:Investment firm ValueAct disclosed on Thursday that it owned 6.2 million shares of Fiserv Inc at the end of the second quarter, a 600per cent increase in its stake in the fintech company compared to the prior quarter.
The firm, known for working with corporate management behind the scenes to effect change, bought some 5.3 million shares in the second quarter, according to an amended regulatory filing.
Based on Fiserv's closing price on Wednesday, the investment is valued at roughly US$704 million. At the end of the first quarter, ValueAct owned 860,000 shares, according to another filing.
A representative for ValueAct declined to comment, while Fiserv did not immediately respond to a request for comment.
Fiserv shares had risen 4per cent in afternoon trading following the filing, but pared gains to close up 1.7per cent.
To be sure, the quarterly report that investment managers are required to file to the Securities and Exchange Commission do not disclose the date of purchase. It gives a snapshot of fund managers' stock holdings.
Most funds had until Monday to make their regular quarterly filings.
(Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur)