Mackenzie Financial Corp Cuts Position in Fiserv, Inc. (NYSE:FI)

Key Points

• Mackenzie Financial Corp reduced its stake in Fiserv, Inc. by 26.1%, now holding 291,375 shares valued at approximately $64.34 million.
• Fiserv's latest earnings report revealed a quarterly EPS of $2.47, surpassing analyst expectations of $2.43, with revenues growing 8.0% year-over-year.
• Despite varied ratings from analysts, Fiserv has an average target price of $208.42 with twenty-three buy ratings and one strong buy rating, indicating positive market sentiment.

Mackenzie Financial Corp trimmed its position in Fiserv, Inc. (NYSE:FI - Free Report) by 26.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 291,375 shares of the business services provider's stock after selling 102,913 shares during the quarter. Mackenzie Financial Corp owned about 0.05% of Fiserv worth $64,344,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in Fiserv by 91.9% during the 4th quarter. Brighton Jones LLC now owns 4,245 shares of the business services provider's stock worth $872,000 after buying an additional 2,033 shares during the period. Schroder Investment Management Group increased its stake in Fiserv by 3.9% during the 4th quarter. Schroder Investment Management Group now owns 422,954 shares of the business services provider's stock worth $86,883,000 after buying an additional 15,796 shares during the period. RWA Wealth Partners LLC increased its stake in Fiserv by 13.7% during the 4th quarter. RWA Wealth Partners LLC now owns 3,251 shares of the business services provider's stock worth $668,000 after buying an additional 391 shares during the period. Prevail Innovative Wealth Advisors LLC increased its stake in Fiserv by 6.2% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 1,739 shares of the business services provider's stock worth $357,000 after buying an additional 102 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its stake in Fiserv by 10.6% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 68,773 shares of the business services provider's stock worth $14,127,000 after buying an additional 6,590 shares during the period. 90.98% of the stock is currently owned by institutional investors and hedge funds.

Fiserv Stock Performance

NYSE:FI traded down $3.52 during trading hours on Friday, reaching $135.42. 2,853,485 shares of the company's stock were exchanged, compared to its average volume of 4,449,875. The firm has a market capitalization of $73.61 billion, a price-to-earnings ratio of 22.61, a P/E/G ratio of 0.92 and a beta of 0.91. The company has a 50-day moving average of $163.09 and a 200 day moving average of $193.22. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.09. Fiserv, Inc. has a 1-year low of $128.22 and a 1-year high of $238.59.

Fiserv (NYSE:FI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The business services provider reported $2.47 EPS for the quarter, topping analysts' consensus estimates of $2.43 by $0.04. The company had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.20 billion. Fiserv had a net margin of 16.00% and a return on equity of 19.69%. Fiserv's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.13 EPS. Research analysts anticipate that Fiserv, Inc. will post 10.23 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FI. Citigroup cut their target price on shares of Fiserv from $267.00 to $240.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. BMO Capital Markets cut their target price on shares of Fiserv from $254.00 to $232.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Stephens dropped their price objective on shares of Fiserv from $240.00 to $180.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Robert W. Baird dropped their price objective on shares of Fiserv from $225.00 to $185.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Finally, KeyCorp dropped their price objective on shares of Fiserv from $250.00 to $200.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fiserv currently has an average rating of "Moderate Buy" and a consensus price target of $207.08.

Insiders Place Their Bets

In other Fiserv news, insider Adam L. Rosman sold 2,512 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $160.68, for a total transaction of $403,628.16. Following the completion of the transaction, the insider owned 53,385 shares in the company, valued at approximately $8,577,901.80. This represents a 4.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andrew Gelb sold 5,652 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $160.00, for a total transaction of $904,320.00. Following the transaction, the executive vice president owned 25,385 shares of the company's stock, valued at approximately $4,061,600. The trade was a 18.21% decrease in their position. The disclosure for this sale can be found here. 0.74% of the stock is currently owned by corporate insiders.

Fiserv 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.