Stocks
Visa Sees $76 Million Stake Cut by Major Investor GCQ Funds Management Pty Ltd
GCQ Funds Management Pty Ltd is a significant investor in Visa Inc. (NYSE:V), holding over $76 million worth of shares as of its most recent filing with the Securities & Exchange Commission.
The company reduced its stake in Visa by 27.8% during the second quarter, selling off 85,434 shares. This still leaves GCQ Funds Management Pty Ltd as one of the largest holders of Visa stock, accounting for 10.6% of its portfolio.
Visa reported a significant increase in revenue and earnings per share in the latest quarter, beating analyst expectations. The company's board has also approved a $20 billion share buyback program to repurchase up to 3.6% of its outstanding shares.