Jim Cramer Discussed 18 Companies That Hit $100 Billion in Market Cap in 2024

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8. Fiserv, Inc. (NYSE:FI)

Number of Hedge Fund Holders: 71

Cramer highlighted Fiserv, Inc. (NYSE:FI) and said:

“Now it was a big cluster with gains in the mid-fifties. First up it’s Fiserv, the transaction processing company.”

Fiserv (NYSE:FI) provides a range of payments and financial services technology, including merchant acquiring, mobile payments, fraud protection, digital banking, card transaction processing, and various network services. The company operates with extensive reach, serving nearly every U.S. household.

As per Marc DeCastro, research director at IDC Financial Insights, the company has maintained its position as the largest global provider of technology solutions for the financial services industry, as recognized in the 2024 IDC FinTech Rankings. The global financial services industry is forecasted to spend more than $800 billion by 2026, further showing the significance of Fiserv’s role in this market.

In 2024, Fiserv (NYSE:FI) experienced noteworthy financial performance, with adjusted revenue increasing by 7%, reaching $14.22 billion in the first nine months of the year compared to the same period in 2023. Organic revenue growth was particularly strong, rising by 17%, driven by a 29% increase in the Merchant Solutions segment and a 6% rise in the Financial Solutions segment.

The company’s adjusted earnings per share grew by 18%, reaching $6.29 during the same period. Additionally, the company saw a 23% increase in free cash flow, which totaled $3.34 billion for the first nine months of 2024, up from $2.72 billion in the previous year.

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