Cornerstone Wealth Management LLC reduced its position in shares of FedEx Co. (NYSE:FDX) by 56.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,965 shares of the shipping service provider’s stock after selling 136,771 shares during the period. Cornerstone Wealth Management LLC’s holdings in FedEx were worth $471,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in FDX. Bank of Montreal Can purchased a new stake in shares of FedEx during the 2nd quarter worth $216,966,000. PNC Financial Services Group Inc. lifted its position in FedEx by 209.5% in the second quarter. PNC Financial Services Group Inc. now owns 419,755 shares of the shipping service provider’s stock valued at $95,309,000 after acquiring an additional 284,134 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in FedEx in the second quarter valued at $62,966,000. Chevy Chase Trust Holdings Inc. purchased a new stake in FedEx in the second quarter valued at $58,442,000. Finally, FMR LLC lifted its position in FedEx by 4.5% in the second quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock valued at $1,040,600,000 after acquiring an additional 197,188 shares during the last quarter. 72.79% of the stock is owned by institutional investors and hedge funds.
In other news, Director Susan Patricia Griffith purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, October 17th. The shares were acquired at an average cost of $225.16 per share, for a total transaction of $225,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total transaction of $281,126.00. Following the transaction, the director now owns 32,800 shares in the company, valued at $7,949,080. The disclosure for this sale can be found here. 8.50% of the stock is currently owned by corporate insiders.
Shares of NYSE:FDX opened at $222.61 on Tuesday. FedEx Co. has a one year low of $207.90 and a one year high of $274.66. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.32 and a quick ratio of 1.26. The stock has a market capitalization of $58.41 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.00 and a beta of 1.36.
FedEx (NYSE:FDX) last announced its earnings results on Monday, September 17th. The shipping service provider reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.78 by ($0.32). FedEx had a net margin of 7.16% and a return on equity of 23.71%. The business had revenue of $17.05 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the company posted $2.65 earnings per share. FedEx’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts predict that FedEx Co. will post 17.35 EPS for the current year.
A number of equities research analysts recently weighed in on FDX shares. Wolfe Research set a $275.00 price target on shares of FedEx and gave the company a “buy” rating in a research report on Tuesday, September 18th. Loop Capital boosted their price target on shares of FedEx to $318.00 and gave the company a “buy” rating in a research report on Tuesday, September 18th. Berenberg Bank started coverage on shares of FedEx in a research report on Friday, September 21st. They issued a “buy” rating and a $300.00 price target for the company. Zacks Investment Research raised shares of FedEx from a “sell” rating to a “hold” rating in a research report on Friday, September 7th. Finally, Robert W. Baird boosted their price target on shares of FedEx from $265.00 to $270.00 and gave the company an “outperform” rating in a research report on Tuesday, September 18th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $284.86.
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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.
Further Reading: Outstanding Shares and The Effect on Share Price
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