State of Tennessee Treasury Department increased its stake in shares of FedEx Corporation (NYSE:FDX) by 19.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,708 shares of the shipping service provider’s stock after buying an additional 39,891 shares during the quarter. State of Tennessee Treasury Department owned about 0.09% of FedEx Corporation worth $53,183,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI grew its position in FedEx Corporation by 19.2% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 61,055 shares of the shipping service provider’s stock worth $13,269,000 after buying an additional 9,834 shares in the last quarter. Pinnacle Associates Ltd. grew its position in FedEx Corporation by 0.9% during the second quarter. Pinnacle Associates Ltd. now owns 21,515 shares of the shipping service provider’s stock worth $4,676,000 after buying an additional 185 shares in the last quarter. Cedar Capital LLC acquired a new stake in FedEx Corporation during the second quarter worth approximately $303,000. Burney Co. grew its position in FedEx Corporation by 2.1% during the second quarter. Burney Co. now owns 14,857 shares of the shipping service provider’s stock worth $3,198,000 after buying an additional 305 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in FedEx Corporation by 17.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 40,661 shares of the shipping service provider’s stock worth $8,838,000 after buying an additional 6,070 shares in the last quarter. 75.89% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently issued reports on FDX shares. Oppenheimer Holdings, Inc. increased their price target on FedEx Corporation from $218.00 to $229.00 and gave the stock an “outperform” rating in a research report on Thursday, June 15th. CIBC increased their price target on FedEx Corporation from $218.00 to $229.00 and gave the stock an “outperform” rating in a research report on Thursday, June 15th. Vetr raised FedEx Corporation from a “sell” rating to a “hold” rating and set a $206.26 price target on the stock in a research report on Tuesday, June 20th. UBS AG reissued a “buy” rating and set a $235.00 price target (up previously from $215.00) on shares of FedEx Corporation in a research report on Wednesday, June 21st. Finally, Credit Suisse Group increased their price target on FedEx Corporation from $225.00 to $237.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $228.26.
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FedEx Corporation (NYSE:FDX) last released its quarterly earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.17 by ($0.66). FedEx Corporation had a return on equity of 20.69% and a net margin of 4.72%. The company had revenue of $15.30 billion during the quarter, compared to the consensus estimate of $15.35 billion. During the same period in the previous year, the company earned $2.90 earnings per share. FedEx Corporation’s quarterly revenue was up 4.1% on a year-over-year basis.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Monday, September 11th were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date was Friday, September 8th. FedEx Corporation’s payout ratio is currently 18.87%.
In related news, CEO Michael L. Ducker sold 14,964 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $225.85, for a total value of $3,379,619.40. Following the completion of the transaction, the chief executive officer now directly owns 53,397 shares of the company’s stock, valued at $12,059,712.45. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Donald F. Colleran sold 10,000 shares of the stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 30,499 shares of the company’s stock, valued at $6,709,780. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,172 shares of company stock valued at $6,039,193. 8.45% of the stock is owned by insiders.
About FedEx Corporation
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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