FedEx Co. (FDX) Position Cut by Artisan Partners Limited Partnership
Artisan Partners Limited Partnership trimmed its position in FedEx Co. (NYSE:FDX) by 1.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,195,494 shares of the shipping service provider’s stock after selling 20,043 shares during the quarter. Artisan Partners Limited Partnership owned 0.45% of FedEx worth $269,680,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in FDX. Strategic Advisors LLC lifted its holdings in shares of FedEx by 16.7% during the second quarter. Strategic Advisors LLC now owns 2,138 shares of the shipping service provider’s stock worth $465,000 after purchasing an additional 306 shares during the period. Handelsbanken Fonder AB acquired a new position in shares of FedEx during the second quarter worth $435,000. Stevens Capital Management LP lifted its holdings in shares of FedEx by 60.6% during the second quarter. Stevens Capital Management LP now owns 39,340 shares of the shipping service provider’s stock worth $8,550,000 after purchasing an additional 14,845 shares during the period. Vanguard Group Inc. lifted its holdings in shares of FedEx by 2.7% during the second quarter. Vanguard Group Inc. now owns 18,490,065 shares of the shipping service provider’s stock worth $4,018,446,000 after purchasing an additional 492,840 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of FedEx by 1.3% during the second quarter. Janney Montgomery Scott LLC now owns 53,299 shares of the shipping service provider’s stock worth $11,584,000 after purchasing an additional 707 shares during the period. 75.73% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on FDX. Wells Fargo & Company lifted their price target on shares of FedEx from $235.00 to $240.00 and gave the stock an “outperform” rating in a report on Thursday, September 21st. Citigroup boosted their target price on shares of FedEx to $275.00 and gave the company a “buy” rating in a report on Tuesday. Stifel Nicolaus restated a “hold” rating and issued a $221.00 target price (up previously from $216.00) on shares of FedEx in a report on Wednesday, September 20th. Loop Capital restated a “buy” rating and issued a $260.00 target price (up previously from $250.00) on shares of FedEx in a report on Wednesday, September 20th. Finally, UBS lowered shares of FedEx from a “buy” rating to a “neutral” rating and dropped their target price for the company from $235.00 to $233.00 in a report on Friday, September 15th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have assigned a buy rating to the company. FedEx presently has a consensus rating of “Buy” and an average price target of $235.21.
FedEx (NYSE:FDX) last released its earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.17 by ($0.66). The company had revenue of $15.30 billion during the quarter, compared to analysts’ expectations of $15.35 billion. FedEx had a net margin of 4.72% and a return on equity of 20.69%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.90 earnings per share. analysts predict that FedEx Co. will post 12.47 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 11th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Friday, December 8th. FedEx’s payout ratio is 18.87%.
In other FedEx news, insider Henry J. Maier sold 11,150 shares of the business’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $228.46, for a total value of $2,547,329.00. Following the transaction, the insider now directly owns 36,747 shares in the company, valued at $8,395,219.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Donald F. Colleran sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were sold at an average price of $220.00, for a total transaction of $2,200,000.00. Following the sale, the executive vice president now owns 30,499 shares in the company, valued at $6,709,780. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,094 shares of company stock worth $9,024,637. Corporate insiders own 8.45% of the company’s stock.
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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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