Avidian Wealth Enterprises LLC has increased its holdings in Visa Inc. by 6.2% during the second quarter of 2023. According to the company’s recent Form 13F filing with the Securities and Exchange Commission, Avidian now owns 8,317 shares of the credit card processor’s stock, having acquired an additional 487 shares during this period. As of the latest filing, the value of Avidian’s investment in Visa stood at approximately $2.95 million.
Several institutional investors and hedge funds have also made adjustments to their positions in Visa. For instance, Yeomans Consulting Group Inc. increased its stake by 2.9% in the first quarter, bringing its total to 1,027 shares valued at around $360,000. Similarly, Semus Wealth Partners LLC raised its holdings by 0.8%, owning 3,449 shares worth $1.21 million after acquiring additional shares. Other firms, including BankPlus Wealth Management LLC and Transcendent Capital Group LLC, also reported increases in their Visa investments.
Market Reactions and Analyst Ratings
Currently, institutional investors collectively own approximately 82.15% of Visa’s shares. Analysts on Wall Street have voiced positive sentiments regarding Visa’s stock performance. In a recent report, Wells Fargo & Company set a price target of $412.00 on Visa, assigning it an “overweight” rating. This sentiment was echoed by UBS Group, which raised its price objective to $415.00 from a previous target of $405.00.
Furthermore, Oppenheimer increased its price target to $391.00, while Truist Financial adjusted its target from $400.00 to $397.00. The average target price for Visa shares is currently noted at $392.75, with one analyst rating it as a “Strong Buy,” and others distributing a mix of “Buy” and “Hold” recommendations.
Despite some fluctuations, Visa’s stock has demonstrated resilience. As of the latest trading day on October 1, 2023, Visa shares opened at $345.10. The stock has experienced a 12-month low of $280.78 and a 12-month high of $375.51. The company maintains a market capitalization of approximately $632.50 billion and a price-to-earnings ratio of 33.70.
Recent Financial Performance and Dividends
Visa recently released its quarterly earnings results, reporting earnings per share of $2.98 for the quarter ending July 29, 2023. This figure surpassed analysts’ consensus estimate of $2.85 by $0.13. The company posted a revenue of $10.17 billion, which also exceeded the expected $9.82 billion and marked a year-over-year increase of 14.3% from the previous year.
In addition to financial growth, Visa announced a quarterly dividend of $0.59 per share, which was distributed on September 2, 2023, to shareholders recorded by August 12, 2023. This dividend represents an annualized total of $2.36 and a yield of 0.7%. The company’s current dividend payout ratio stands at 23.05%.
Insider transactions have also been noteworthy, with General Counsel Julie B. Rottenberg selling 2,027 shares on August 18, 2023, for a total of approximately $697,329. Following this sale, her holdings fell to 11,925 shares. CEO Ryan McInerney also sold 10,485 shares on October 1, 2023, for a total value of about $3.59 million, reducing his ownership to just 537 shares.
Visa Inc. operates as a global payment technology company, offering a range of services, from credit and debit card products to advanced payment solutions. With a strong market presence and robust financial performance, Visa continues to attract interest from both institutional and individual investors while navigating the evolving financial landscape.
