Covington Capital Management Sells 223 Shares of FedEx Co. (NYSE:FDX)

Covington Capital Management lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 3.7% in the second quarter, HoldingsChannel.com reports. The firm owned 5,725 shares of the shipping service provider’s stock after selling 223 shares during the period. Covington Capital Management’s holdings in FedEx were worth $1,708,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FDX. Blair William & Co. IL boosted its holdings in shares of FedEx by 30.9% in the 2nd quarter. Blair William & Co. IL now owns 71,607 shares of the shipping service provider’s stock worth $21,363,000 after buying an additional 16,904 shares during the last quarter. Evercore Wealth Management LLC increased its position in shares of FedEx by 5,779.5% during the first quarter. Evercore Wealth Management LLC now owns 146,281 shares of the shipping service provider’s stock valued at $41,550,000 after buying an additional 143,793 shares during the period. Thrivent Financial for Lutherans increased its position in shares of FedEx by 6.9% during the first quarter. Thrivent Financial for Lutherans now owns 13,913 shares of the shipping service provider’s stock valued at $3,952,000 after buying an additional 903 shares during the period. Transform Wealth LLC bought a new stake in shares of FedEx during the second quarter valued at about $5,099,000. Finally, Geode Capital Management LLC increased its position in shares of FedEx by 3.8% during the first quarter. Geode Capital Management LLC now owns 3,627,388 shares of the shipping service provider’s stock valued at $1,027,167,000 after buying an additional 131,866 shares during the period. Institutional investors and hedge funds own 72.64% of the company’s stock.

FDX stock opened at $226.10 on Thursday. FedEx Co. has a twelve month low of $216.34 and a twelve month high of $319.90. The company has a quick ratio of 1.47, a current ratio of 1.51 and a debt-to-equity ratio of 0.85. The stock has a market cap of $60.06 billion, a P/E ratio of 11.89, a PEG ratio of 0.95 and a beta of 1.28. The business’s 50-day moving average price is $252.69 and its 200-day moving average price is $280.28.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Monday, September 20th. The shipping service provider reported $4.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.92 by ($0.55). FedEx had a net margin of 5.88% and a return on equity of 20.93%. The company had revenue of $22 billion for the quarter, compared to analysts’ expectations of $21.86 billion. During the same period in the previous year, the firm earned $4.87 earnings per share. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. On average, equities research analysts expect that FedEx Co. will post 19.5 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 1st. Investors of record on Friday, September 3rd were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, September 2nd. This represents a $3.00 dividend on an annualized basis and a yield of 1.33%. FedEx’s dividend payout ratio is presently 16.51%.

A number of research analysts have commented on the stock. Credit Suisse Group set a $330.00 price target on shares of FedEx in a research report on Wednesday, September 22nd. Raymond James lowered FedEx from an “outperform” rating to a “market perform” rating in a research report on Wednesday, September 22nd. BMO Capital Markets lowered their price objective on FedEx from $315.00 to $300.00 and set a “market perform” rating for the company in a research report on Wednesday, September 22nd. Zacks Investment Research upgraded FedEx from a “sell” rating to a “hold” rating and set a $237.00 price target for the company in a report on Thursday, October 7th. Finally, Citigroup reduced their price target on FedEx from $360.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, September 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, FedEx has an average rating of “Buy” and an average target price of $315.13.

FedEx 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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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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