Probity Advisors Inc. purchased a new stake in FedEx Co. (NYSE:FDX) during the 1st quarter, HoldingsChannel reports. The fund purchased 2,338 shares of the shipping service provider’s stock, valued at approximately $664,000.
Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in FedEx in the 4th quarter valued at $523,326,000. BlackRock Inc. raised its position in FedEx by 9.5% in the 4th quarter. BlackRock Inc. now owns 18,112,791 shares of the shipping service provider’s stock valued at $4,702,442,000 after purchasing an additional 1,570,609 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in FedEx by 4.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,127,584 shares of the shipping service provider’s stock valued at $2,629,323,000 after purchasing an additional 435,381 shares during the last quarter. FMR LLC raised its position in FedEx by 5.9% in the 4th quarter. FMR LLC now owns 5,473,734 shares of the shipping service provider’s stock valued at $1,421,090,000 after purchasing an additional 303,415 shares during the last quarter. Finally, AGF Investments Inc. raised its position in FedEx by 14,783.0% in the 4th quarter. AGF Investments Inc. now owns 255,838 shares of the shipping service provider’s stock valued at $66,421,000 after purchasing an additional 254,119 shares during the last quarter. 72.74% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Jill Brannon sold 1,101 shares of the stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $303.00, for a total transaction of $333,603.00. Following the completion of the transaction, the executive vice president now directly owns 5,511 shares of the company’s stock, valued at $1,669,833. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John L. Merino sold 10,000 shares of the stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $273.30, for a total value of $2,733,000.00. The disclosure for this sale can be found here. Insiders have sold 133,251 shares of company stock valued at $38,573,231 over the last ninety days. 8.49% of the stock is owned by insiders.
FedEx (NYSE:FDX) last posted its quarterly earnings data on Wednesday, March 17th. The shipping service provider reported $3.47 earnings per share for the quarter, topping the consensus estimate of $3.21 by $0.26. The company had revenue of $21.51 billion during the quarter, compared to analysts’ expectations of $19.90 billion. FedEx had a return on equity of 18.65% and a net margin of 3.28%. FedEx’s revenue for the quarter was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 earnings per share. Sell-side analysts forecast that FedEx Co. will post 17.24 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Monday, March 8th were given a dividend of $0.65 per share. The ex-dividend date was Friday, March 5th. This represents a $2.60 annualized dividend and a dividend yield of 0.85%. FedEx’s dividend payout ratio is currently 27.37%.
FDX has been the subject of several research analyst reports. UBS Group reiterated a “buy” rating and issued a $383.00 price objective on shares of FedEx in a research report on Friday, March 19th. Berenberg Bank boosted their target price on FedEx from $340.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. set a $340.00 target price on FedEx and gave the stock a “buy” rating in a research report on Thursday, April 8th. KeyCorp upgraded FedEx from a “sector weight” rating to an “overweight” rating and set a $350.00 target price for the company in a research report on Monday, April 19th. Finally, Credit Suisse Group dropped their target price on FedEx from $368.00 to $350.00 and set an “outperform” rating for the company in a research report on Thursday, March 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. FedEx currently has a consensus rating of “Buy” and an average price target of $315.56.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border e-commerce technology and e-commerce transportation solutions.
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