Yahoo Finance Fidelity National Information Services (FIS) Rose After an Optimistic Outlook
Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Fund (Investor Shares) appreciated 10.17% outperforming the Russell 1000 Value Index’s 8.99%. Stock selection in the Information Technology and Communication Services sectors was the main contributor to the fund’s performance in the first quarter. Overweight in Financials and underweight in Real Estate also contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Value Equity Fund highlighted stocks like Fidelity National Information Services Inc. (NYSE:FIS) provides financial technology solutions for financial institutions, businesses, and developers. The one-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was -0.89%, and its shares gained 29.93% of their value over the last 52 weeks. As of June 28, 2024, Fidelity National Information Services, Inc. (NYSE:FIS) shares are trading at $75.36 per share with a market capitalization of $41.919 billion.
Parnassus Value Equity Fund stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its first quarter 2024 investor letter:
"Fidelity National Information Services, Inc. (NYSE:FIS), a global financial technology company, issued an optimistic outlook for the remainder of 2024, buoying its stock. Improved cost management and completion of the Wordplay spin-off were additional positives."
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Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the first quarter which was 66 in the previous quarter. Fidelity National Information Services, Inc. (NYSE:FIS) had a strong first quarter, exceeding its financial outlook for the fifth consecutive quarter (see the details here). While we acknowledge the potential of Fidelity National Information Services, Inc. (NYSE:FIS) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared Weitz Investment Large Cap Equity Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
