Mission Wealth Management LP reduced its holdings in FedEx Co. (NYSE:FDX) by 13.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,596 shares of the shipping service provider’s stock after selling 245 shares during the quarter. Mission Wealth Management LP’s holdings in FedEx were worth $401,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of FDX. Public Employees Retirement Association of Colorado increased its position in FedEx by 4.5% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 46,905 shares of the shipping service provider’s stock valued at $5,688,000 after acquiring an additional 2,039 shares during the period. Janus Henderson Group PLC increased its position in shares of FedEx by 1.8% during the 1st quarter. Janus Henderson Group PLC now owns 50,808 shares of the shipping service provider’s stock valued at $6,156,000 after purchasing an additional 911 shares during the period. Mackenzie Financial Corp increased its position in shares of FedEx by 16.5% during the 1st quarter. Mackenzie Financial Corp now owns 5,081 shares of the shipping service provider’s stock valued at $616,000 after purchasing an additional 721 shares during the period. Gabelli Funds LLC acquired a new position in shares of FedEx during the 1st quarter valued at $303,000. Finally, Silvercrest Asset Management Group LLC increased its position in shares of FedEx by 10.1% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 1,960 shares of the shipping service provider’s stock valued at $238,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 71.65% of the company’s stock.
In related news, CEO Henry J. Maier sold 7,322 shares of FedEx stock in a transaction on Friday, October 16th. The stock was sold at an average price of $283.22, for a total transaction of $2,073,736.84. Following the completion of the sale, the chief executive officer now owns 47,989 shares of the company’s stock, valued at $13,591,444.58. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP John L. Merino sold 24,981 shares of FedEx stock in a transaction on Friday, September 18th. The shares were sold at an average price of $246.16, for a total value of $6,149,322.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,395 shares of company stock valued at $19,886,710. Insiders own 8.49% of the company’s stock.
FedEx (NYSE:FDX) last issued its earnings results on Tuesday, September 15th. The shipping service provider reported $4.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.69 by $2.18. The business had revenue of $19.32 billion during the quarter, compared to analysts’ expectations of $17.56 billion. FedEx had a return on equity of 15.82% and a net margin of 2.50%. FedEx’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.05 earnings per share. Analysts expect that FedEx Co. will post 15.59 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Friday, September 4th were given a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.92%. FedEx’s payout ratio is 27.37%.
Several brokerages have recently issued reports on FDX. Zacks Investment Research lifted their price target on FedEx to $276.50 in a research report on Monday, September 21st. Bank of America reiterated a “buy” rating and set a $300.00 price target on shares of FedEx in a research report on Wednesday, September 16th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $298.00 price target (up from $265.00) on shares of FedEx in a research report on Wednesday, September 16th. BofA Securities lifted their price target on FedEx from $160.00 to $177.00 and gave the company a “buy” rating in a research report on Wednesday, July 1st. Finally, TheStreet raised FedEx from a “c+” rating to a “b” rating in a research note on Tuesday, September 15th. Eight equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $271.60.
FedEx Company Profile
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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