Eaton Vance Management lifted its stake in FedEx Co. (NYSE:FDX) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 399,766 shares of the shipping service provider’s stock after purchasing an additional 620 shares during the period. Eaton Vance Management’s holdings in FedEx were worth $113,550,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of FedEx by 2.2% in the first quarter. BlackRock Inc. now owns 18,519,425 shares of the shipping service provider’s stock worth $5,260,259,000 after purchasing an additional 406,634 shares during the last quarter. Primecap Management Co. CA grew its holdings in shares of FedEx by 1.6% in the first quarter. Primecap Management Co. CA now owns 13,936,709 shares of the shipping service provider’s stock worth $3,958,583,000 after purchasing an additional 219,370 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in FedEx by 4.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,127,584 shares of the shipping service provider’s stock worth $2,629,323,000 after acquiring an additional 435,381 shares during the period. Geode Capital Management LLC lifted its stake in FedEx by 3.8% in the first quarter. Geode Capital Management LLC now owns 3,627,388 shares of the shipping service provider’s stock worth $1,027,167,000 after acquiring an additional 131,866 shares during the period. Finally, Northern Trust Corp lifted its stake in FedEx by 0.6% in the first quarter. Northern Trust Corp now owns 2,790,442 shares of the shipping service provider’s stock worth $792,598,000 after acquiring an additional 15,528 shares during the period. Hedge funds and other institutional investors own 71.88% of the company’s stock.
Shares of NYSE FDX opened at $298.35 on Thursday. The firm has a market cap of $79.76 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 1.17 and a beta of 1.24. FedEx Co. has a 12 month low of $163.44 and a 12 month high of $319.90. The stock’s 50 day moving average price is $300.66. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.86.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 12th. Stockholders of record on Monday, June 28th were given a dividend of $0.75 per share. This is a positive change from FedEx’s previous quarterly dividend of $0.65. The ex-dividend date was Friday, June 25th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.01%. FedEx’s dividend payout ratio (DPR) is 16.51%.
FDX has been the subject of a number of research reports. Vertical Research initiated coverage on shares of FedEx in a research note on Friday, March 26th. They issued a “buy” rating and a $340.00 price objective for the company. Stifel Nicolaus initiated coverage on shares of FedEx in a research report on Monday, June 21st. They set a “buy” rating and a $344.00 price target for the company. Barclays increased their price target on shares of FedEx from $360.00 to $375.00 and gave the company an “overweight” rating in a research report on Wednesday, June 23rd. Wolfe Research raised shares of FedEx from a “peer perform” rating to an “outperform” rating in a research report on Monday, May 3rd. Finally, Raymond James increased their price objective on shares of FedEx from $310.00 to $330.00 and gave the company an “outperform” rating in a research report on Friday, June 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $341.04.
In other news, Director Susan C. Schwab sold 4,720 shares of the stock in a transaction that occurred on Tuesday, June 29th. The stock was sold at an average price of $297.30, for a total transaction of $1,403,256.00. Following the transaction, the director now owns 10,312 shares in the company, valued at approximately $3,065,757.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John Alan Smith sold 11,285 shares of the firm’s stock in a transaction on Tuesday, June 29th. The shares were sold at an average price of $296.00, for a total value of $3,340,360.00. Following the completion of the transaction, the chief executive officer now owns 16,386 shares in the company, valued at approximately $4,850,256. The disclosure for this sale can be found here. Insiders have sold a total of 101,013 shares of company stock worth $30,668,425 in the last quarter. Insiders own 8.49% of the company’s stock.
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, and Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.
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