Parnassus Investments LLC Cuts Stock Holdings in Fiserv, Inc. (NYSE:FI)

Parnassus Investments LLC decreased its holdings in shares of Fiserv, Inc. (NYSE:FI) by 10.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,204,653 shares of the business services provider’s stock after selling 595,423 shares during the period. Fiserv accounts for about 2.0% of Parnassus Investments LLC’s portfolio, making the stock its 20th largest position. Parnassus Investments LLC owned 0.91% of Fiserv worth $935,016,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Shields & Co. LLC purchased a new position in Fiserv during the 1st quarter valued at about $25,000. Clean Yield Group grew its position in shares of Fiserv by 431.3% in the 3rd quarter. Clean Yield Group now owns 170 shares of the business services provider’s stock worth $31,000 after buying an additional 138 shares during the last quarter. Cedar Mountain Advisors LLC grew its position in shares of Fiserv by 42.5% in the 3rd quarter. Cedar Mountain Advisors LLC now owns 191 shares of the business services provider’s stock worth $34,000 after buying an additional 57 shares during the last quarter. Family Firm Inc. purchased a new position in shares of Fiserv in the 2nd quarter worth approximately $31,000. Finally, Kennebec Savings Bank purchased a new position in shares of Fiserv in the 3rd quarter worth approximately $40,000. Hedge funds and other institutional investors own 90.98% of the company’s stock.

Fiserv Stock Performance

FI opened at $212.77 on Tuesday. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a fifty day moving average price of $192.16 and a 200 day moving average price of $169.12. Fiserv, Inc. has a 1 year low of $121.86 and a 1 year high of $215.50. The stock has a market cap of $121.05 billion, a P/E ratio of 40.92, a P/E/G ratio of 1.61 and a beta of 0.92.

Fiserv (NYSE:FI) last posted its earnings results on Tuesday, October 22nd. The business services provider reported $2.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.04. Fiserv had a net margin of 15.22% and a return on equity of 17.10%. The firm had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $4.90 billion. During the same period in the previous year, the business posted $1.96 EPS. The business’s revenue was up 7.0% compared to the same quarter last year. Equities research analysts anticipate that Fiserv, Inc. will post 8.77 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FI. KeyCorp lifted their price objective on shares of Fiserv from $180.00 to $225.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group lifted their price objective on shares of Fiserv from $195.00 to $200.00 and gave the stock a “hold” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Fiserv from $199.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group lifted their price objective on shares of Fiserv from $188.00 to $208.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, TD Cowen lifted their target price on shares of Fiserv from $200.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $211.52.

Insider Activity at Fiserv

In other Fiserv news, Director Doyle Simons sold 40,000 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $201.97, for a total transaction of $8,078,800.00. Following the completion of the transaction, the director now directly owns 76,180 shares in the company, valued at approximately $15,386,074.60. This represents a 34.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Kenneth Best sold 20,821 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $214.61, for a total transaction of $4,468,394.81. Following the transaction, the chief accounting officer now owns 38,771 shares of the company’s stock, valued at $8,320,644.31. This represents a 34.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,711 shares of company stock worth $47,477,232 in the last three months. Company insiders own 0.75% of the company’s stock.

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.