State of Michigan Retirement System Reduces Stock Position in Fiserv, Inc. (NYSE:FI)

State of Michigan Retirement System trimmed its holdings in shares of Fiserv, Inc. (NYSE:FI) by 2.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 160,234 shares of the business services provider’s stock after selling 4,200 shares during the period. State of Michigan Retirement System’s holdings in Fiserv were worth $23,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in FI. Price T Rowe Associates Inc. MD lifted its stake in Fiserv by 0.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 44,720,962 shares of the business services provider’s stock worth $7,147,305,000 after purchasing an additional 417,459 shares during the last quarter. Capital World Investors boosted its holdings in shares of Fiserv by 7.4% in the 1st quarter. Capital World Investors now owns 18,840,137 shares of the business services provider’s stock valued at $3,011,031,000 after buying an additional 1,303,078 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in Fiserv during the 4th quarter worth $960,592,000. Veritas Asset Management LLP purchased a new stake in Fiserv in the fourth quarter valued at $927,298,000. Finally, Parnassus Investments LLC acquired a new position in Fiserv in the fourth quarter valued at $900,674,000. 90.98% of the stock is owned by institutional investors and hedge funds.

Fiserv Stock Performance

FI opened at $169.85 on Tuesday. Fiserv, Inc. has a 1-year low of $109.11 and a 1-year high of $171.12. The stock has a market cap of $99.38 billion, a P/E ratio of 31.75, a P/E/G ratio of 1.31 and a beta of 0.92. The stock’s 50 day simple moving average is $157.12 and its 200 day simple moving average is $153.42. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.06 and a quick ratio of 1.06.

Fiserv (NYSE:FI) last posted its earnings results on Wednesday, July 24th. The business services provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.03. Fiserv had a return on equity of 16.41% and a net margin of 17.45%. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $4.81 billion. During the same quarter in the prior year, the company earned $1.81 earnings per share. Fiserv’s revenue was up 7.4% compared to the same quarter last year. As a group, equities analysts anticipate that Fiserv, Inc. will post 8.73 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on FI. B. Riley lifted their target price on Fiserv from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. boosted their price objective on Fiserv from $176.00 to $199.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Mizuho raised their target price on shares of Fiserv from $156.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Citigroup upgraded shares of Fiserv to a “strong-buy” rating in a research report on Thursday, July 25th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Fiserv from $178.00 to $184.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Five analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Fiserv presently has an average rating of “Moderate Buy” and an average price target of $173.25.

Insider Buying and Selling at Fiserv

In other news, EVP John Gibbons sold 18,890 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $168.21, for a total transaction of $3,177,486.90. Following the completion of the transaction, the executive vice president now directly owns 28,323 shares of the company’s stock, valued at approximately $4,764,211.83. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, COO Guy Chiarello sold 24,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $154.86, for a total value of $3,716,640.00. Following the completion of the transaction, the chief operating officer now owns 163,699 shares of the company’s stock, valued at approximately $25,350,427.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Gibbons sold 18,890 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $168.21, for a total transaction of $3,177,486.90. Following the completion of the transaction, the executive vice president now owns 28,323 shares in the company, valued at $4,764,211.83. The disclosure for this sale can be found here. In the last three months, insiders sold 93,690 shares of company stock worth $14,833,215. 0.75% of the stock is owned by corporate insiders.

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.