Earned Wealth Advisors LLC has increased its stake in Mastercard Incorporated by 13.4% during the second quarter of 2023. This information comes from the firm’s latest filing with the Securities and Exchange Commission. Following this acquisition, Earned Wealth Advisors now holds 1,559 shares of the credit services provider, which were valued at approximately $876,000 at the end of the quarter.
A number of other institutional investors have also made significant investments in Mastercard recently. Notably, Kingstone Capital Partners Texas LLC acquired a new stake valued at around $11.42 billion. Similarly, Nuveen LLC purchased shares worth $4.24 billion in the first quarter of this year. Wellington Management Group LLP increased its stake by 38.6% in the first quarter, now owning 13,526,118 shares worth approximately $7.41 billion.
Additionally, Assenagon Asset Management S.A. made headlines by ramping up its stake in Mastercard by an astonishing 3,493.6% in the second quarter, owning 934,110 shares valued at around $525 million after acquiring 908,116 shares during the same period. Price T Rowe Associates Inc. MD also boosted its holdings by 4.7%, now holding 20,096,979 shares worth approximately $11.02 billion. Collectively, institutional investors and hedge funds control 97.28% of Mastercard’s stock.
The acquisition activity comes as Mastercard’s stock experienced a slight decline of 0.1% recently, opening at $554.26. The company’s stock has fluctuated between a fifty-two week low of $465.59 and a high of $601.77. Mastercard currently has a market capitalization of $501.05 billion and a price-to-earnings (PE) ratio of 37.37.
Dividend Announcement and Analyst Recommendations
In addition to investment news, Mastercard announced a quarterly dividend of $0.76 per share, which is set to be paid on November 7, 2023. Shareholders of record on October 9, 2023 will receive this dividend, representing an annualized total of $3.04 and a yield of 0.5%. The company’s payout ratio stands at 20.50%.
Equity analysts have also been active in revising their outlook on Mastercard. KeyCorp reaffirmed an “overweight” rating with a price target of $665.00. The Goldman Sachs Group also maintained a “buy” rating, setting a target of $713.00. Robert W. Baird raised its target from $640.00 to $660.00, while Seaport Res Ptn upgraded the stock from “hold” to “strong-buy.” Currently, five analysts have rated Mastercard with a Strong Buy, while twenty-two have assigned a Buy rating, and two have issued a Hold rating. According to MarketBeat.com, the consensus rating for Mastercard is “Buy,” with an average price target of $641.93.
Insider Transactions and Company Overview
In related news, J. Mehra Sachin, Chief Financial Officer of Mastercard, sold 17,816 shares at an average price of $586.89 on August 19, 2023, totaling approximately $10.46 million. As a result of this transaction, Sachin’s direct ownership in the company decreased to 31,234 shares, valued at about $18.33 million. This sale represented a 36.32% reduction in his position, and the transaction was duly filed with the SEC.
Mastercard Incorporated, a global technology company, specializes in transaction processing and a range of payment-related products and services. The company serves various sectors, including financial institutions, businesses, and governments, providing integrated products and solutions tailored for diverse needs.
As Mastercard continues to attract significant investments and maintain a robust market presence, stakeholders remain attentive to its performance and future developments.
