Pacific Heights Asset Management LLC lowered its position in shares of FedEx Corp. (NYSE:FDX) by 1.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,000 shares of the shipping service provider’s stock after selling 2,000 shares during the period. FedEx Corp. comprises 1.5% of Pacific Heights Asset Management LLC’s holdings, making the stock its 19th largest position. Pacific Heights Asset Management LLC’s holdings in FedEx Corp. were worth $16,392,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of FDX. Wellington Management Group LLP raised its stake in shares of FedEx Corp. by 50.9% in the first quarter. Wellington Management Group LLP now owns 8,540,880 shares of the shipping service provider’s stock worth $1,389,772,000 after buying an additional 2,881,893 shares during the period. Primecap Management Co. CA raised its stake in shares of FedEx Corp. by 9.3% in the first quarter. Primecap Management Co. CA now owns 16,116,764 shares of the shipping service provider’s stock worth $2,622,520,000 after buying an additional 1,371,175 shares during the period. Bank of Montreal Can purchased a new stake in shares of FedEx Corp. during the second quarter worth $98,813,000. Southpoint Capital Advisors LP purchased a new stake in shares of FedEx Corp. during the first quarter worth $90,607,000. Finally, Prudential Financial Inc. raised its stake in shares of FedEx Corp. by 30.3% in the first quarter. Prudential Financial Inc. now owns 1,194,772 shares of the shipping service provider’s stock worth $194,414,000 after buying an additional 277,960 shares during the period. 73.72% of the stock is owned by institutional investors and hedge funds.
FedEx Corp. (NYSE:FDX) traded down 0.22% during trading on Monday, reaching $174.30. The company had a trading volume of 1,454,245 shares. The firm has a 50-day moving average of $166.98 and a 200-day moving average of $162.66. FedEx Corp. has a 1-year low of $119.71 and a 1-year high of $177.36. The stock has a market capitalization of $46.32 billion, a price-to-earnings ratio of 26.07 and a beta of 1.28.
FedEx Corp. (NYSE:FDX) last posted its quarterly earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.81 by $0.09. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. The company had revenue of $14.70 billion for the quarter. During the same quarter in the prior year, the business earned $2.42 earnings per share. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. On average, analysts anticipate that FedEx Corp. will post $12.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 12th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Thursday, September 8th. FedEx Corp.’s payout ratio is 23.99%.
A number of equities research analysts have weighed in on FDX shares. Wolfe Research raised FedEx Corp. from a “market perform” rating to an “outperform” rating in a research report on Friday, July 1st. Cowen and Company reiterated a “market perform” rating and issued a $110.00 price target on shares of FedEx Corp. in a report on Sunday, July 31st. Zacks Investment Research downgraded FedEx Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, August 23rd. Vetr downgraded FedEx Corp. from a “strong-buy” rating to a “buy” rating and set a $179.94 price target on the stock. in a report on Monday, August 8th. Finally, Bank of America Corp. reiterated a “buy” rating on shares of FedEx Corp. in a report on Thursday, June 16th. Ten equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $176.59.
In other FedEx Corp. news, EVP Alan B. Graf, Jr. sold 7,400 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $159.43, for a total transaction of $1,179,782.00. Following the transaction, the executive vice president now owns 150,665 shares of the company’s stock, valued at $24,020,520.95. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael L. Ducker sold 5,000 shares of the firm’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $158.43, for a total value of $792,150.00. Following the transaction, the chief executive officer now directly owns 56,265 shares in the company, valued at approximately $8,914,063.95. The disclosure for this sale can be found here. Company insiders own 8.67% of the company’s stock.
FedEx Corp. Company Profile
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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