OppenheimerFunds Inc. lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 31.1% during the 1st quarter, HoldingsChannel reports. The fund owned 97,653 shares of the shipping service provider’s stock after selling 44,162 shares during the period. OppenheimerFunds Inc.’s holdings in FedEx were worth $17,715,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of FDX. Oregon Public Employees Retirement Fund raised its position in shares of FedEx by 15,104.4% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 14,063,136 shares of the shipping service provider’s stock worth $87,000 after acquiring an additional 13,970,642 shares in the last quarter. Norges Bank acquired a new position in FedEx during the fourth quarter worth approximately $303,958,000. Artisan Partners Limited Partnership increased its position in FedEx by 40.7% during the first quarter. Artisan Partners Limited Partnership now owns 2,740,543 shares of the shipping service provider’s stock worth $497,162,000 after buying an additional 792,575 shares during the period. LSV Asset Management increased its position in FedEx by 39.7% during the first quarter. LSV Asset Management now owns 1,986,887 shares of the shipping service provider’s stock worth $360,441,000 after buying an additional 564,452 shares during the period. Finally, Lakewood Capital Management LP increased its position in FedEx by 102.8% during the fourth quarter. Lakewood Capital Management LP now owns 943,200 shares of the shipping service provider’s stock worth $152,166,000 after buying an additional 478,000 shares during the period. 69.45% of the stock is currently owned by institutional investors and hedge funds.
NYSE:FDX opened at $164.55 on Friday. The company has a market capitalization of $43.17 billion, a PE ratio of 10.75, a P/E/G ratio of 0.80 and a beta of 1.69. The company has a current ratio of 1.46, a quick ratio of 1.40 and a debt-to-equity ratio of 0.87. FedEx Co. has a 12-month low of $150.68 and a 12-month high of $264.99.
FedEx (NYSE:FDX) last released its earnings results on Tuesday, March 19th. The shipping service provider reported $3.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.10 by ($0.07). The company had revenue of $17.01 billion during the quarter, compared to analyst estimates of $17.70 billion. FedEx had a net margin of 5.25% and a return on equity of 22.67%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $3.72 EPS. Equities analysts predict that FedEx Co. will post 15.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Monday, June 24th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date is Friday, June 21st. FedEx’s payout ratio is currently 16.98%.
In related news, Director Susan C. Schwab sold 3,000 shares of FedEx stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $175.11, for a total value of $525,330.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Frederick W. Smith sold 155,650 shares of FedEx stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $189.83, for a total value of $29,547,039.50. Following the completion of the sale, the chief executive officer now owns 14,945,124 shares in the company, valued at $2,837,032,888.92. The disclosure for this sale can be found here. In the last three months, insiders sold 185,650 shares of company stock worth $34,751,470. Corporate insiders own 8.50% of the company’s stock.
Several research analysts have commented on FDX shares. Cowen reaffirmed an “outperform” rating and set a $237.00 price target (down previously from $242.00) on shares of FedEx in a research report on Thursday, March 14th. Raymond James cut their price target on FedEx from $235.00 to $230.00 and set an “outperform” rating on the stock in a research report on Monday, March 18th. Zacks Investment Research lowered FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. Barclays cut their price target on FedEx from $235.00 to $215.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 20th. Finally, KeyCorp cut their price target on FedEx from $240.00 to $215.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 20th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $202.43.
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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.
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