NorthCoast Asset Management LLC lifted its holdings in shares of FedEx Co. (NYSE:FDX) by 703.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,185 shares of the shipping service provider’s stock after purchasing an additional 99,100 shares during the period. FedEx comprises approximately 1.3% of NorthCoast Asset Management LLC’s holdings, making the stock its 14th biggest holding. NorthCoast Asset Management LLC’s holdings in FedEx were worth $32,151,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Lombard Odier Asset Management USA Corp purchased a new position in shares of FedEx during the first quarter valued at approximately $394,000. Homrich & Berg boosted its holdings in shares of FedEx by 10.0% in the 1st quarter. Homrich & Berg now owns 7,129 shares of the shipping service provider’s stock valued at $2,025,000 after purchasing an additional 647 shares during the last quarter. Capital Impact Advisors LLC purchased a new stake in shares of FedEx during the 1st quarter valued at $4,806,000. Point72 Asset Management L.P. acquired a new stake in shares of FedEx during the 1st quarter worth $60,656,000. Finally, Farr Miller & Washington LLC DC raised its position in shares of FedEx by 1.3% in the 1st quarter. Farr Miller & Washington LLC DC now owns 183,079 shares of the shipping service provider’s stock worth $52,002,000 after buying an additional 2,356 shares during the period. 71.88% of the stock is owned by institutional investors and hedge funds.
In other FedEx news, CEO Henry J. Maier sold 19,382 shares of the firm’s stock in a transaction on Wednesday, May 5th. The stock was sold at an average price of $305.89, for a total value of $5,928,759.98. Following the sale, the chief executive officer now directly owns 55,432 shares in the company, valued at $16,956,094.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jill Brannon sold 1,101 shares of the company’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $303.00, for a total transaction of $333,603.00. Following the transaction, the executive vice president now owns 5,511 shares of the company’s stock, valued at approximately $1,669,833. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,013 shares of company stock valued at $30,668,425. Insiders own 8.49% of the company’s stock.
FedEx (NYSE:FDX) last announced its quarterly earnings data on Wednesday, June 23rd. The shipping service provider reported $5.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $4.99 by $0.02. FedEx had a return on equity of 22.55% and a net margin of 6.23%. The firm had revenue of $22.57 billion for the quarter, compared to analysts’ expectations of $21.54 billion. During the same period last year, the business posted $2.53 earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts expect that FedEx Co. will post 21.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 12th. Investors of record on Monday, June 28th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Friday, June 25th. This is an increase from FedEx’s previous quarterly dividend of $0.65. FedEx’s dividend payout ratio is currently 16.51%.
FDX has been the topic of a number of research reports. Berenberg Bank set a $350.00 price objective on FedEx and gave the stock a “buy” rating in a report on Friday, May 28th. Wells Fargo & Company raised their price target on shares of FedEx from $336.00 to $351.00 and gave the company an “overweight” rating in a report on Thursday, May 20th. Raymond James boosted their price objective on shares of FedEx from $310.00 to $330.00 and gave the stock an “outperform” rating in a research note on Friday, June 4th. KeyCorp raised their price objective on FedEx from $350.00 to $370.00 and gave the company an “overweight” rating in a research report on Wednesday, May 26th. Finally, Barclays raised their target price on FedEx from $360.00 to $375.00 and gave the company an “overweight” rating in a report on Wednesday, June 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $341.04.
FedEx Company Profile
FedEx Corp. is a holding company, which engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other, and Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.
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