Here’s Why Fiserv (FI) Declined in Q3

Madison Investments, an investment advisor, released its “Madison Investors Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Fund (class Y) declined -1.3% compared to a -3.3% decline for the S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors Fund highlighted stocks like Fiserv, Inc. (NYSE:FI) in the third quarter 2023 investor letter. Headquartered in Brookfield, Wisconsin, Fiserv, Inc. (NYSE:FI) offers payment and financial services technology. On October 27, 2023, Fiserv, Inc. (NYSE:FI) stock closed at $112.46 per share. One-month return of Fiserv, Inc. (NYSE:FI) was -0.35%, and its shares gained 9.46% of their value over the last 52 weeks. Fiserv, Inc. (NYSE:FI) has a market capitalization of $67.497 billion.

Madison Investors Fund made the following comment about Fiserv, Inc. (NYSE:FI) in its Q3 2023 investor letter:

“The bottom five individual contributors were Dollar Tree, Fiserv, Inc. (NYSE:FI), Analog Devices, Lowe’s Companies, and Alcon. Technology provider Fiserv saw strong organic growth in the quarter, but free cash flow was a bit weaker as it invested to grow its payments platform internationally and integrate recent acquisitions.”

fintech payment card cashier counter

Photo by Clay Banks on Unsplash

Fiserv, Inc. (NYSE:FI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of second quarter which was 64 in the previous quarter.

We discussed Fiserv, Inc. (NYSE:FI) in another article and shared the list of best aggressive growth stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.