First Republic Investment Management Inc. cut its stake in shares of FedEx Co. (NYSE:FDX) by 1.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 88,456 shares of the shipping service provider’s stock after selling 1,038 shares during the period. First Republic Investment Management Inc.’s holdings in FedEx were worth $21,300,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. grew its position in shares of FedEx by 2.2% during the third quarter. Franklin Resources Inc. now owns 551,315 shares of the shipping service provider’s stock worth $132,752,000 after buying an additional 11,798 shares in the last quarter. North Star Asset Management Inc. grew its position in shares of FedEx by 4.0% during the third quarter. North Star Asset Management Inc. now owns 38,811 shares of the shipping service provider’s stock worth $9,345,000 after buying an additional 1,510 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of FedEx by 3.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 60,766 shares of the shipping service provider’s stock worth $13,800,000 after buying an additional 2,253 shares in the last quarter. Pensionfund Sabic acquired a new position in shares of FedEx during the third quarter worth about $2,263,000. Finally, Bruderman Asset Management LLC grew its position in shares of FedEx by 654.8% during the second quarter. Bruderman Asset Management LLC now owns 15,405 shares of the shipping service provider’s stock worth $3,498,000 after buying an additional 13,364 shares in the last quarter. 72.11% of the stock is owned by institutional investors and hedge funds.
Shares of FDX opened at $201.39 on Friday. 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 company has a market capitalization of $56.67 billion, a P/E ratio of 13.22, a price-to-earnings-growth ratio of 0.97 and a beta of 1.35. FedEx Co. has a 52-week low of $200.12 and a 52-week high of $274.66.
FedEx (NYSE:FDX) last announced its quarterly earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 analyst estimates of $16.88 billion. During the same period last year, the company earned $2.65 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, sell-side analysts predict that FedEx Co. will post 17.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Monday, December 10th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date is Friday, December 7th. FedEx’s dividend payout ratio is currently 16.98%.
In other news, Director Susan Patricia Griffith acquired 1,000 shares of FedEx stock in a transaction on Wednesday, October 17th. The stock was bought at an average price of $225.16 per share, for a total transaction of $225,160.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total value of $281,126.00. Following the completion of the sale, the director now owns 32,800 shares of the company’s stock, valued at approximately $7,949,080. The disclosure for this sale can be found here. 8.45% of the stock is currently owned by insiders.
A number of brokerages have recently commented on FDX. Berenberg Bank assumed coverage on FedEx in a research report on Friday, September 21st. They set a “buy” rating and a $300.00 price objective for the company. Robert W. Baird upped their price target on FedEx from $265.00 to $270.00 and gave the company an “outperform” rating in a report on Tuesday, September 18th. Morgan Stanley reaffirmed a “hold” rating and issued a $242.00 price target (down from $245.00) on shares of FedEx in a report on Tuesday, September 18th. Zacks Investment Research raised FedEx from a “sell” rating to a “hold” rating in a report on Monday, December 3rd. Finally, Wolfe Research set a $275.00 price target on FedEx and gave the company a “buy” rating in a report on Tuesday, September 18th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. FedEx currently has a consensus rating of “Buy” and a consensus target price of $285.85.
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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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