Montag A & Associates Inc. bought a new stake in shares of FedEx Co. (NYSE:FDX) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,535 shares of the shipping service provider’s stock, valued at approximately $2,828,000.
A number of other hedge funds also recently bought and sold shares of the business. Fairview Capital Investment Management LLC bought a new stake in FedEx in the 1st quarter worth approximately $208,000. Guardian Life Insurance Co. of America lifted its position in FedEx by 1.0% in the 1st quarter. Guardian Life Insurance Co. of America now owns 943 shares of the shipping service provider’s stock worth $184,000 after buying an additional 9 shares during the last quarter. Vanguard Group Inc. lifted its position in FedEx by 5.4% in the 1st quarter. Vanguard Group Inc. now owns 17,997,225 shares of the shipping service provider’s stock worth $3,512,158,000 after buying an additional 918,896 shares during the last quarter. Mcdaniel Terry & Co. lifted its position in FedEx by 0.5% in the first quarter. Mcdaniel Terry & Co. now owns 113,836 shares of the shipping service provider’s stock valued at $22,215,000 after purchasing an additional 584 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in FedEx by 8.4% in the first quarter. Geode Capital Management LLC now owns 2,236,044 shares of the shipping service provider’s stock valued at $435,698,000 after purchasing an additional 173,544 shares during the last quarter. 75.74% of the stock is owned by institutional investors and hedge funds.
In other FedEx news, CEO Michael L. Ducker sold 14,964 shares of the stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $225.85, for a total value of $3,379,619.40. Following the transaction, the chief executive officer now owns 53,397 shares of the company’s stock, valued at $12,059,712.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Donald F. Colleran sold 10,000 shares of the stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $220.00, for a total value of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 30,499 shares in the company, valued at approximately $6,709,780. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,094 shares of company stock worth $9,024,637. Corporate insiders own 8.45% of the company’s stock.
FedEx (NYSE:FDX) last released its earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.66). The company had revenue of $15.30 billion during the quarter, compared to analysts’ expectations of $15.35 billion. FedEx had a return on equity of 20.69% and a net margin of 4.72%. The company’s revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.90 earnings per share. equities research analysts expect that FedEx Co. will post 12.47 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 11th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend is Friday, December 8th. FedEx’s payout ratio is currently 18.87%.
Several analysts have weighed in on the company. Barclays reiterated an “overweight” rating and issued a $270.00 price objective (up previously from $230.00) on shares of FedEx in a research report on Thursday, November 30th. They noted that the move was a valuation call. Cowen reiterated an “outperform” rating and issued a $240.00 price objective on shares of FedEx in a research report on Friday, October 13th. Oppenheimer reiterated a “buy” rating and issued a $236.00 price objective on shares of FedEx in a research report on Friday, October 20th. J P Morgan Chase & Co boosted their price objective on FedEx from $237.00 to $264.00 and gave the company an “overweight” rating in a research report on Thursday, October 12th. Finally, Zacks Investment Research cut FedEx from a “hold” rating to a “sell” rating in a research note on Monday, October 16th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $231.81.
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FedEx Company Profile
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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