Top 5 Stock Picks of Andrew Immerman’s Palestra Capital

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

Palestra Capital’s Stake Value: $288.97 million

Palestra Capital’s 13F Portfolio: 6.13%

Number of Hedge Fund Holders: 69

Fidelity National Information Services, Inc. (NYSE:FIS) offers technology solutions through its segments: Merchant, Banking, and Capital Markets. As of the third quarter, 69 out of 867 hedge funds tracked by Insider Monkey were bullish on the company stock, compared to 72 in the preceding quarter. In the third quarter, Andrew Immerman’s Palestra Capital reported owning 2.37 million shares in Fidelity National Information Services, Inc. (NYSE:FIS), valued at $288.97 million. This shows an increase of 7% as compared to the second quarter where the fund held 2.22 million shares.

Fidelity National Information Services, Inc. (NYSE:FIS) posted an EPS of $1.73 for the third quarter, beating analysts’ forecasts by $0.05.

Investment firm Baron Funds mentioned Fidelity National Information Services, Inc. (NYSE:FIS) in its third quarter investor letter. Here’s what the fund said:

“Fidelity National Information Services, Inc. provides software to financial institutions and enables merchants to accept electronic payments. The company reported solid quarterly financial results that exceeded expectations and raised annual guidance for revenue and earnings. However, the stock fell due to concerns that Fidelity National’s legacy technology is losing market share to newer competitors with more modern technology. We believe these concerns are overblown and that Fidelity National remains well positioned to grow revenues organically at a high single-digit rate and earnings at a double-digit rate over time.”