Verition Fund Management LLC lifted its stake in shares of FedEx Corporation (NYSE:FDX) by 32.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,097 shares of the shipping service provider’s stock after purchasing an additional 508 shares during the quarter. Verition Fund Management LLC’s holdings in FedEx Corporation were worth $456,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. FNY Managed Accounts LLC bought a new position in shares of FedEx Corporation during the 1st quarter worth about $100,000. Salem Investment Counselors Inc. boosted its position in shares of FedEx Corporation by 2.8% during the 2nd quarter. Salem Investment Counselors Inc. now owns 479 shares of the shipping service provider’s stock worth $104,000 after purchasing an additional 13 shares in the last quarter. Riggs Asset Managment Co. Inc. boosted its position in shares of FedEx Corporation by 163.0% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 484 shares of the shipping service provider’s stock worth $105,000 after purchasing an additional 300 shares in the last quarter. Cribstone Capital Management LLC boosted its position in shares of FedEx Corporation by 1.2% during the 2nd quarter. Cribstone Capital Management LLC now owns 489 shares of the shipping service provider’s stock worth $107,000 after purchasing an additional 6 shares in the last quarter. Finally, Krilogy Financial LLC boosted its position in shares of FedEx Corporation by 0.4% during the 2nd quarter. Krilogy Financial LLC now owns 511 shares of the shipping service provider’s stock worth $111,000 after purchasing an additional 2 shares in the last quarter. 76.27% of the stock is currently owned by institutional investors.
In other news, CEO Michael L. Ducker sold 14,964 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The shares were 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 in the company, valued at $12,059,712.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Donald F. Colleran sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president now owns 30,499 shares in the company, valued at approximately $6,709,780. The disclosure for this sale can be found here. Insiders have sold 40,094 shares of company stock worth $9,024,637 in the last three months. 8.45% of the stock is currently owned by insiders.
FedEx Corporation (FDX) opened at $218.15 on Friday. FedEx Corporation has a 52-week low of $182.11 and a 52-week high of $231.35. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.57 and a current ratio of 1.63. The stock has a market cap of $58,496.49, a PE ratio of 18.32, a P/E/G ratio of 1.37 and a beta of 1.37.
FedEx Corporation (NYSE:FDX) last posted its quarterly earnings data on Tuesday, September 19th. The shipping service provider reported $2.51 EPS for the quarter, missing the consensus estimate of $3.17 by ($0.66). FedEx Corporation had a return on equity of 20.69% and a net margin of 4.72%. The business had revenue of $15.30 billion for the quarter, compared to the consensus estimate of $15.35 billion. During the same period in the previous year, the firm earned $2.90 EPS. The company’s revenue was up 4.1% on a year-over-year basis. research analysts forecast that FedEx Corporation will post 12.47 EPS for the current fiscal year.
Several equities analysts recently weighed in on FDX shares. Vetr cut shares of FedEx Corporation to a “sell” rating and set a $204.84 price target on the stock. in a research report on Thursday, August 31st. J P Morgan Chase & Co raised their price target on shares of FedEx Corporation from $237.00 to $264.00 and gave the company an “overweight” rating in a research report on Thursday, October 12th. Credit Suisse Group reiterated an “outperform” rating and issued a $233.00 price objective (down previously from $242.00) on shares of FedEx Corporation in a research note on Friday, September 15th. Robert W. Baird reiterated a “buy” rating and issued a $235.00 price objective on shares of FedEx Corporation in a research note on Tuesday, September 12th. Finally, Cowen and Company reiterated a “buy” rating and issued a $240.00 price objective on shares of FedEx Corporation in a research note on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-two have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $228.56.
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FedEx Corporation 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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