Worldquant Millennium Quantitative Strategies LLC Takes $17.15 Million Position in FedEx Co. (FDX)
Worldquant Millennium Quantitative Strategies LLC purchased a new stake in shares of FedEx Co. (NYSE:FDX) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 75,532 shares of the shipping service provider’s stock, valued at approximately $17,150,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FDX. Moneta Group Investment Advisors LLC increased its holdings in FedEx by 14,866.7% during the first quarter. Moneta Group Investment Advisors LLC now owns 449 shares of the shipping service provider’s stock worth $108,000 after buying an additional 446 shares during the last quarter. Vigilant Capital Management LLC purchased a new stake in FedEx during the second quarter worth about $114,000. Fortis Advisors LLC increased its holdings in FedEx by 278.2% during the second quarter. Fortis Advisors LLC now owns 503 shares of the shipping service provider’s stock worth $115,000 after buying an additional 370 shares during the last quarter. IMA Wealth Inc. purchased a new stake in FedEx during the second quarter worth about $136,000. Finally, Trust Department MB Financial Bank N A purchased a new stake in FedEx during the second quarter worth about $141,000. 72.54% of the stock is currently owned by institutional investors.
A number of research firms recently issued reports on FDX. Zacks Investment Research upgraded shares of FedEx from a “sell” rating to a “hold” rating in a report on Friday, September 7th. Credit Suisse Group raised their price objective on shares of FedEx from $306.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 20th. Loop Capital reduced their target price on shares of FedEx to $310.00 and set a “buy” rating for the company in a research note on Thursday, June 21st. Oppenheimer lifted their target price on shares of FedEx from $282.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, June 14th. Finally, Morgan Stanley lifted their target price on shares of FedEx from $240.00 to $248.00 and gave the stock an “equal weight” rating in a research note on Monday, June 4th. Three investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $287.70.
FedEx (NYSE:FDX) last posted its earnings results on Tuesday, June 19th. The shipping service provider reported $5.91 earnings per share for the quarter, topping the consensus estimate of $5.72 by $0.19. The firm had revenue of $17.31 billion during the quarter, compared to the consensus estimate of $17.24 billion. FedEx had a net margin of 6.99% and a return on equity of 23.17%. The company’s revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the company earned $4.25 earnings per share. equities research analysts anticipate that FedEx Co. will post 17.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Monday, September 10th will be paid a dividend of $0.65 per share. The ex-dividend date is Friday, September 7th. This represents a $2.60 annualized dividend and a yield of 1.03%. FedEx’s dividend payout ratio is currently 16.98%.
FedEx Company Profile
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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