The Manufacturers Life Insurance Company Grows Stake in FedEx Co. (FDX)
The Manufacturers Life Insurance Company lifted its position in FedEx Co. (NYSE:FDX) by 132.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,065,242 shares of the shipping service provider’s stock after buying an additional 607,585 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in FedEx were worth $265,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. boosted its stake in shares of FedEx by 2.8% in the 2nd quarter. Salem Investment Counselors Inc. now owns 479 shares of the shipping service provider’s stock worth $104,000 after buying an additional 13 shares during the last quarter. Krilogy Financial LLC lifted its position in FedEx by 0.4% during the second quarter. Krilogy Financial LLC now owns 511 shares of the shipping service provider’s stock valued at $111,000 after purchasing an additional 2 shares in the last quarter. Cerebellum GP LLC purchased a new position in FedEx during the fourth quarter valued at $125,000. Financial Engines Advisors L.L.C. purchased a new position in FedEx during the third quarter valued at $132,000. Finally, Massey Quick Simon & CO. LLC purchased a new position in FedEx during the third quarter valued at $136,000. Hedge funds and other institutional investors own 75.94% of the company’s stock.
In other news, EVP Robert B. Carter sold 3,970 shares of FedEx stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $250.73, for a total value of $995,398.10. Following the sale, the executive vice president now directly owns 187,025 shares of the company’s stock, valued at $46,892,778.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David J. Bronczek sold 46,555 shares of FedEx stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $255.49, for a total value of $11,894,336.95. Following the completion of the sale, the chief operating officer now directly owns 48,562 shares in the company, valued at $12,407,105.38. The disclosure for this sale can be found here. Insiders sold 53,541 shares of company stock worth $13,692,142 over the last ninety days. Insiders own 8.45% of the company’s stock.
FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, December 19th. The shipping service provider reported $3.18 EPS for the quarter, beating the Zacks’ consensus estimate of $2.89 by $0.29. FedEx had a return on equity of 20.56% and a net margin of 4.74%. The business had revenue of $16.30 billion for the quarter, compared to analysts’ expectations of $15.67 billion. During the same period last year, the firm earned $2.80 earnings per share. The business’s quarterly revenue was up 9.4% on a year-over-year basis. equities research analysts predict that FedEx Co. will post 13.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Monday, April 2nd will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.82%. FedEx’s dividend payout ratio (DPR) is 18.38%.
Several equities analysts recently weighed in on FDX shares. Zacks Investment Research downgraded FedEx from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Sanford C. Bernstein set a $236.00 target price on FedEx and gave the company a “hold” rating in a research report on Wednesday, December 20th. Loop Capital lifted their target price on FedEx to $318.00 in a research report on Thursday, January 4th. UBS Group upgraded FedEx from a “neutral” rating to a “buy” rating and lifted their target price for the company from $264.00 to $302.00 in a research report on Friday, January 5th. Finally, BMO Capital Markets lifted their target price on FedEx from $265.00 to $270.00 and gave the company an “outperform” rating in a research report on Wednesday, December 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. FedEx presently has a consensus rating of “Buy” and an average price target of $272.69.
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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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