Summit Global Investments Acquires 560 Shares of Mastercard Incorporated (NYSE:MA)

Summit Global Investments lifted its holdings in shares of Mastercard Incorporated (NYSE:MA) by 4.1% during the 2nd quarter, Holdings Channel reports. The firm owned 14,253 shares of the credit services provider’s stock after purchasing an additional 560 shares during the quarter. Summit Global Investments’ holdings in Mastercard were worth $6,288,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MA. Vanguard Group Inc. increased its position in Mastercard by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 75,584,606 shares of the credit services provider’s stock valued at $36,399,279,000 after buying an additional 330,872 shares in the last quarter. Capital International Investors increased its holdings in shares of Mastercard by 3.3% during the fourth quarter. Capital International Investors now owns 21,041,685 shares of the credit services provider’s stock valued at $8,974,478,000 after acquiring an additional 676,452 shares in the last quarter. Capital Research Global Investors raised its position in shares of Mastercard by 0.3% during the first quarter. Capital Research Global Investors now owns 13,651,904 shares of the credit services provider’s stock worth $6,574,347,000 after purchasing an additional 43,881 shares during the period. Norges Bank acquired a new position in shares of Mastercard during the fourth quarter worth approximately $4,595,559,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Mastercard by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,665,483 shares of the credit services provider’s stock worth $1,989,875,000 after purchasing an additional 107,953 shares in the last quarter. Institutional investors and hedge funds own 97.28% of the company’s stock.

Insider Activity

In other Mastercard news, insider Raj Seshadri sold 5,216 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $446.71, for a total transaction of $2,330,039.36. Following the sale, the insider now owns 15,183 shares in the company, valued at $6,782,397.93. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Raj Seshadri sold 5,216 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $446.71, for a total value of $2,330,039.36. Following the sale, the insider now directly owns 15,183 shares of the company’s stock, valued at $6,782,397.93. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Craig Vosburg sold 9,028 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $447.28, for a total transaction of $4,038,043.84. Following the completion of the transaction, the insider now owns 58,940 shares of the company’s stock, valued at $26,362,683.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,747,175 shares of company stock valued at $787,719,546 over the last quarter. Company insiders own 0.10% of the company’s stock.

Mastercard Stock Performance

Shares of MA stock traded up $2.14 on Tuesday, hitting $469.12. 1,763,348 shares of the stock were exchanged, compared to its average volume of 2,480,517. Mastercard Incorporated has a one year low of $359.77 and a one year high of $490.00. The firm’s 50 day moving average is $449.32 and its two-hundred day moving average is $458.33. The firm has a market capitalization of $436.10 billion, a PE ratio of 37.29, a P/E/G ratio of 1.82 and a beta of 1.09. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 1.95.

Mastercard Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Tuesday, July 9th were paid a $0.66 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $2.64 annualized dividend and a dividend yield of 0.56%. Mastercard’s payout ratio is 20.99%.

Analysts Set New Price Targets

A number of brokerages have commented on MA. Piper Sandler boosted their price target on shares of Mastercard from $531.00 to $536.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Bank of America lowered shares of Mastercard from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $505.00 to $480.00 in a report on Wednesday, July 10th. TD Cowen lifted their price target on Mastercard from $532.00 to $533.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. increased their price objective on Mastercard from $500.00 to $570.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Royal Bank of Canada lifted their target price on Mastercard from $500.00 to $526.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $512.09.

About Mastercard

Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers integrated products and value-added services for account holders, merchants, financial institutions, digital partners, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; payment products and solutions that allow its customers to access funds in deposit and other accounts; prepaid programs services; and commercial credit, debit, and prepaid payment products and solutions.