South State Corp lessened its holdings in FedEx Co. (NYSE:FDX) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,694 shares of the shipping service provider’s stock after selling 115 shares during the quarter. South State Corp’s holdings in FedEx were worth $505,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the business. OLD Mission Capital LLC acquired a new position in FedEx during the 3rd quarter worth about $219,000. Maverick Capital Ltd. acquired a new stake in shares of FedEx in the 1st quarter valued at approximately $1,911,000. Envestnet Asset Management Inc. increased its stake in FedEx by 121.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 182,788 shares of the shipping service provider’s stock worth $51,919,000 after purchasing an additional 100,183 shares in the last quarter. Unigestion Holding SA increased its stake in FedEx by 27.1% during the 1st quarter. Unigestion Holding SA now owns 3,343 shares of the shipping service provider’s stock worth $950,000 after purchasing an additional 712 shares in the last quarter. Finally, Avidian Wealth Solutions LLC bought a new position in shares of FedEx during the 1st quarter worth approximately $203,000. 72.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE FDX opened at $255.20 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.46 and a current ratio of 1.51. FedEx Co. has a 52 week low of $230.27 and a 52 week high of $319.90. The stock has a market capitalization of $67.93 billion, a P/E ratio of 13.12, a PEG ratio of 1.01 and a beta of 1.22. The stock’s fifty day moving average is $277.89 and its 200 day moving average is $285.43.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Friday, September 3rd will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date is Thursday, September 2nd. FedEx’s payout ratio is currently 16.51%.
Several equities analysts recently weighed in on FDX shares. KeyCorp decreased their target price on shares of FedEx from $370.00 to $350.00 and set an “overweight” rating for the company in a research note on Monday. BMO Capital Markets raised their target price on shares of FedEx from $305.00 to $315.00 and gave the company a “market perform” rating in a research note on Friday, June 25th. Stifel Nicolaus started coverage on shares of FedEx in a research note on Monday, June 21st. They issued a “buy” rating and a $344.00 target price for the company. Bank of America reissued a “buy” rating and issued a $372.00 target price on shares of FedEx in a research note on Tuesday, June 29th. Finally, Loop Capital raised their price target on FedEx from $366.00 to $381.00 and gave the company a “buy” rating in a report on Friday, June 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $344.52.
In other news, EVP Robert B. Carter sold 16,235 shares of the business’s stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $299.66, for a total transaction of $4,864,980.10. Following the sale, the executive vice president now directly owns 68,680 shares in the company, valued at $20,580,648.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Susan C. Schwab sold 4,720 shares of the business’s stock in a transaction dated Tuesday, June 29th. The stock was sold at an average price of $297.30, for a total value of $1,403,256.00. Following the sale, the director now owns 10,312 shares in the company, valued at $3,065,757.60. The disclosure for this sale can be found here. Insiders sold 32,240 shares of company stock worth $9,608,596 in the last 90 days. 8.16% of the stock is owned by company insiders.
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 & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.
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