Cornerstone Investment Partners LLC Acquires New Position in Fiserv, Inc. (NYSE:FI)

Cornerstone Investment Partners LLC acquired a new stake in Fiserv, Inc. (NYSE:FI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 554,358 shares of the business services provider’s stock, valued at approximately $73,641,000. Fiserv accounts for about 4.2% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 3rd largest holding.

A number of other hedge funds also recently added to or reduced their stakes in FI. Vanguard Group Inc. boosted its position in Fiserv by 1.6% during the third quarter. Vanguard Group Inc. now owns 50,506,740 shares of the business services provider’s stock worth $5,705,241,000 after acquiring an additional 789,232 shares during the last quarter. State Street Corp boosted its position in Fiserv by 4.1% during the first quarter. State Street Corp now owns 25,700,156 shares of the business services provider’s stock worth $2,904,889,000 after acquiring an additional 1,022,653 shares during the last quarter. Geode Capital Management LLC boosted its position in Fiserv by 1.2% during the first quarter. Geode Capital Management LLC now owns 12,421,876 shares of the business services provider’s stock worth $1,400,906,000 after acquiring an additional 149,811 shares during the last quarter. Morgan Stanley boosted its position in Fiserv by 131.3% during the fourth quarter. Morgan Stanley now owns 9,980,646 shares of the business services provider’s stock worth $1,008,744,000 after acquiring an additional 5,666,145 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Fiserv by 14.1% during the second quarter. Nuveen Asset Management LLC now owns 6,606,698 shares of the business services provider’s stock worth $833,435,000 after acquiring an additional 817,660 shares during the last quarter. 90.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Guy Chiarello sold 23,929 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $151.79, for a total value of $3,632,182.91. Following the sale, the chief operating officer now directly owns 163,699 shares in the company, valued at approximately $24,847,871.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 111,575 shares of company stock worth $17,022,387 in the last ninety days. 0.75% of the stock is currently owned by corporate insiders.

Fiserv Stock Performance

Fiserv stock traded up $0.43 during midday trading on Friday, reaching $147.34. 1,036,372 shares of the stock traded hands, compared to its average volume of 2,492,562. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.73. The firm has a fifty day moving average price of $151.72 and a two-hundred day moving average price of $136.10. The firm has a market cap of $86.75 billion, a price-to-earnings ratio of 29.38, a PEG ratio of 1.20 and a beta of 0.91. Fiserv, Inc. has a fifty-two week low of $109.11 and a fifty-two week high of $159.99.

Fiserv (NYSE:FI) last issued its quarterly earnings results on Tuesday, February 6th. The business services provider reported $2.19 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.04. Fiserv had a net margin of 16.07% and a return on equity of 15.16%. The company had revenue of $4.92 billion during the quarter, compared to analyst estimates of $4.68 billion. During the same period in the prior year, the business posted $1.91 EPS. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities research analysts forecast that Fiserv, Inc. will post 8.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FI. Evercore ISI restated an “outperform” rating and set a $185.00 target price on shares of Fiserv in a research report on Tuesday, March 26th. Susquehanna lifted their price target on shares of Fiserv from $175.00 to $180.00 and gave the company a “positive” rating in a report on Monday, March 25th. Tigress Financial lifted their price target on shares of Fiserv from $160.00 to $175.00 and gave the company a “buy” rating in a report on Friday, December 22nd. Jefferies Financial Group lifted their price target on shares of Fiserv from $150.00 to $160.00 and gave the company a “hold” rating in a report on Monday, March 25th. Finally, Morgan Stanley lifted their target price on shares of Fiserv from $133.00 to $142.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.21.

Fiserv Company Profile

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.