Cito Capital Group LLC Makes New Investment in FedEx Co. (NYSE:FDX)

Cito Capital Group LLC bought a new stake in FedEx Co. (NYSE:FDX) during the 3rd quarter, HoldingsChannel reports. The fund bought 2,000 shares of the shipping service provider’s stock, valued at approximately $439,000.

Other large investors have also recently modified their holdings of the company. Heritage Wealth Management LLC grew its holdings in FedEx by 125.0% during the second quarter. Heritage Wealth Management LLC now owns 108 shares of the shipping service provider’s stock worth $32,000 after acquiring an additional 60 shares during the period. Destiny Wealth Partners LLC purchased a new stake in shares of FedEx during the 3rd quarter worth $32,000. Monumental Financial Group Inc. acquired a new position in shares of FedEx during the 2nd quarter worth $45,000. Strategic Blueprint LLC purchased a new position in shares of FedEx in the 2nd quarter valued at about $50,000. Finally, Trustcore Financial Services LLC lifted its stake in shares of FedEx by 112.4% in the third quarter. Trustcore Financial Services LLC now owns 189 shares of the shipping service provider’s stock valued at $41,000 after purchasing an additional 100 shares during the period. 69.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of FDX stock traded down $2.11 during mid-day trading on Friday, hitting $255.56. 39,543 shares of the company’s stock were exchanged, compared to its average volume of 2,497,024. The stock has a market cap of $67.72 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 1.03 and a beta of 1.30. The company has a quick ratio of 1.45, a current ratio of 1.49 and a debt-to-equity ratio of 0.82. FedEx Co. has a fifty-two week low of $216.34 and a fifty-two week high of $319.90. The stock has a 50-day simple moving average of $248.98 and a two-hundred day simple moving average of $257.09.

FedEx (NYSE:FDX) last released its earnings results on Thursday, December 16th. The shipping service provider reported $4.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.28 by $0.55. The firm had revenue of $23.47 billion for the quarter, compared to the consensus estimate of $22.42 billion. FedEx had a return on equity of 20.06% and a net margin of 5.49%. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the prior year, the business posted $4.83 earnings per share. As a group, analysts anticipate that FedEx Co. will post 20.82 earnings per share for the current fiscal year.

FedEx declared that its Board of Directors has approved a stock repurchase program on Thursday, December 16th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to buy up to 7.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 27th. Stockholders of record on Monday, December 13th were issued a dividend of $0.75 per share. The ex-dividend date was Friday, December 10th. This represents a $3.00 annualized dividend and a dividend yield of 1.17%. FedEx’s payout ratio is currently 16.53%.

A number of research firms have recently issued reports on FDX. Bank of America lifted their price target on shares of FedEx from $275.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, December 17th. Credit Suisse Group set a $336.00 price objective on FedEx in a report on Monday, December 20th. Barclays lowered their target price on FedEx from $375.00 to $345.00 and set an “overweight” rating on the stock in a report on Wednesday, September 22nd. They noted that the move was a valuation call. Zacks Investment Research raised FedEx from a “sell” rating to a “hold” rating and set a $237.00 price target for the company in a research note on Thursday, October 7th. Finally, JPMorgan Chase & Co. set a $312.00 price objective on shares of FedEx in a research note on Tuesday, January 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $314.64.

About FedEx

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 & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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