Verition Fund Management LLC acquired a new stake in shares of FedEx Co. (NYSE:FDX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,804 shares of the shipping service provider’s stock, valued at approximately $253,000.
Other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. increased its stake in FedEx by 212.2% in the 1st quarter. Invesco Ltd. now owns 2,116,047 shares of the shipping service provider’s stock worth $256,592,000 after acquiring an additional 1,438,225 shares during the last quarter. Advisor Group Holdings Inc. purchased a new position in shares of FedEx in the 1st quarter worth approximately $10,618,000. Greenhaven Associates Inc. purchased a new position in shares of FedEx in the 2nd quarter worth approximately $112,871,000. FMR LLC boosted its holdings in shares of FedEx by 16.8% in the 2nd quarter. FMR LLC now owns 4,945,173 shares of the shipping service provider’s stock worth $693,412,000 after purchasing an additional 711,755 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of FedEx by 73.7% in the 1st quarter. Wellington Management Group LLP now owns 1,112,398 shares of the shipping service provider’s stock worth $134,890,000 after purchasing an additional 472,092 shares during the period. 71.65% of the stock is currently owned by institutional investors.
In related news, Director David P. Steiner sold 1,951 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $205.00, for a total value of $399,955.00. Following the completion of the sale, the director now owns 31,610 shares of the company’s stock, valued at $6,480,050. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan C. Schwab sold 10,570 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $155.58, for a total value of $1,644,480.60. Following the completion of the sale, the director now directly owns 16,600 shares of the company’s stock, valued at approximately $2,582,628. The disclosure for this sale can be found here. Insiders have sold 44,058 shares of company stock valued at $7,149,678 in the last three months. Insiders own 8.49% of the company’s stock.
FedEx (NYSE:FDX) last announced its earnings results on Tuesday, September 15th. The shipping service provider reported $4.87 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $2.18. FedEx had a return on equity of 13.49% and a net margin of 1.86%. The business had revenue of $19.32 billion during the quarter, compared to analysts’ expectations of $17.56 billion. During the same quarter in the prior year, the firm earned $3.05 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. On average, research analysts predict that FedEx Co. will post 10.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.10%. FedEx’s payout ratio is currently 27.37%.
FDX has been the subject of a number of recent analyst reports. Daiwa Capital Markets boosted their price objective on FedEx from $104.00 to $147.00 and gave the company a “neutral” rating in a report on Thursday, June 11th. Deutsche Bank boosted their price objective on FedEx from $128.00 to $150.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. Argus upgraded FedEx from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Monday, July 6th. Citigroup boosted their price objective on FedEx from $235.00 to $260.00 and gave the company a “buy” rating in a report on Thursday, September 10th. Finally, Barclays boosted their price objective on FedEx from $135.00 to $155.00 and gave the company an “equal weight” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and nineteen have assigned a buy rating to the company. FedEx currently has a consensus rating of “Buy” and an average target price of $202.58.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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