DAVENPORT & Co LLC lowered its stake in shares of FedEx Co. (NYSE:FDX) by 55.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,503 shares of the shipping service provider’s stock after selling 86,594 shares during the quarter. DAVENPORT & Co LLC’s holdings in FedEx were worth $17,733,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of FedEx by 16.8% during the second quarter. FMR LLC now owns 4,945,173 shares of the shipping service provider’s stock worth $693,412,000 after buying an additional 711,755 shares in the last quarter. Southeastern Asset Management Inc. TN boosted its holdings in FedEx by 5.6% in the first quarter. Southeastern Asset Management Inc. TN now owns 2,565,436 shares of the shipping service provider’s stock worth $311,084,000 after purchasing an additional 135,696 shares during the period. Bank of New York Mellon Corp boosted its holdings in FedEx by 22.6% in the second quarter. Bank of New York Mellon Corp now owns 2,139,149 shares of the shipping service provider’s stock worth $299,953,000 after purchasing an additional 393,747 shares during the period. Invesco Ltd. boosted its holdings in FedEx by 212.2% in the first quarter. Invesco Ltd. now owns 2,116,047 shares of the shipping service provider’s stock worth $256,592,000 after purchasing an additional 1,438,225 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in FedEx by 40.7% in the second quarter. Nordea Investment Management AB now owns 1,414,230 shares of the shipping service provider’s stock worth $191,926,000 after purchasing an additional 409,425 shares during the period. 71.65% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE FDX opened at $283.87 on Friday. FedEx Co. has a fifty-two week low of $88.69 and a fifty-two week high of $287.16. The firm’s 50-day simple moving average is $244.45 and its 200 day simple moving average is $169.94. The company has a quick ratio of 1.64, a current ratio of 1.69 and a debt-to-equity ratio of 1.19. The stock has a market cap of $74.54 billion, a P/E ratio of 41.93, a P/E/G ratio of 1.46 and a beta of 1.39.
FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, September 15th. The shipping service provider reported $4.87 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $2.18. FedEx had a net margin of 2.50% and a return on equity of 15.82%. The business had revenue of $19.32 billion for the quarter, compared to analysts’ expectations of $17.56 billion. During the same period in the previous year, the business earned $3.05 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts anticipate that FedEx Co. will post 15.59 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend was Thursday, September 3rd. FedEx’s dividend payout ratio (DPR) is presently 27.37%.
A number of research firms have commented on FDX. Citigroup lifted their price objective on shares of FedEx from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, September 16th. Deutsche Bank Aktiengesellschaft raised shares of FedEx from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $243.00 to $318.00 in a report on Monday, September 28th. Loop Capital lifted their price objective on shares of FedEx from $248.00 to $372.00 and gave the stock a “buy” rating in a report on Wednesday, September 16th. Raymond James lifted their price objective on shares of FedEx from $165.00 to $280.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Finally, Credit Suisse Group reissued a “buy” rating and set a $322.00 price target on shares of FedEx in a report on Wednesday, September 16th. Eight investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $271.60.
In other FedEx news, Director Marvin R. Ellison purchased 2,200 shares of the company’s stock in a transaction on Wednesday, July 22nd. The shares were purchased at an average cost of $164.53 per share, for a total transaction of $361,966.00. Following the completion of the transaction, the director now owns 4,401 shares in the company, valued at $724,096.53. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brie Carere sold 1,307 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $202.60, for a total transaction of $264,798.20. Following the completion of the sale, the executive vice president now owns 11,481 shares in the company, valued at $2,326,050.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 78,395 shares of company stock worth $19,886,710. 8.49% of the stock is owned by company insiders.
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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