Wedge Capital Management L L P NC raised its stake in shares of FedEx Co. (NYSE:FDX) by 12.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 37,149 shares of the shipping service provider’s stock after acquiring an additional 4,114 shares during the quarter. Wedge Capital Management L L P NC’s holdings in FedEx were worth $8,945,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of FDX. Palo Capital Inc. bought a new position in FedEx during the third quarter valued at about $108,000. Vigilant Capital Management LLC bought a new position in FedEx during the second quarter valued at about $114,000. Moneta Group Investment Advisors LLC raised its holdings in FedEx by 14,117.1% during the second quarter. Moneta Group Investment Advisors LLC now owns 63,835 shares of the shipping service provider’s stock valued at $114,000 after buying an additional 63,386 shares in the last quarter. Fortis Advisors LLC raised its holdings in FedEx by 278.2% during the second quarter. Fortis Advisors LLC now owns 503 shares of the shipping service provider’s stock valued at $115,000 after buying an additional 370 shares in the last quarter. Finally, Lenox Wealth Advisors LLC bought a new position in FedEx during the third quarter valued at about $120,000. Institutional investors own 72.79% of the company’s stock.
In other news, Director Susan Patricia Griffith bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 17th. The shares were acquired at an average cost of $225.16 per share, with a total value of $225,160.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Edwardson sold 1,160 shares of FedEx stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total value of $281,126.00. Following the sale, the director now directly 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 owned by company insiders.
Several research firms have weighed in on FDX. Zacks Investment Research lowered FedEx from a “hold” rating to a “sell” rating in a report on Tuesday, August 21st. Morgan Stanley set a $240.00 target price on FedEx and gave the company a “hold” rating in a report on Monday, October 22nd. UBS Group lowered FedEx from a “buy” rating to a “neutral” rating and set a $256.00 price objective on the stock. in a research note on Monday, July 16th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $305.00 price objective on shares of FedEx in a research note on Tuesday, September 18th. Finally, Credit Suisse Group set a $307.00 price objective on FedEx and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $284.86.
FDX stock opened at $226.77 on Wednesday. FedEx Co. has a twelve month low of $207.90 and a twelve month high of $274.66. The stock has a market cap of $58.41 billion, a P/E ratio of 14.81, a PEG ratio of 1.00 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.26 and a current ratio of 1.32.
FedEx (NYSE:FDX) last released its earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing analysts’ consensus estimates of $3.78 by ($0.32). FedEx had a return on equity of 23.71% and a net margin of 7.16%. The firm had revenue of $17.05 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period last year, the business earned $2.65 earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts predict that FedEx Co. will post 17.35 earnings per share for the current fiscal year.
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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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