Mackay Shields LLC Acquires New Position in First Data Corp (FDC)

Mackay Shields LLC acquired a new stake in shares of First Data Corp (NYSE:FDC) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 738,399 shares of the business services provider’s stock, valued at approximately $15,454,000. Mackay Shields LLC owned approximately 0.08% of First Data at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FDC. Point72 Asia Hong Kong Ltd purchased a new stake in First Data during the first quarter valued at about $122,000. IBM Retirement Fund purchased a new stake in First Data during the first quarter valued at about $167,000. Acadian Asset Management LLC purchased a new stake in First Data during the second quarter valued at about $171,000. Wellington Shields Capital Management LLC purchased a new stake in First Data during the first quarter valued at about $185,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in First Data during the second quarter valued at about $188,000. 50.88% of the stock is owned by institutional investors.

A number of research firms have commented on FDC. Zacks Investment Research lowered shares of First Data from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Stephens reaffirmed a “buy” rating and set a $27.00 price objective on shares of First Data in a research note on Wednesday, August 1st. Cantor Fitzgerald upped their price objective on shares of First Data to $23.00 and gave the company a “neutral” rating in a research note on Tuesday, July 31st. Craig Hallum set a $35.00 price objective on shares of First Data and gave the company a “buy” rating in a research note on Tuesday, July 31st. Finally, Mizuho reiterated a “buy” rating and issued a $28.00 target price on shares of First Data in a report on Tuesday, July 31st. Four analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $24.92.

First Data opened at $24.67 on Monday, MarketBeat reports. First Data Corp has a 52 week low of $14.73 and a 52 week high of $24.83. The company has a market capitalization of $23.04 billion, a P/E ratio of 19.27, a PEG ratio of 1.85 and a beta of 1.48. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.03 and a current ratio of 1.03.

First Data (NYSE:FDC) last released its quarterly earnings data on Monday, July 30th. The business services provider reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.02. First Data had a return on equity of 21.88% and a net margin of 15.39%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. sell-side analysts anticipate that First Data Corp will post 1.25 EPS for the current year.

In related news, President Guy Chiarello sold 100,000 shares of the stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $19.42, for a total value of $1,942,000.00. Following the transaction, the president now owns 1,406,923 shares in the company, valued at $27,322,444.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher M. Foskett sold 17,500 shares of the stock in a transaction that occurred on Wednesday, June 13th. The stock was sold at an average price of $21.77, for a total value of $380,975.00. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 300 shares of company stock worth $6,331 and sold 149,412 shares worth $2,948,548. Corporate insiders own 5.60% of the company’s stock.

First Data Company Profile

First Data Corporation provides electronic commerce solutions for merchants, financial institutions, and card issuers worldwide. It operates through three segments: Global Business Solutions (GBS), Global Financial Solutions (GFS), and Network & Security Solutions (NSS). The GBS segment offers retail point-of-sale merchant acquiring and e-commerce services; and mobile payment services, as well as its cloud-based Clover point-of-sale operating system, which includes a marketplace for proprietary and third-party business applications.

Read More: Leveraged Buyout (LBO) Explained

Want to see what other hedge funds are holding FDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Data Corp (NYSE:FDC).

Institutional Ownership by Quarter for First Data (NYSE:FDC)

Receive News & Ratings for First Data Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Data and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply