Brighton Jones LLC reduced its stake in FedEx Co. (NYSE:FDX) by 15.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,264 shares of the shipping service provider’s stock after selling 231 shares during the period. Brighton Jones LLC’s holdings in FedEx were worth $377,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Wagner Wealth Management LLC purchased a new stake in FedEx in the 1st quarter valued at about $25,000. WD Rutherford LLC purchased a new stake in FedEx during the first quarter worth about $51,000. Northern Oak Wealth Management Inc. increased its stake in FedEx by 103.1% during the first quarter. Northern Oak Wealth Management Inc. now owns 197 shares of the shipping service provider’s stock worth $56,000 after purchasing an additional 100 shares during the period. Founders Financial Alliance LLC purchased a new stake in FedEx during the first quarter worth about $59,000. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new stake in FedEx during the first quarter worth about $66,000. Hedge funds and other institutional investors own 72.64% of the company’s stock.
A number of analysts have issued reports on FDX shares. UBS Group cut their price target on shares of FedEx from $397.00 to $380.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. cut their target price on shares of FedEx from $366.00 to $346.00 and set an “overweight” rating on the stock in a research note on Thursday, September 9th. Berenberg Bank set a $350.00 target price on shares of FedEx and gave the stock a “buy” rating in a research note on Friday, May 28th. DZ Bank restated a “sell” rating on shares of FedEx in a research note on Friday, June 25th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of FedEx from $318.00 to $375.00 and gave the stock a “buy” rating in a research note on Monday, June 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $347.29.
FedEx (NYSE:FDX) last announced its quarterly earnings results on Wednesday, June 23rd. The shipping service provider reported $5.01 earnings per share for the quarter, beating analysts’ consensus estimates of $4.99 by $0.02. FedEx had a return on equity of 22.55% and a net margin of 6.23%. The business had revenue of $22.57 billion during the quarter, compared to analysts’ expectations of $21.54 billion. During the same quarter last year, the business posted $2.53 earnings per share. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts anticipate that FedEx Co. will post 21.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 3rd will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Thursday, September 2nd. FedEx’s dividend payout ratio is currently 16.51%.
In other FedEx news, EVP Robert B. Carter sold 16,235 shares of the firm’s stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $299.66, for a total value of $4,864,980.10. Following the sale, the executive vice president now directly owns 68,680 shares of the company’s stock, valued at approximately $20,580,648.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Susan C. Schwab sold 4,720 shares of FedEx stock in a transaction dated Tuesday, June 29th. The shares were sold at an average price of $297.30, for a total value of $1,403,256.00. Following the completion of the transaction, the director now directly owns 10,312 shares in the company, valued at $3,065,757.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,240 shares of company stock worth $9,608,596. Corporate insiders own 8.16% of the company’s stock.
FedEx Company Profile
FedEx Corp. is a holding company, which engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.
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