Steward Partners Investment Advisory LLC increased its position in shares of FedEx Co. (NYSE:FDX) by 76.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,714 shares of the shipping service provider’s stock after buying an additional 4,200 shares during the period. Steward Partners Investment Advisory LLC’s holdings in FedEx were worth $2,339,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Summit Trail Advisors LLC increased its holdings in FedEx by 207.5% during the first quarter. Summit Trail Advisors LLC now owns 9,980 shares of the shipping service provider’s stock valued at $722,000 after buying an additional 6,734 shares during the period. Neville Rodie & Shaw Inc. purchased a new position in FedEx during the second quarter valued at approximately $8,055,000. Cibc Bank USA purchased a new position in FedEx during the second quarter valued at approximately $500,000. New England Research & Management Inc. purchased a new position in FedEx during the second quarter valued at approximately $443,000. Finally, American National Bank purchased a new position in FedEx during the second quarter valued at approximately $2,449,000. Hedge funds and other institutional investors own 72.93% of the company’s stock.
A number of research analysts have recently issued reports on the company. Morgan Stanley reiterated 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. Credit Suisse Group set a $307.00 price target on FedEx and gave the company a “buy” rating in a report on Tuesday, September 18th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $305.00 price target on shares of FedEx in a report on Tuesday, September 18th. Zacks Investment Research lowered FedEx from a “hold” rating to a “sell” rating in a research note on Tuesday, August 21st. Finally, Berenberg Bank assumed coverage on FedEx in a research note on Friday, September 21st. They issued a “buy” rating and a $300.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $285.18.
FedEx (NYSE:FDX) last announced its earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.78 by ($0.32). FedEx had a return on equity of 23.71% and a net margin of 7.16%. The business had revenue of $17.05 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the firm earned $2.65 earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts forecast that FedEx Co. will post 17.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Monday, September 10th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Friday, September 7th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.22%. FedEx’s payout ratio is 16.98%.
In other FedEx news, 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 transaction of $281,126.00. Following the sale, the director now owns 32,800 shares of the company’s stock, valued at approximately $7,949,080. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Susan Patricia Griffith bought 1,000 shares of the company’s stock in a transaction on Wednesday, October 17th. The shares were bought at an average cost of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. 8.50% of the stock is currently owned by insiders.
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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