London Co. of Virginia reduced its stake in FedEx Co. (NYSE:FDX) by 8.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 291,288 shares of the shipping service provider’s stock after selling 25,179 shares during the period. London Co. of Virginia’s holdings in FedEx were worth $46,993,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in FDX. Berman Capital Advisors LLC purchased a new stake in FedEx in the fourth quarter worth approximately $25,000. Northwest Wealth Management LLC boosted its holdings in FedEx by 842.1% in the fourth quarter. Northwest Wealth Management LLC now owns 179 shares of the shipping service provider’s stock worth $29,000 after purchasing an additional 160 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in FedEx by 1,666.7% in the fourth quarter. Sound Income Strategies LLC now owns 212 shares of the shipping service provider’s stock worth $34,000 after purchasing an additional 200 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new stake in FedEx in the fourth quarter worth approximately $43,000. Finally, Burt Wealth Advisors boosted its holdings in FedEx by 102.2% in the fourth quarter. Burt Wealth Advisors now owns 277 shares of the shipping service provider’s stock worth $45,000 after purchasing an additional 140 shares during the last quarter. 70.62% of the stock is owned by institutional investors.
FDX has been the topic of several research reports. Loop Capital dropped their target price on shares of FedEx to $262.00 in a report on Wednesday, December 19th. Citigroup dropped their target price on shares of FedEx from $275.00 to $225.00 and set a “buy” rating on the stock in a report on Wednesday, December 19th. Deutsche Bank dropped their price target on shares of FedEx from $293.00 to $212.00 and set a “buy” rating on the stock in a research note on Wednesday, December 19th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $256.00 price target on shares of FedEx in a research note on Tuesday, December 18th. Finally, Zacks Investment Research upgraded shares of FedEx from a “hold” rating to a “buy” rating and set a $226.00 price target on the stock in a research note on Tuesday, December 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $226.41.
FedEx (NYSE:FDX) last issued its earnings results on Tuesday, March 19th. The shipping service provider reported $3.03 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.07). The company had revenue of $17.01 billion for the quarter, compared to analysts’ expectations of $17.70 billion. FedEx had a return on equity of 22.85% and a net margin of 5.25%. FedEx’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.72 earnings per share. As a group, equities research analysts predict that FedEx Co. will post 15.9 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Monday, March 11th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Friday, March 8th. FedEx’s dividend payout ratio is presently 16.98%.
In other news, VP John L. Merino sold 2,300 shares of FedEx stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $182.24, for a total transaction of $419,152.00. Following the sale, the vice president now owns 30,185 shares of the company’s stock, valued at approximately $5,500,914.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David P. Steiner acquired 7,000 shares of the firm’s stock in a transaction dated Wednesday, January 2nd. The shares were purchased at an average cost of $162.92 per share, for a total transaction of $1,140,440.00. Following the acquisition, the director now directly owns 25,994 shares in the company, valued at approximately $4,234,942.48. The disclosure for this purchase can be found here. 8.50% of the stock is owned by insiders.
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FedEx Corp. engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, TNT Express, FedEx Ground, FedEx Freight, FedEx Services, and Other. The FedEx Express segment consists of domestic and international shipping services for delivery of packages, and freight.
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