FedEx Co. (FDX) Shares Sold by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System reduced its stake in FedEx Co. (NYSE:FDX) by 0.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 329,464 shares of the shipping service provider’s stock after selling 1,164 shares during the period. State Board of Administration of Florida Retirement System’s holdings in FedEx were worth $53,152,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Dodge & Cox grew its position in shares of FedEx by 20.0% during the 3rd quarter. Dodge & Cox now owns 12,391,153 shares of the shipping service provider’s stock worth $2,983,666,000 after purchasing an additional 2,065,853 shares in the last quarter. Capital International Investors acquired a new position in shares of FedEx during the 3rd quarter worth approximately $493,626,000. Packer & Co Ltd grew its position in shares of FedEx by 595.0% during the 4th quarter. Packer & Co Ltd now owns 1,239,800 shares of the shipping service provider’s stock worth $28,779,000 after purchasing an additional 1,061,416 shares in the last quarter. Rehmann Capital Advisory Group grew its position in shares of FedEx by 23,826.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 564,423 shares of the shipping service provider’s stock worth $1,554,394,000 after purchasing an additional 562,064 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of FedEx by 177.4% during the 3rd quarter. Nordea Investment Management AB now owns 747,170 shares of the shipping service provider’s stock worth $179,911,000 after purchasing an additional 477,821 shares in the last quarter. 77.98% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have issued reports on the stock. UBS Group decreased their target price on shares of FedEx from $234.00 to $200.00 and set an “outperform” rating on the stock in a research report on Thursday, January 10th. Berenberg Bank reiterated a “buy” rating and set a $245.00 price target on shares of FedEx in a research report on Monday, January 7th. Zacks Investment Research reiterated a “strong sell” rating on shares of FedEx in a research report on Monday, December 31st. JPMorgan Chase & Co. set a $233.00 price target on shares of FedEx and gave the stock a “buy” rating in a research report on Monday, December 31st. Finally, ValuEngine upgraded shares of FedEx from a “strong sell” rating to a “sell” rating in a research report on Wednesday, December 26th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $237.75.
FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, December 18th. The shipping service provider reported $4.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.05 by ($0.02). The company had revenue of $17.82 billion during the quarter, compared to the consensus estimate of $17.71 billion. FedEx had a net margin of 7.23% and a return on equity of 24.11%. During the same period in the previous year, the company earned $3.18 EPS. On average, equities research analysts forecast that FedEx Co. will post 15.92 earnings per share for the current year.
In related news, Director David P. Steiner acquired 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 2nd. The stock was acquired at an average price of $162.92 per share, with a total value of $1,140,440.00. Following the purchase, the director now directly owns 25,994 shares in the company, valued at $4,234,942.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John L. Merino sold 2,300 shares of the stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $182.24, for a total transaction of $419,152.00. Following the completion of the transaction, the vice president now directly owns 30,185 shares of the company’s stock, valued at approximately $5,500,914.40. The disclosure for this sale can be found here. 8.50% of the stock is owned by corporate insiders.
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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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