Parsec Financial Management Inc. increased its stake in FedEx Corp. (NYSE:FDX) by 6.6% during the second quarter, Holdings Channel reports. The firm owned 14,236 shares of the shipping service provider’s stock after buying an additional 881 shares during the period. Parsec Financial Management Inc.’s holdings in FedEx Corp. were worth $2,161,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP raised its stake in 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 valued at $1,389,772,000 after buying an additional 2,881,893 shares during the last quarter. Primecap Management Co. CA raised its stake in 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 valued at $2,622,520,000 after buying an additional 1,371,175 shares during the last quarter. Bank of Montreal Can acquired a new stake in FedEx Corp. during the second quarter valued at about $98,813,000. Southpoint Capital Advisors LP acquired a new stake in FedEx Corp. during the first quarter valued at about $90,607,000. Finally, First Manhattan Co. raised its stake in FedEx Corp. by 512.7% in the second quarter. First Manhattan Co. now owns 328,102 shares of the shipping service provider’s stock valued at $49,799,000 after buying an additional 274,555 shares during the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.
FedEx Corp. (NYSE:FDX) traded up 0.85% during midday trading on Monday, hitting $174.48. 763,127 shares of the stock were exchanged. The firm’s 50 day moving average price is $168.01 and its 200 day moving average price is $163.31. The company has a market cap of $46.37 billion, a PE ratio of 26.10 and a beta of 1.28. FedEx Corp. has a 12 month low of $119.71 and a 12 month high of $177.36.
FedEx Corp. (NYSE:FDX) last released its quarterly earnings data on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.09. The company earned $14.70 billion during the quarter. FedEx Corp. had a net margin of 3.49% and a return on equity of 21.65%. FedEx Corp.’s quarterly revenue was up 19.5% on a year-over-year basis. During the same period last year, the firm earned $2.42 earnings per share. On average, equities research analysts forecast that FedEx Corp. will post $12.14 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Monday, September 12th were given a $0.40 dividend. The ex-dividend date of this dividend was Thursday, September 8th. This represents a $1.60 annualized dividend and a yield of 0.92%. FedEx Corp.’s dividend payout ratio (DPR) is 23.99%.
FDX has been the subject of several analyst reports. Wolfe Research upgraded shares of FedEx Corp. from a “market perform” rating to an “outperform” rating in a research report on Friday, July 1st. Cowen and Company restated a “market perform” rating and set a $110.00 price target on shares of FedEx Corp. in a research report on Sunday, July 31st. Zacks Investment Research lowered shares of FedEx Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, August 23rd. Vetr lowered shares of FedEx Corp. from a “strong-buy” rating to a “buy” rating and set a $179.94 price target for the company. in a research 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 investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. FedEx Corp. has a consensus rating of “Buy” and a consensus price target of $176.59.
In other FedEx Corp. news, CEO Michael L. Ducker sold 5,000 shares of the business’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $158.43, for a total value of $792,150.00. Following the completion of the sale, the chief executive officer now directly owns 56,265 shares of the company’s stock, valued at approximately $8,914,063.95. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO David J. Bronczek sold 32,669 shares of the business’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $176.30, for a total transaction of $5,759,544.70. Following the completion of the sale, the chief executive officer now directly owns 85,356 shares of the company’s stock, valued at $15,048,262.80. The disclosure for this sale can be found here. 8.67% of the stock is currently owned by company insiders.
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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