State of Michigan Retirement System boosted its stake in FedEx Co. (NYSE:FDX) by 11.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,387 shares of the shipping service provider’s stock after purchasing an additional 6,375 shares during the period. State of Michigan Retirement System’s holdings in FedEx were worth $8,608,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC acquired a new position in shares of FedEx during the first quarter worth $49,000. Legacy Advisors LLC purchased a new position in FedEx in the 2nd quarter valued at about $221,000. Quadrant Private Wealth Management LLC grew its stake in shares of FedEx by 14.5% during the first quarter. Quadrant Private Wealth Management LLC now owns 2,739 shares of the shipping service provider’s stock valued at $332,000 after acquiring an additional 347 shares in the last quarter. Tudor Investment Corp Et Al purchased a new stake in shares of FedEx during the first quarter worth about $619,000. Finally, Courier Capital LLC lifted its stake in shares of FedEx by 5.6% in the second quarter. Courier Capital LLC now owns 3,746 shares of the shipping service provider’s stock worth $582,000 after acquiring an additional 200 shares in the last quarter. 73.89% of the stock is currently owned by institutional investors.
In other news, CEO Frederick W. Smith sold 155,750 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $117.71, for a total value of $18,333,332.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marvin R. Ellison acquired 2,200 shares of the stock in a transaction that occurred on Wednesday, July 22nd. The shares were bought at an average price of $164.53 per share, for a total transaction of $361,966.00. Following the purchase, the director now directly owns 4,401 shares of the company’s stock, valued at $724,096.53. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 196,550 shares of company stock worth $24,818,258. Company insiders own 8.44% of the company’s stock.
A number of equities analysts have issued reports on FDX shares. Deutsche Bank upped their target price on FedEx from $128.00 to $150.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Argus raised shares of FedEx from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Monday, July 6th. Morgan Stanley raised their price objective on shares of FedEx from $98.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 1st. BMO Capital Markets increased their price target on shares of FedEx from $130.00 to $150.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 1st. Finally, Goldman Sachs Group boosted their price objective on FedEx from $153.00 to $169.00 and gave the company a “conviction-buy” rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $161.08.
Shares of NYSE:FDX opened at $168.40 on Friday. The firm’s 50 day moving average is $151.03 and its two-hundred day moving average is $136.84. The firm has a market capitalization of $44.11 billion, a P/E ratio of 34.44, a PEG ratio of 1.40 and a beta of 1.32. 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 Co. has a 52 week low of $88.69 and a 52 week high of $176.25.
FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 30th. The shipping service provider reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $1.11. FedEx had a return on equity of 13.49% and a net margin of 1.86%. The business had revenue of $17.36 billion during the quarter, compared to analyst estimates of $16.54 billion. During the same period in the prior year, the company posted $5.01 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Analysts predict that FedEx Co. will post 10.03 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Monday, June 29th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, June 26th. FedEx’s dividend payout ratio (DPR) is 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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