Tuesday, October 18th. Guggenheim cut Visa from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $90.00 to $97.00 in a report on Tuesday, October 25th. Finally, Zacks Investment Research upgraded Visa from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a report on Tuesday, October 4th. Seven research analysts have rated the stock with a hold rating and twenty-seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $90.84.

In related news, insider Charles W. Scharf sold 772,912 shares of the firm’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $82.65, for a total transaction of $63,881,176.80. Following the completion of the sale, the insider now directly owns 852,880 shares of the company’s stock, valued at approximately $70,490,532. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Ryan Mcinerney sold 18,500 shares of the firm’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $82.92, for a total value of $1,534,020.00. Following the sale, the president now directly owns 12,548 shares of the company’s stock, valued at $1,040,480.16. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

About Visa

Visa Inc is a payments technology company. The Company and its subsidiaries, including Visa U.SA Inc (Visa U.SA), Visa International Service Association (Visa International), Visa Worldwide Pte. Limited, Visa Canada Corporation, Inovant LLC and CyberSource Corporation (CyberSource), operate a processing network, VisaNet, which facilitates authorization, clearing and settlement of payment transactions around the world.

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