Fiserv, Inc. (NYSE:FI) Stock Position Cut by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. lessened its stake in Fiserv, Inc. (NYSE:FI) by 3.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 49,016 shares of the business services provider’s stock after selling 1,839 shares during the quarter. Fiserv makes up approximately 2.3% of Contravisory Investment Management Inc.’s holdings, making the stock its 4th biggest holding. Contravisory Investment Management Inc.’s holdings in Fiserv were worth $10,824,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in FI. Norges Bank acquired a new stake in Fiserv in the fourth quarter worth about $1,406,452,000. GAMMA Investing LLC increased its stake in Fiserv by 21,681.0% in the 1st quarter. GAMMA Investing LLC now owns 3,821,905 shares of the business services provider’s stock worth $843,991,000 after purchasing an additional 3,804,358 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Fiserv during the fourth quarter valued at approximately $614,982,000. Kovitz Investment Group Partners LLC lifted its holdings in shares of Fiserv by 343.7% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,806,579 shares of the business services provider’s stock valued at $576,527,000 after purchasing an additional 2,174,025 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Fiserv by 65.6% in the 4th quarter. Alliancebernstein L.P. now owns 5,437,246 shares of the business services provider’s stock worth $1,116,919,000 after acquiring an additional 2,153,554 shares in the last quarter. Institutional investors and hedge funds own 90.98% of the company’s stock.

Insider Buying and Selling

In related news, EVP Andrew Gelb sold 5,652 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $160.00, for a total transaction of $904,320.00. Following the completion of the sale, the executive vice president now owns 25,385 shares of the company’s stock, valued at $4,061,600. This trade represents a 18.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Adam L. Rosman sold 2,512 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $160.68, for a total transaction of $403,628.16. Following the sale, the insider now directly owns 53,385 shares of the company’s stock, valued at approximately $8,577,901.80. This trade represents a 4.49% decrease in their position. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Fiserv from $240.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Susquehanna lowered their target price on shares of Fiserv from $250.00 to $240.00 and set a “positive” rating on the stock in a research note on Friday, April 25th. Tigress Financial upped their target price on shares of Fiserv from $244.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. Morgan Stanley reissued an “overweight” rating and set a $268.00 price objective (up previously from $267.00) on shares of Fiserv in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Fiserv from $240.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 21st. Two analysts have rated the stock with a sell rating, one has issued a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $220.27.

Fiserv Stock Performance

FI stock opened at $162.15 on Wednesday. Fiserv, Inc. has a 1-year low of $146.25 and a 1-year high of $238.59. The company has a current ratio of 1.06, a quick ratio of 1.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $89.90 billion, a PE ratio of 30.08, a P/E/G ratio of 1.52 and a beta of 0.91. The business’s 50-day moving average price is $188.79 and its two-hundred day moving average price is $206.47.

Fiserv (NYSE:FI) last released its earnings results on Thursday, April 24th. The business services provider reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.06. Fiserv had a return on equity of 17.93% and a net margin of 15.31%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.86 billion. During the same quarter in the prior year, the company posted $1.88 earnings per share. Fiserv’s revenue was up 5.1% on a year-over-year basis. As a group, research analysts forecast that Fiserv, Inc. will post 10.23 earnings per share for the current year.

Fiserv announced that its Board of Directors has approved a stock buyback plan on Thursday, February 20th that permits the company to repurchase 60,000,000 shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

About Fiserv

Fiserv, Inc, together with its subsidiaries, provides payments and financial services technology services in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally. It operates through Merchant Acceptance, Financial Technology, and Payments and Network segments.