Congress Asset Management Co. Acquires 12,123 Shares of Mastercard Incorporated $MA

Key Points

• Congress Asset Management increased its Mastercard stake by 39.1% in the third quarter, purchasing 12,123 additional shares and bringing its holdings to 43,132 shares worth approximately $23.8 million. Institutional investors and hedge funds own 97.28% of Mastercard.
• Mastercard reported quarterly revenue of $9.28 billion and earnings of $5.04 per share, exceeding analyst expectations; revenue rose 14.1% year over year. The company also declared a quarterly dividend of $0.87 per share, an annualized yield of 0.6%.
• Analyst sentiment remains positive, with Mastercard carrying a consensus “Moderate Buy” rating and an average price target of $680, although insiders sold $38.9 million of shares during the quarter.

Congress Asset Management Co. increased its holdings in shares of Mastercard Incorporated (NYSE:MA - Free Report) by 39.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,132 shares of the credit services provider's stock after purchasing an additional 12,123 shares during the quarter. Congress Asset Management Co.'s holdings in Mastercard were worth $23,786,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MA. Moody National Bank Trust Division lifted its stake in Mastercard by 16.8% in the third quarter. Moody National Bank Trust Division now owns 7,916 shares of the credit services provider's stock valued at $4,365,000 after buying an additional 1,141 shares during the last quarter. Byrne Asset Management LLC grew its position in shares of Mastercard by 10.7% during the third quarter. Byrne Asset Management LLC now owns 1,727 shares of the credit services provider's stock worth $950,000 after acquiring an additional 167 shares during the last quarter. CapWealth Advisors LLC increased its holdings in shares of Mastercard by 7.1% in the 3rd quarter. CapWealth Advisors LLC now owns 35,599 shares of the credit services provider's stock valued at $19,632,000 after acquiring an additional 2,348 shares during the period. Eastern Bank increased its holdings in shares of Mastercard by 1.2% in the 3rd quarter. Eastern Bank now owns 11,241 shares of the credit services provider's stock valued at $6,199,000 after acquiring an additional 136 shares during the period. Finally, Heartwood Wealth Advisors LLC raised its position in Mastercard by 30.5% in the 3rd quarter. Heartwood Wealth Advisors LLC now owns 608 shares of the credit services provider's stock valued at $335,000 after purchasing an additional 142 shares during the last quarter. 97.28% of the stock is owned by institutional investors and hedge funds.

Mastercard Trading Up 0.4%

Shares of Mastercard stock opened at $566.69 on Wednesday. The firm has a market cap of $496.43 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 1.61 and a beta of 0.76. Mastercard Incorporated has a 52-week low of $464.52 and a 52-week high of $601.23. The company's 50-day simple moving average is $571.91 and its 200-day simple moving average is $529.64. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 3.96.

Mastercard (NYSE:MA - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The credit services provider reported $5.04 earnings per share for the quarter, beating analysts' consensus estimates of $4.77 by $0.27. Mastercard had a return on equity of 239.99% and a net margin of 46.34%.The company had revenue of $9.28 billion for the quarter, compared to analyst estimates of $9.08 billion. During the same quarter in the previous year, the company earned $4.15 EPS. The firm's revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Mastercard Incorporated will post 19.9 earnings per share for the current year.

Mastercard Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Friday, October 9th will be issued a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, October 9th. Mastercard's dividend payout ratio is currently 19.14%.

Insider Buying and Selling

In other Mastercard news, CEO Michael Miebach sold 16,628 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $567.68, for a total transaction of $9,439,383.04. Following the sale, the chief executive officer directly owned 115,921 shares in the company, valued at approximately $65,806,033.28. The trade was a 12.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Linda Kirkpatrick sold 4,280 shares of the company's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $570.31, for a total transaction of $2,440,926.80. Following the transaction, the insider directly owned 31,179 shares in the company, valued at approximately $17,781,695.49. This trade represents a 12.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 67,618 shares of company stock valued at $38,854,630 over the last quarter. Company insiders own 0.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Mastercard from $655.00 to $720.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Rothschild & Co Redburn lowered their price target on Mastercard from $710.00 to $688.00 and set a "buy" rating on the stock in a report on Wednesday, September 2nd. Bank of America boosted their price target on Mastercard from $700.00 to $735.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Weiss Ratings raised Mastercard from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday. Finally, Truist Financial increased their price objective on Mastercard from $554.00 to $633.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $680.00.

Mastercard Profile

Mastercard Incorporated NYSE: MA is a global payments technology company that operates a network connecting consumers, financial institutions, merchants, governments and businesses. The company facilitates the authorization, clearing and settlement of electronic payment transactions, while generally not issuing cards or extending credit itself. Its network supports payments made in stores, online and through mobile devices.

Mastercard's products and services include consumer and commercial payment cards, digital payment solutions, payment processing, fraud prevention, cybersecurity, identity verification, data and analytics, and open banking tools.

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