Stralem & Co. Inc. boosted its stake in FedEx Co. (NYSE:FDX) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,124 shares of the shipping service provider’s stock after buying an additional 1,044 shares during the quarter. FedEx makes up about 2.6% of Stralem & Co. Inc.’s investment portfolio, making the stock its 24th largest position. Stralem & Co. Inc.’s holdings in FedEx were worth $4,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in FDX. Parnassus Investments CA boosted its stake in FedEx by 2,614.2% in the 2nd quarter. Parnassus Investments CA now owns 3,499,875 shares of the shipping service provider’s stock valued at $574,644,000 after buying an additional 3,370,929 shares in the last quarter. BlackRock Inc. boosted its stake in FedEx by 9.5% in the 2nd quarter. BlackRock Inc. now owns 16,165,179 shares of the shipping service provider’s stock valued at $2,654,161,000 after buying an additional 1,395,988 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in FedEx by 11,911.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,118,489 shares of the shipping service provider’s stock valued at $183,645,000 after buying an additional 1,109,177 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new position in FedEx in the 2nd quarter valued at $84,956,000. Finally, Packer & Co Ltd raised its position in FedEx by 269.9% in the 2nd quarter. Packer & Co Ltd now owns 659,800 shares of the shipping service provider’s stock valued at $29,289,000 after purchasing an additional 481,416 shares during the last quarter. 71.33% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Robert B. Carter sold 23,100 shares of FedEx stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total transaction of $4,060,518.00. Following the completion of the sale, the executive vice president now directly owns 68,446 shares of the company’s stock, valued at $12,031,437.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director R Brad Martin acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were bought at an average cost of $145.00 per share, with a total value of $145,000.00. Following the completion of the purchase, the director now owns 49,046 shares of the company’s stock, valued at $7,111,670. The disclosure for this purchase can be found here. 8.44% of the stock is owned by insiders.
FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, September 17th. The shipping service provider reported $3.05 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.12). FedEx had a return on equity of 21.15% and a net margin of 0.65%. The company had revenue of $17.05 billion for the quarter, compared to analyst estimates of $17.05 billion. During the same period last year, the firm earned $3.46 earnings per share. The firm’s revenue for the quarter was up .0% on a year-over-year basis. On average, research analysts expect that FedEx Co. will post 12.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.72%. FedEx’s dividend payout ratio (DPR) is presently 16.75%.
Several equities analysts have issued reports on the company. Oppenheimer cut their price objective on FedEx from $176.00 to $167.00 and set an “outperform” rating for the company in a research report on Wednesday, September 18th. Morgan Stanley cut their price objective on FedEx from $131.00 to $120.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 18th. Loop Capital cut their price objective on FedEx to $200.00 and set a “buy” rating for the company in a research report on Monday, September 23rd. Credit Suisse Group cut their price objective on FedEx from $175.00 to $168.00 and set an “outperform” rating for the company in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. set a $140.00 price objective on FedEx and gave the company a “neutral” rating in a research report on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $171.64.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides 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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