visa inc v Shares traded higher on Wednesday after the company reported better-than-expected financial results, increased its quarterly dividend and announced a $12 billion buyback.
Visa said fourth-quarter revenue rose 19% year over year to $7.8 billion, beating analyst estimates of an average of $7.57 billion Gasoline Pro. The company reported quarterly earnings of $1.93 per share, beating analysts’ average estimate of $1.87 per share.
Payment volume increased 10% year over year and processed transactions increased 12%. Cross-border volume increased by 36% year-on-year.
Visa’s board of directors also approved a $12 billion stock repurchase program and increased the quarterly cash dividend to 45 cents per share.
Analyst Rating: Several analysts adjusted target prices for the stock following the company’s quarterly results.
- Credit Suisse analyst Moshe Orenbuch kept Visa with an Outperform rating and raised the price target to $245 from $235.
- Citigroup analyst Ashwin Shirvaikar kept Visa with a buy rating and lowered its price target to $238 from $254.
- Oppenheimer analyst Dominick Gabriele kept Visa with an outperform rating and lowered its price target to $210 from $216.
- Morgan Stanley analyst James Faucette kept Visa at an overweight position, increasing the target price to $284 from $282.
See also: Visa to rally over 26%? Here are 5 more target changes for Wednesday
V price action: Visa has a 52-week high of $235.85 and a 52-week low of $174.60.
The stock is up 5.66% at $205.39 at press time.
Photo: Anna San from Pixabay.
