Visa Approves $12B Share Repurchase Program — Report
This article was originally published on TipRanks.com.
The Board of global digital payment services provider Visa, Inc. (V) has approved a new share repurchase program of $12 billion, a report published by StreetInsider.com said.
Shares of the company closed 1.1% up on Wednesday. The stock gained another 0.9% in the extended trading session to end the day at $214.31.
Headquartered in California, Visa facilitates electronic funds transfers across the world through its credit cards, debit cards and prepaid cards.
Previous Share Repurchase Program
The company had earlier announced a $4.7 billion stock buyback plan, out of which around $3.5 billion has been utilized. This makes total funds of $13.2 billion available for future share repurchases.
Wall Street’s Take
Recently, UBS analyst Rayna Kumar maintained a Buy rating on the stock and raised the price target from $275 to $276 (30% upside potential).
Overall, the stock has a Strong Buy consensus rating based on 13 unanimous Buys. The average Visa stock forecast of $276.46 implies 30.2% upside potential. Shares have lost 7.5% over the past six months.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Visa’s performance.
According to the tool, compared to the previous year, the company’s website traffic registered a 12.4% decline in global visits in November. Moreover, the website traffic has declined nearly 6% year-to-date against the same period last year.
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