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Fidelity National Information Services (FIS) Declined on Lowered Guidance

Third Point Management, a New York-based investment advisor, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned -4.1% net in the first quarter compared to a 7.5% return for the S&P 500 INDEX (TR) and a 7.9% return for the MSCI WORLD INDEX (TR). In addition, please check the fund’s top five holdings to know its best picks in 2023.

Third Point Management highlighted stocks like Fidelity National Information Services, Inc. (NYSE:FIS) in the first quarter 2023 investor letter. Headquartered in Jacksonville, Florida, Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology solutions provider. On May 30, 2023, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $53.97 per share. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was 2.10%, and its shares lost 47.71% of their value over the last 52 weeks. Fidelity National Information Services, Inc. (NYSE:FIS) has a market capitalization of $31.974 billion.

Third Point Management made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its Q1 2023 investor letter:

"Existing positions in LVMH, Disney and Microsoft gained while Fidelity National Information Services, Inc. (NYSE:FIS), Bath & Body Works, and Colgate posted losses after their management teams lowered 2023 guidance despite reporting solid quarterly results. FIS and Colgate have both since “beat and raised” this guidance, indicating that many management teams are adopting very conservative tones in this uncertain macro environment. FIS and AIG were also hit by the indiscriminate defenestration of most Financials immediately following the collapse of SVB, but AIG has rallied nearly 8% from its lows and our thesis, which we wrote about in our last quarterly letter, remains the same."

Copyright: daviles / 123RF Stock Photo

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Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of first quarter 2023 which was 64 in the previous quarter.

We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared Diamond Hill Mid Cap Strategy's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 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.