FedEx Corporation $FDX Shares Acquired by Elite Wealth Management Inc.

Elite Wealth Management Inc. increased its stake in shares of FedEx Corporation (NYSE:FDX) by 262.8% in the third quarter, HoldingsChannel reports. The firm owned 17,542 shares of the shipping service provider’s stock after buying an additional 12,707 shares during the quarter. FedEx makes up approximately 1.0% of Elite Wealth Management Inc.’s holdings, making the stock its 27th biggest holding. Elite Wealth Management Inc.’s holdings in FedEx were worth $5,001,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in FedEx in the 2nd quarter valued at about $6,508,103,000. Primecap Management Co. CA purchased a new stake in shares of FedEx during the second quarter worth about $2,554,138,000. Dimensional Fund Advisors LP grew its holdings in shares of FedEx by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider’s stock worth $936,688,000 after buying an additional 52,963 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of FedEx by 6.3% during the first quarter. Bank of New York Mellon Corp now owns 2,134,672 shares of the shipping service provider’s stock worth $760,328,000 after buying an additional 125,950 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of FedEx during the second quarter worth about $579,171,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

Insider Buying and Selling

In other news, EVP Tracy B. Brightman sold 26,611 shares of the business’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $316.68, for a total transaction of $8,427,171.48. Following the completion of the sale, the executive vice president directly owned 12,245 shares of the company’s stock, valued at $3,877,746.60. The trade was a 68.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gina F. Adams sold 3,014 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $317.06, for a total value of $955,618.84. Following the sale, the executive vice president owned 9,656 shares of the company’s stock, valued at approximately $3,061,531.36. The trade was a 23.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.65% of the company’s stock.

FedEx Trading Down 0.1%

NYSE FDX opened at $307.81 on Monday. The company has a market cap of $72.09 billion, a P/E ratio of 18.93, a P/E/G ratio of 1.24 and a beta of 1.27. FedEx Corporation has a 12 month low of $202.95 and a 12 month high of $345.36. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.33 and a quick ratio of 1.29. The company has a 50-day moving average of $302.89 and a 200-day moving average of $337.37.

FedEx (NYSE:FDX) last released its earnings results on Wednesday, October 28th. The shipping service provider reported $3.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.40. FedEx had a net margin of 4.09% and a return on equity of 15.53%. The business had revenue of $22.93 billion for the quarter, compared to analysts’ expectations of $22.73 billion. During the same period last year, the company earned $3.83 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, equities analysts predict that FedEx Corporation will post 18.29 earnings per share for the current year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, September 14th were given a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $4.88 annualized dividend and a yield of 1.6%. FedEx’s dividend payout ratio is 30.01%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FDX. UBS Group reissued a “hold” rating on shares of FedEx in a research report on Friday, October 30th. Sanford C. Bernstein set a $377.00 target price on shares of FedEx in a research report on Monday, October 26th. Citigroup lifted their target price on shares of FedEx from $373.00 to $374.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Weiss Ratings downgraded FedEx from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Finally, Evercore boosted their price target on FedEx from $350.00 to $351.00 in a report on Monday, September 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $359.16.

About FedEx

FedEx Corporation is a global transportation and logistics company that provides delivery, freight, and supply chain services to businesses and consumers. Its offerings include express and ground package delivery, freight transportation, customs clearance, and logistics solutions that help customers manage shipping and distribution.

Founded by Frederick W. Smith in 1971, FedEx began operations in 1973. The company serves customers throughout the United States and in international markets, connecting businesses and consumers through its transportation and delivery networks.

FedEx is headquartered in Memphis, Tennessee.