Sanders Morris Harris LLC bought a new position in shares of FedEx Co. (NYSE:FDX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,100 shares of the shipping service provider’s stock, valued at approximately $329,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of FedEx by 3.9% in the first quarter. BlackRock Inc. now owns 17,395,107 shares of the shipping service provider’s stock valued at $2,109,329,000 after buying an additional 645,024 shares in the last quarter. Parnassus Investments CA lifted its position in shares of FedEx by 47.0% during the 1st quarter. Parnassus Investments CA now owns 6,136,330 shares of the shipping service provider’s stock worth $744,091,000 after buying an additional 1,960,883 shares during the period. Geode Capital Management LLC increased its stake in shares of FedEx by 1.9% in the first quarter. Geode Capital Management LLC now owns 3,335,834 shares of the shipping service provider’s stock valued at $403,607,000 after buying an additional 62,064 shares in the last quarter. Southeastern Asset Management Inc. TN increased its position in FedEx by 5.6% in the 1st quarter. Southeastern Asset Management Inc. TN now owns 2,565,436 shares of the shipping service provider’s stock valued at $311,084,000 after acquiring an additional 135,696 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of FedEx by 212.2% in the 1st quarter. Invesco Ltd. now owns 2,116,047 shares of the shipping service provider’s stock valued at $256,592,000 after purchasing an additional 1,438,225 shares during the last quarter. 73.98% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently weighed in on FDX. BofA Securities boosted their target price on shares of FedEx from $160.00 to $177.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Goldman Sachs Group increased their price target on FedEx from $153.00 to $169.00 and gave the stock a “conviction-buy” rating in a report on Wednesday, July 1st. Barclays raised their target price on FedEx from $135.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 1st. Zacks Investment Research downgraded FedEx from a “hold” rating to a “sell” rating and set a $135.00 target price for the company. in a research report on Tuesday, April 28th. Finally, UBS Group raised their target price on shares of FedEx from $158.00 to $181.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $161.08.
In other news, Director Susan C. Schwab sold 10,570 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $155.58, for a total transaction of $1,644,480.60. Following the sale, the director now directly owns 16,600 shares in the company, valued at approximately $2,582,628. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frederick W. Smith sold 155,750 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $117.71, for a total transaction of $18,333,332.50. The disclosure for this sale can be found here. Insiders have sold a total of 187,800 shares of company stock worth $23,361,558 in the last quarter. Corporate insiders own 8.44% of the company’s stock.
FDX stock traded down $1.60 during midday trading on Thursday, reaching $156.96. 21,497 shares of the company’s stock traded hands, compared to its average volume of 3,294,853. The stock’s 50-day moving average is $135.69 and its 200 day moving average is $135.56. The stock has a market cap of $41.42 billion, a P/E ratio of 32.26, a PEG ratio of 1.32 and a beta of 1.32. FedEx Co. has a 52-week low of $88.69 and a 52-week high of $178.50. The company has a current ratio of 1.58, a quick ratio of 1.53 and a debt-to-equity ratio of 1.87.
FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 30th. The shipping service provider reported $2.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $1.11. The business had revenue of $17.36 billion for the quarter, compared to analysts’ expectations of $16.54 billion. FedEx had a net margin of 1.86% and a return on equity of 13.49%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company posted $5.01 EPS. As a group, research analysts expect that FedEx Co. will post 10.03 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Monday, June 29th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, June 26th. FedEx’s dividend payout ratio is presently 27.37%.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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