Farr Miller & Washington LLC DC cut its stake in shares of FedEx Co. (NYSE:FDX) by 19.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 182,645 shares of the shipping service provider’s stock after selling 44,823 shares during the period. FedEx accounts for about 4.0% of Farr Miller & Washington LLC DC’s investment portfolio, making the stock its 4th biggest holding. Farr Miller & Washington LLC DC owned 0.07% of FedEx worth $45,939,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of FDX. Greenhaven Associates Inc. acquired a new position in FedEx during the 2nd quarter valued at about $112,871,000. FMR LLC boosted its stake in FedEx by 16.8% during the 2nd quarter. FMR LLC now owns 4,945,173 shares of the shipping service provider’s stock valued at $693,412,000 after purchasing an additional 711,755 shares during the last quarter. Nordea Investment Management AB boosted its stake in FedEx by 40.7% during the 2nd quarter. Nordea Investment Management AB now owns 1,414,230 shares of the shipping service provider’s stock valued at $191,926,000 after purchasing an additional 409,425 shares during the last quarter. Platinum Investment Management Ltd. boosted its stake in FedEx by 128.3% during the 3rd quarter. Platinum Investment Management Ltd. now owns 722,306 shares of the shipping service provider’s stock valued at $181,674,000 after purchasing an additional 405,985 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in FedEx by 22.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,139,149 shares of the shipping service provider’s stock valued at $299,953,000 after purchasing an additional 393,747 shares during the last quarter. 71.65% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Mark R. Allen sold 13,065 shares of the stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $261.04, for a total value of $3,410,487.60. Following the completion of the transaction, the executive vice president now directly owns 42,324 shares of the company’s stock, valued at $11,048,256.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joshua Cooper Ramo sold 13,461 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $262.70, for a total transaction of $3,536,204.70. Following the completion of the transaction, the director now directly owns 8,353 shares of the company’s stock, valued at $2,194,333.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,458 shares of company stock valued at $28,715,799. 8.49% of the stock is owned by insiders.
A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. reiterated a “buy” rating and set a $298.00 price target (up previously from $265.00) on shares of FedEx in a research note on Wednesday, September 16th. TheStreet upgraded FedEx from a “c+” rating to a “b” rating in a research note on Tuesday, September 15th. Zacks Investment Research boosted their target price on FedEx to $276.50 in a research note on Monday, September 21st. Loop Capital boosted their target price on FedEx from $248.00 to $372.00 and gave the stock a “buy” rating in a research note on Wednesday, September 16th. Finally, BMO Capital Markets boosted their target price on FedEx from $220.00 to $265.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 16th. Eight investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $277.46.
FedEx stock opened at $290.25 on Monday. The company has a current ratio of 1.69, a quick ratio of 1.64 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average of $276.01 and a 200-day moving average of $202.67. The firm has a market cap of $75.47 billion, a P/E ratio of 42.45, a P/E/G ratio of 1.44 and a beta of 1.38. FedEx Co. has a 1-year low of $88.69 and a 1-year high of $296.08.
FedEx (NYSE:FDX) last posted its earnings results on Tuesday, September 15th. The shipping service provider reported $4.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.69 by $2.18. The company had revenue of $19.32 billion during the quarter, compared to analyst estimates of $17.56 billion. FedEx had a net margin of 2.50% and a return on equity of 15.82%. FedEx’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the prior year, the business posted $3.05 earnings per share. Research analysts forecast that FedEx Co. will post 15.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 28th. Investors of record on Monday, December 14th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Friday, December 11th. FedEx’s payout ratio is currently 27.37%.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services worldwide. Its FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment offers 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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