Eastern Bank Buys Shares of 1,103 FedEx Co. (NYSE:FDX)

Eastern Bank acquired a new position in shares of FedEx Co. (NYSE:FDX) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,103 shares of the shipping service provider’s stock, valued at approximately $302,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Central Valley Advisors LLC bought a new stake in shares of FedEx in the 2nd quarter valued at about $39,000. Abound Wealth Management raised its holdings in FedEx by 175.9% in the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after purchasing an additional 95 shares during the period. Sachetta LLC boosted its position in shares of FedEx by 29.1% during the second quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock worth $49,000 after purchasing an additional 37 shares in the last quarter. ORG Partners LLC acquired a new position in shares of FedEx in the 2nd quarter valued at $50,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of FedEx in the 2nd quarter valued at $56,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FDX. Stifel Nicolaus decreased their target price on FedEx from $327.00 to $321.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Argus increased their target price on FedEx from $325.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Wells Fargo & Company lifted their price target on shares of FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. Stephens restated an “overweight” rating and set a $350.00 price objective on shares of FedEx in a report on Friday, September 20th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $314.17.

FedEx Price Performance

Shares of FDX opened at $268.02 on Thursday. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72. The company’s fifty day simple moving average is $279.32 and its 200 day simple moving average is $274.85. FedEx Co. has a 1-year low of $224.69 and a 1-year high of $313.84. The company has a market cap of $65.95 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.06 and a beta of 1.17.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The firm had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. During the same quarter in the prior year, the firm earned $4.55 earnings per share. The firm’s revenue for the quarter was down .5% on a year-over-year basis. On average, research analysts forecast that FedEx Co. will post 19.6 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date was Monday, September 9th. FedEx’s payout ratio is presently 32.04%.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.