Covington Investment Advisors Inc. lessened its stake in Fiserv, Inc. (NYSE:FI - Free Report) by 6.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,656 shares of the business services provider's stock after selling 6,625 shares during the quarter. Fiserv accounts for 1.6% of Covington Investment Advisors Inc.'s investment portfolio, making the stock its 8th largest position. Covington Investment Advisors Inc.'s holdings in Fiserv were worth $18,623,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FI. Valley National Advisers Inc. purchased a new position in shares of Fiserv in the fourth quarter valued at $29,000. Marshall Investment Management LLC purchased a new position in Fiserv during the 4th quarter valued at about $29,000. Compass Financial Services Inc acquired a new position in Fiserv during the fourth quarter worth about $31,000. Campbell Capital Management Inc. purchased a new stake in shares of Fiserv in the fourth quarter valued at about $37,000. Finally, Knuff & Co LLC acquired a new stake in shares of Fiserv in the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 90.98% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on FI. Oppenheimer increased their target price on Fiserv from $214.00 to $239.00 and gave the company an "outperform" rating in a report on Thursday, December 19th. Stephens lifted their price objective on Fiserv from $255.00 to $270.00 and gave the stock an "overweight" rating in a research report on Thursday, February 6th. Susquehanna upped their target price on shares of Fiserv from $230.00 to $270.00 and gave the company a "positive" rating in a report on Monday, February 10th. StockNews.com initiated coverage on shares of Fiserv in a report on Sunday, March 23rd. They set a "buy" rating for the company. Finally, Royal Bank of Canada upped their price objective on shares of Fiserv from $255.00 to $270.00 and gave the company an "outperform" rating in a research note on Thursday, February 6th. Two analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $242.32.
Check Out Our Latest Research Report on FI
Fiserv Trading Up 0.3 %
Shares of NYSE:FI traded up $0.58 during trading on Tuesday, reaching $221.41. 873,645 shares of the stock were exchanged, compared to its average volume of 2,989,476. The firm's 50-day moving average price is $222.25 and its 200 day moving average price is $208.51. The firm has a market cap of $124.27 billion, a price-to-earnings ratio of 41.08, a price-to-earnings-growth ratio of 1.52 and a beta of 0.93. Fiserv, Inc. has a 12-month low of $145.98 and a 12-month high of $238.59. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.07 and a current ratio of 1.06.
Fiserv (NYSE:FI - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The business services provider reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.48 by $0.03. Fiserv had a net margin of 15.31% and a return on equity of 17.93%. On average, sell-side analysts anticipate that Fiserv, Inc. will post 10.23 earnings per share for the current fiscal year.
Fiserv declared that its Board of Directors has authorized a stock repurchase 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 typically a sign that the company's management believes its shares are undervalued.
Insider Buying and Selling
In related news, COO Guy Chiarello sold 45,000 shares of the business's stock in a transaction that occurred 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 directly owns 227,711 shares of the company's stock, valued at approximately $53,637,326.05. The trade was a 16.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.75% of the stock is owned by corporate insiders.
Fiserv Company Profile
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Free Report)
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.
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