Violich Capital Management Inc. purchased a new position in shares of FedEx Co. (NYSE:FDX) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,308 shares of the shipping service provider’s stock, valued at approximately $295,000.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in FedEx by 2.7% during the second quarter. Vanguard Group Inc. now owns 18,490,065 shares of the shipping service provider’s stock valued at $4,018,446,000 after buying an additional 492,840 shares during the last quarter. FMR LLC raised its stake in FedEx by 0.3% during the second quarter. FMR LLC now owns 4,530,154 shares of the shipping service provider’s stock valued at $984,539,000 after buying an additional 15,382 shares during the last quarter. Ameriprise Financial Inc. raised its stake in FedEx by 7.3% during the third quarter. Ameriprise Financial Inc. now owns 3,925,763 shares of the shipping service provider’s stock valued at $885,594,000 after buying an additional 266,660 shares during the last quarter. Capital World Investors raised its stake in shares of FedEx by 16.1% in the second quarter. Capital World Investors now owns 3,614,899 shares of the shipping service provider’s stock worth $785,626,000 after purchasing an additional 501,617 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of FedEx by 3.3% in the third quarter. Canada Pension Plan Investment Board now owns 3,612,357 shares of the shipping service provider’s stock worth $814,875,000 after purchasing an additional 116,500 shares during the last quarter. Hedge funds and other institutional investors own 75.66% of the company’s stock.
In related news, Director David P. Steiner sold 3,016 shares of the stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $266.05, for a total value of $802,406.80. Following the transaction, the director now owns 16,040 shares of the company’s stock, valued at $4,267,442. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO David J. Bronczek sold 46,555 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $255.49, for a total value of $11,894,336.95. Following the completion of the transaction, the chief operating officer now directly owns 48,562 shares in the company, valued at approximately $12,407,105.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 68,671 shares of company stock worth $17,137,160. Company insiders own 8.45% of the company’s stock.
FDX has been the subject of several recent analyst reports. Loop Capital boosted their price target on FedEx to $318.00 in a research note on Thursday, January 4th. Oppenheimer restated a “buy” rating and issued a $229.00 price target on shares of FedEx in a research note on Wednesday, September 20th. Bank of America reiterated a “buy” rating and set a $247.00 price objective (up previously from $240.00) on shares of FedEx in a research report on Friday, October 6th. Goldman Sachs Group assumed coverage on FedEx in a research report on Monday, November 13th. They set a “buy” rating and a $270.00 price objective for the company. Finally, Citigroup upped their price objective on FedEx to $275.00 and gave the company a “buy” rating in a research report on Tuesday, December 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-four have assigned a buy rating to the company. FedEx has a consensus rating of “Buy” and an average price target of $269.95.
Shares of FedEx Co. (NYSE:FDX) traded up $0.66 during mid-day trading on Friday, reaching $271.85. The company’s stock had a trading volume of 1,340,000 shares, compared to its average volume of 1,960,000. FedEx Co. has a fifty-two week low of $182.89 and a fifty-two week high of $271.90. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.50 and a current ratio of 1.57. The stock has a market capitalization of $72,830.00, a P/E ratio of 24.99, a PEG ratio of 1.63 and a beta of 1.36.
FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, December 19th. The shipping service provider reported $3.18 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.29. FedEx had a return on equity of 20.56% and a net margin of 4.74%. The firm had revenue of $16.30 billion for the quarter, compared to the consensus estimate of $15.67 billion. During the same period in the prior year, the business posted $2.80 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. equities research analysts expect that FedEx Co. will post 13.05 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Monday, December 11th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, December 8th. This represents a $2.00 annualized dividend and a dividend yield of 0.74%. FedEx’s payout ratio is 18.38%.
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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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