Harvey Capital Management Inc. Sells 3,650 Shares of Fiserv, Inc. (NYSE:FI)

Harvey Capital Management Inc. cut its position in Fiserv, Inc. (NYSE:FI - Free Report) by 31.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,870 shares of the business services provider's stock after selling 3,650 shares during the quarter. Harvey Capital Management Inc.'s holdings in Fiserv were worth $1,738,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Planning Group LLC grew its stake in Fiserv by 926.7% in the 1st quarter. Cornerstone Planning Group LLC now owns 308 shares of the business services provider's stock valued at $67,000 after buying an additional 278 shares during the last quarter. Greenleaf Trust boosted its position in shares of Fiserv by 5.6% in the first quarter. Greenleaf Trust now owns 14,710 shares of the business services provider's stock valued at $3,248,000 after acquiring an additional 782 shares during the period. Personal CFO Solutions LLC boosted its position in shares of Fiserv by 13.1% in the first quarter. Personal CFO Solutions LLC now owns 1,329 shares of the business services provider's stock valued at $293,000 after acquiring an additional 154 shares during the period. Valeo Financial Advisors LLC boosted its position in shares of Fiserv by 48.5% in the first quarter. Valeo Financial Advisors LLC now owns 6,745 shares of the business services provider's stock valued at $1,490,000 after acquiring an additional 2,203 shares during the period. Finally, M&T Bank Corp boosted its position in shares of Fiserv by 0.3% in the first quarter. M&T Bank Corp now owns 142,089 shares of the business services provider's stock valued at $31,378,000 after acquiring an additional 435 shares during the period. 90.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FI has been the subject of a number of recent analyst reports. Citigroup cut their price target on shares of Fiserv from $267.00 to $240.00 and set a "buy" rating for the company in a report on Friday, April 25th. UBS Group dropped their target price on shares of Fiserv from $255.00 to $225.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. JPMorgan Chase & Co. dropped their target price on shares of Fiserv from $211.00 to $210.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Robert W. Baird lowered their price objective on Fiserv from $250.00 to $225.00 and set an "outperform" rating for the company in a research note on Wednesday, June 18th. Finally, Barclays decreased their price target on shares of Fiserv from $265.00 to $230.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $221.23.

Fiserv Stock Down 1.6%

Shares of NYSE FI opened at $170.57 on Wednesday. Fiserv, Inc. has a one year low of $146.46 and a one year high of $238.59. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.10 and a quick ratio of 1.10. The firm's 50 day simple moving average is $170.45 and its two-hundred day simple moving average is $199.02. The stock has a market capitalization of $94.57 billion, a P/E ratio of 30.14, a PEG ratio of 1.07 and a beta of 0.91.

Fiserv (NYSE:FI - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The business services provider reported $2.14 EPS for the quarter, beating analysts' consensus estimates of $2.08 by $0.06. Fiserv had a net margin of 15.68% and a return on equity of 18.74%. The business had revenue of $4.79 billion for the quarter, compared to analysts' expectations of $4.86 billion. During the same period last year, the business earned $1.88 earnings per share. The business's quarterly revenue was up 5.1% on a year-over-year basis. As a group, analysts expect that Fiserv, Inc. will post 10.23 EPS for the current fiscal year.

Insider Buying and Selling at Fiserv

In related news, EVP Andrew Gelb sold 5,652 shares of the firm's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $160.00, for a total value of $904,320.00. Following the completion of the sale, the executive vice president owned 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Adam L. Rosman sold 2,512 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $160.68, for a total value of $403,628.16. Following the completion of the sale, the insider directly owned 53,385 shares of the company's stock, valued at $8,577,901.80. The trade was a 4.49% decrease in their position. The disclosure for this sale can be found here. 0.75% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding FI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fiserv, Inc. (NYSE:FI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.