Connor Clark & Lunn Investment Management Ltd. Sells 290,330 Shares of Visa Inc. (NYSE:V)

Connor Clark & Lunn Investment Management Ltd. reduced its position in Visa Inc. (NYSE:V - Free Report) by 60.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 188,456 shares of the credit-card processor's stock after selling 290,330 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Visa were worth $51,816,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Howe & Rusling Inc. boosted its holdings in Visa by 12.5% in the 3rd quarter. Howe & Rusling Inc. now owns 28,867 shares of the credit-card processor's stock worth $7,937,000 after buying an additional 3,216 shares during the last quarter. Kirtland Hills Capital Management LLC increased its stake in shares of Visa by 0.8% during the 3rd quarter. Kirtland Hills Capital Management LLC now owns 12,958 shares of the credit-card processor's stock worth $3,563,000 after purchasing an additional 108 shares in the last quarter. Commerce Bank raised its stake in shares of Visa by 0.7% in the 3rd quarter. Commerce Bank now owns 700,436 shares of the credit-card processor's stock valued at $192,585,000 after acquiring an additional 5,068 shares during the period. Strategy Asset Managers LLC lifted its position in shares of Visa by 63.4% in the 3rd quarter. Strategy Asset Managers LLC now owns 7,140 shares of the credit-card processor's stock worth $1,963,000 after buying an additional 2,771 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its stake in Visa by 59.0% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 208,726 shares of the credit-card processor's stock valued at $57,389,000 after purchasing an additional 77,457 shares in the last quarter. 82.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Ryan Mcinerney sold 8,620 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $276.37, for a total value of $2,382,309.40. Following the sale, the chief executive officer now directly owns 538 shares in the company, valued at $148,687.06. This trade represents a 94.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.19% of the stock is owned by company insiders.

Visa Trading Down 1.4 %

Shares of V stock traded down $4.46 during trading hours on Wednesday, hitting $307.39. 6,291,951 shares of the company were exchanged, compared to its average volume of 6,971,385. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.55. Visa Inc. has a 1 year low of $250.03 and a 1 year high of $312.44. The firm has a market cap of $560.16 billion, a PE ratio of 31.74, a PEG ratio of 2.07 and a beta of 0.95. The firm has a fifty day moving average of $288.10 and a 200 day moving average of $276.63.

Visa (NYSE:V - Get Free Report) last issued its earnings results on Tuesday, October 29th. The credit-card processor reported $2.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.58 by $0.13. The firm had revenue of $9.62 billion for the quarter, compared to analysts' expectations of $9.49 billion. Visa had a net margin of 54.96% and a return on equity of 53.16%. Visa's revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the company posted $2.33 earnings per share. Analysts expect that Visa Inc. will post 11.19 earnings per share for the current year.

Visa Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a dividend of $0.59 per share. This is a positive change from Visa's previous quarterly dividend of $0.52. The ex-dividend date is Tuesday, November 12th. This represents a $2.36 dividend on an annualized basis and a yield of 0.77%. Visa's payout ratio is currently 24.25%.

Analysts Set New Price Targets

Several brokerages have recently commented on V. Susquehanna lifted their price target on shares of Visa from $326.00 to $339.00 and gave the stock a "positive" rating in a research report on Wednesday, October 30th. Jefferies Financial Group upped their price objective on shares of Visa from $320.00 to $330.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Morgan Stanley upped their price objective on shares of Visa from $322.00 to $326.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. BMO Capital Markets lifted their price objective on Visa from $310.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. Finally, TD Cowen upped their price objective on Visa from $318.00 to $325.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $321.74.

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.