Covington Capital Management Cuts Position in Mastercard Inc (NYSE:MA)

Covington Capital Management lessened its position in shares of Mastercard Inc (NYSE:MA) by 5.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 29,320 shares of the credit services provider’s stock after selling 1,609 shares during the quarter. Covington Capital Management’s holdings in Mastercard were worth $7,756,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Joseph P. Lucia & Associates LLC purchased a new stake in shares of Mastercard in the second quarter worth about $26,000. Delphi Private Advisors LLC acquired a new stake in Mastercard in the second quarter valued at $31,000. Evolution Wealth Advisors LLC acquired a new stake in Mastercard in the second quarter valued at $31,000. TCG Advisors LP raised its stake in Mastercard by 49.5% in the second quarter. TCG Advisors LP now owns 151 shares of the credit services provider’s stock valued at $41,000 after buying an additional 50 shares in the last quarter. Finally, Buffington Mohr McNeal acquired a new stake in Mastercard in the first quarter valued at $46,000. Institutional investors and hedge funds own 74.30% of the company’s stock.

In other Mastercard news, major shareholder Foundation Mastercard sold 7,950 shares of Mastercard stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $279.16, for a total value of $2,219,322.00. Following the sale, the insider now owns 112,173,812 shares of the company’s stock, valued at approximately $31,314,441,357.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lance Darrell Gordon Uggla acquired 1,500 shares of the stock in a transaction on Thursday, August 1st. The stock was acquired at an average cost of $275.71 per share, for a total transaction of $413,565.00. Following the acquisition, the director now directly owns 3,691 shares in the company, valued at approximately $1,017,645.61. The disclosure for this purchase can be found here. Insiders sold a total of 148,457 shares of company stock worth $40,747,113 in the last ninety days. 3.70% of the stock is owned by corporate insiders.



A number of analysts have weighed in on the company. Royal Bank of Canada set a $315.00 price target on Mastercard and gave the company a “buy” rating in a research note on Wednesday, August 7th. Raymond James raised their price target on Mastercard from $300.00 to $308.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. BMO Capital Markets set a $328.00 price target on Mastercard and gave the company a “buy” rating in a research note on Wednesday, July 31st. Bank of America lifted their target price on Mastercard from $255.00 to $267.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Finally, William Blair reiterated an “outperform” rating on shares of Mastercard in a research report on Friday, September 13th. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $299.09.

Shares of NYSE MA traded down $3.34 during midday trading on Wednesday, reaching $267.78. 1,612,167 shares of the company were exchanged, compared to its average volume of 3,499,110. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 1.55. Mastercard Inc has a 1 year low of $171.89 and a 1 year high of $293.69. The stock has a fifty day simple moving average of $276.22 and a 200 day simple moving average of $258.79. The stock has a market cap of $275.12 billion, a P/E ratio of 41.26, a PEG ratio of 2.25 and a beta of 1.08.

Mastercard (NYSE:MA) last announced its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $1.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.82 by $0.07. Mastercard had a return on equity of 135.02% and a net margin of 42.71%. The company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the company earned $1.66 EPS. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, analysts forecast that Mastercard Inc will post 7.61 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Wednesday, October 9th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend is Tuesday, October 8th. Mastercard’s dividend payout ratio is presently 20.34%.

Mastercard Company Profile

Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as delivers related products and services.

Recommended Story: What are the FAANG Stocks?

Want to see what other hedge funds are holding MA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mastercard Inc (NYSE:MA).

Institutional Ownership by Quarter for Mastercard (NYSE:MA)

Receive News & Ratings for Mastercard Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mastercard and related companies with MarketBeat.com's FREE daily email newsletter.