5 Dividend Stocks to Buy According to Billionaire Louis Bacon

4. Fidelity National Information Services, Inc. (NYSE:FIS)

Dividend Yield as of August 8: 1.93%
Moore Global Investments’ Stake Value: $16,334,000

Fidelity National Information Services, Inc. (NYSE:FIS) is a Florida-based corporation that provides a wide range of financial products and services. Moore Global Investments opened its position in the company during the fourth quarter of 2011, purchasing shares worth $266,000. In Q1 2022, the hedge fund owned 162,659 FIS shares, with a total value of over $16.3 million. The company accounted for 0.41% of Louis Bacon’s portfolio.

On July 21, Fidelity National Information Services, Inc. (NYSE:FIS) declared a quarterly dividend of $0.47 per share, consistent with its previous dividend. The company maintains an 11-year track record of consistent dividend growth, with a 5-year dividend CAGR of 9.35%. The stock’s dividend yield was recorded at 1.93% on August 8.

In August, Mizuho lowered its price target on Fidelity National Information Services, Inc. (NYSE:FIS) to $120 as the company’s management guided down fiscal year organic revenue growth. However, the firm maintained its Buy rating on the stock.

As of the end of Q1 2022, 68 hedge funds tracked by Insider Monkey reported owning stakes in Fidelity National Information Services, Inc. (NYSE:FIS), down from 75 in the previous quarter. The stakes owned by hedge funds are collectively valued at nearly $4 billion. With over 9.4 million shares, Select Equity Group was the company’s leading stakeholder in Q1.

Weitz Investment Management mentioned Fidelity National Information Services, Inc. (NYSE:FIS) in its Q1 2022 investor letter. Here is what the firm has to say:

“Other fiscal-year detractors included Fidelity National Information Services (NYSE:FIS). FIS has been our most disappointing investment in the Covid era. Unlike Meta, the stock trades well below our average cost. The business itself has been relatively durable, but the stock certainly has not. While the core elements of our bullish thesis remain firmly intact, hindsight tells us that we could have waited for a better entry point. From today’s stock price, which is what matters now, we think the risk/reward balance is favorable.”