Latest Insider Trading Activity: 5 Stocks Executives and Directors are Buying

1. Fidelity National Information Servcs Inc (NYSE:FIS)

Number of Hedge Fund Investors: 66

Fidelity National Information Servcs Inc (NYSE:FIS) is one of the stocks with latest insider buys. On April 15, Jeffrey A. Goldstein, a director at Fidelity National Information Servcs Inc’s (NYSE:FIS) board, bought 775 shares at $72.37 per share. The total worth of this insider transaction was $56,087. Since the transaction the stock price is down just 0.5%.

Broyhill Asset Management stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its fourth quarter 2023 investor letter:

“Recent investments in this bucket include Ball Corp, Fidelity National Information Services, Inc. (NYSE:FIS), and Avantor. Fidelity National Information Services is a payment provider for financial institutions and merchants around the world. We took a hard look at the business around the time we established our investment in Fiserv, discussed in detail here. Thankfully, we decided to pass at the time in favor of what we believed to be a much better competitively positioned business with a much stronger track record of execution. Since then, issues at FIS have gone from bad to worse. The $48 billion acquisition of Worldpay in 2019, which took leverage up to 5.5x on the balance sheet, hasn’t turned out quite as well as Fiserv’s acquisition of First Data. Fast forward to today, and FIS is unwinding prior mistakes, selling off a 55% interest in the recently acquired business (meaning we now have a hard number for the remaining 45% they own), and using proceeds to take leverage back down to 2.5x post close while repurchasing at least $3.5B of stock through next year. As a result, shareholders will be left with a cleaner balance sheet and a simpler organizational structure, consisting primarily of their very defensive, very profitable core banking business, which traded down to a single-digit multiple vs historical averages for the industry closer to 20x.”

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