Parnassus Investments LLC Reduces Stock Position in Fiserv, Inc. (NYSE:FI)

Parnassus Investments LLC cut its holdings in shares of Fiserv, Inc. (NYSE:FI) by 6.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,861,759 shares of the business services provider’s stock after selling 342,894 shares during the quarter. Fiserv makes up approximately 2.2% of Parnassus Investments LLC’s holdings, making the stock its 14th largest holding. Parnassus Investments LLC owned about 0.85% of Fiserv worth $998,703,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC grew its position in shares of Fiserv by 17.8% in the 3rd quarter. FMR LLC now owns 9,442,476 shares of the business services provider’s stock worth $1,696,341,000 after acquiring an additional 1,427,664 shares in the last quarter. Sanders Capital LLC acquired a new position in shares of Fiserv in the 3rd quarter worth approximately $764,543,000. Bank of New York Mellon Corp grew its position in shares of Fiserv by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,711,072 shares of the business services provider’s stock worth $762,328,000 after acquiring an additional 164,949 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Fiserv by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,620,785 shares of the business services provider’s stock valued at $743,782,000 after purchasing an additional 90,475 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Fiserv during the 4th quarter valued at approximately $614,982,000. 90.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Guy Chiarello sold 45,000 shares of Fiserv stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $235.55, for a total transaction of $10,599,750.00. Following the transaction, the chief operating officer now owns 227,711 shares in the company, valued at approximately $53,637,326.05. The trade was a 16.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.75% of the stock is currently owned by corporate insiders.

Fiserv Stock Down 1.0 %

Shares of Fiserv stock opened at $209.23 on Friday. The stock’s fifty day moving average is $218.83 and its 200-day moving average is $204.09. The firm has a market capitalization of $117.44 billion, a PE ratio of 38.82, a price-to-earnings-growth ratio of 1.52 and a beta of 0.93. The company has a quick ratio of 1.07, a current ratio of 1.06 and a debt-to-equity ratio of 0.86. Fiserv, Inc. has a 12-month low of $145.98 and a 12-month high of $238.59.

Fiserv (NYSE:FI) last announced its earnings results on Wednesday, February 5th. The business services provider reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.03. Fiserv had a return on equity of 17.93% and a net margin of 15.31%. Equities analysts anticipate that Fiserv, Inc. will post 10.23 earnings per share for the current year.

Fiserv declared that its Board of Directors has authorized a share repurchase plan on Thursday, February 20th that allows the company to buyback 60,000,000 outstanding shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FI shares. Citigroup boosted their price objective on Fiserv from $230.00 to $233.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Wells Fargo & Company lifted their target price on Fiserv from $240.00 to $270.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. The Goldman Sachs Group lifted their target price on Fiserv from $208.00 to $231.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point assumed coverage on Fiserv in a research note on Wednesday, November 20th. They set a “buy” rating and a $278.00 target price on the stock. Finally, Morgan Stanley lifted their target price on Fiserv from $258.00 to $267.00 and gave the company an “overweight” rating in a research note on Thursday, February 6th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Fiserv presently has an average rating of “Moderate Buy” and a consensus target price of $239.83.

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.