VCI Wealth Management Increases Stake in Mastercard by 8.4%

VCI Wealth Management LLC has increased its investment in Mastercard Incorporated (NYSE: MA) by 8.4% during the second quarter of 2023. According to data from HoldingsChannel.com, the firm added 463 shares to its portfolio, bringing its total to 5,993 shares. Mastercard now constitutes 1.2% of VCI Wealth Management’s overall portfolio, ranking as its 20th largest position. The value of these holdings was approximately $3.37 million based on the latest filing with the Securities & Exchange Commission.

Several other institutional investors are also adjusting their stakes in Mastercard. ORG Partners LLC has increased its holdings by 73.2%, now owning 698 shares valued at $394,000 after acquiring an additional 295 shares. Ethos Financial Group LLC grew its position by 19.5% in the first quarter, holding 3,174 shares worth $1.68 million after purchasing 518 shares. Wheelhouse Advisory Group LLC raised its stake by 4.4% during the second quarter, now owning 1,336 shares valued at $751,000. Canandaigua National Trust Co of Florida increased its holdings by 36.4%, with 693 shares worth $380,000, while SeaBridge Investment Advisors LLC boosted its position by 4.3%, now owning 6,463 shares valued at $3.63 million. Collectively, institutional investors and hedge funds own approximately 97.28% of Mastercard stock.

Analysts Upgrade Ratings and Set New Price Targets

Recent analyst evaluations reflect a positive outlook for Mastercard. On July 14, 2023, Seaport Res Ptn upgraded the company’s rating from “hold” to “strong-buy.” KeyCorp also raised its price target from $635.00 to $660.00, maintaining an “overweight” rating. Furthermore, The Goldman Sachs Group reaffirmed a “buy” rating. Deutsche Bank initiated coverage on July 17, 2023 with a “buy” rating and a target price of $650.00. Wolfe Research set a target price of $655.00 on June 23, 2023. Currently, two analysts have rated Mastercard with a “Strong Buy,” twenty-five with a “Buy,” and two with a “Hold,” leading to an average rating of “Buy” and a consensus price target of $634.04.

Insider Transactions and Company Performance

In related news, Mastercard’s Chief Financial Officer, J. Mehra Sachin, sold 17,263 shares on September 2, 2023, at an average price of $591.00, amounting to a total value of approximately $10.20 million. Following this transaction, Sachin retains 31,234 shares valued at around $18.46 million, marking a 35.60% reduction in his holdings. This transaction was disclosed in a filing with the SEC.

Mastercard’s stock opened at $566.35 on September 5, 2023, with a twelve-month range between a low of $465.59 and a high of $601.77. The company has a market capitalization of $511.99 billion, a price-to-earnings ratio of 38.19, and a beta of 0.97. For the latest quarter ending July 31, 2023, Mastercard reported earnings per share of $4.15, exceeding the consensus estimate of $4.05 by $0.10. Revenue for the quarter reached $8.13 billion, surpassing expectations of $7.95 billion, and reflected a 16.8% increase compared to the same period last year.

In addition, Mastercard announced a quarterly dividend of $0.76 per share, payable on November 7, 2023, to stockholders of record on October 9, 2023. This dividend represents an annualized payout of $3.04 and a yield of 0.5%, with a dividend payout ratio of 20.50%.

Mastercard Incorporated operates as a technology company, providing transaction processing and various payment-related services globally. Its offerings include integrated products and value-added services for a wide range of clients, including financial institutions, businesses, and government entities.