Pinnacle Financial Partners Inc. cut its stake in FedEx Co. (NYSE:FDX) by 26.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,306 shares of the shipping service provider’s stock after selling 824 shares during the period. Pinnacle Financial Partners Inc.’s holdings in FedEx were worth $379,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of FDX. South Dakota Investment Council raised its holdings in shares of FedEx by 41.9% in the second quarter. South Dakota Investment Council now owns 146,276 shares of the shipping service provider’s stock valued at $24,017,000 after acquiring an additional 43,200 shares in the last quarter. Glen Harbor Capital Management LLC boosted its position in FedEx by 210.4% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 14,800 shares of the shipping service provider’s stock valued at $2,430,000 after acquiring an additional 10,032 shares in the last quarter. Commonwealth Bank of Australia increased its holdings in shares of FedEx by 10.9% in the 2nd quarter. Commonwealth Bank of Australia now owns 45,380 shares of the shipping service provider’s stock valued at $7,444,000 after acquiring an additional 4,464 shares during the period. Tyers Asset Management LLC increased its holdings in shares of FedEx by 210.4% in the 2nd quarter. Tyers Asset Management LLC now owns 20,350 shares of the shipping service provider’s stock valued at $3,341,000 after acquiring an additional 13,794 shares during the period. Finally, Flinton Capital Management LLC raised its position in shares of FedEx by 210.4% in the 2nd quarter. Flinton Capital Management LLC now owns 25,900 shares of the shipping service provider’s stock worth $4,253,000 after acquiring an additional 17,556 shares in the last quarter. 71.40% of the stock is currently owned by institutional investors.
In other news, Director Paul S. Walsh sold 4,440 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $161.88, for a total value of $718,747.20. Following the sale, the director now directly owns 16,440 shares of the company’s stock, valued at approximately $2,661,307.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert B. Carter sold 23,100 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total transaction of $4,060,518.00. Following the completion of the sale, the executive vice president now owns 68,446 shares in the company, valued at approximately $12,031,437.88. The disclosure for this sale can be found here. 8.44% of the stock is currently owned by corporate insiders.
FedEx (NYSE:FDX) last released its earnings results on Tuesday, June 25th. The shipping service provider reported $5.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.08. FedEx had a return on equity of 21.57% and a net margin of 0.77%. The firm had revenue of $17.81 billion for the quarter, compared to the consensus estimate of $17.85 billion. During the same period in the prior year, the firm earned $5.91 EPS. The firm’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts predict that FedEx Co. will post 14.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date is Friday, September 6th. FedEx’s dividend payout ratio is presently 16.75%.
A number of brokerages recently weighed in on FDX. Stephens set a $210.00 price objective on FedEx and gave the company a “buy” rating in a research report on Wednesday, June 26th. TheStreet downgraded shares of FedEx from a “b-” rating to a “c+” rating in a report on Thursday, June 6th. Loop Capital decreased their price target on shares of FedEx from $262.00 to $220.00 in a research report on Wednesday, June 26th. Deutsche Bank restated a “buy” rating on shares of FedEx in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of FedEx from $184.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $190.92.
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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