Xact Kapitalforvaltning AB Trims Stake in FedEx Co. (FDX)
Xact Kapitalforvaltning AB trimmed its stake in shares of FedEx Co. (NYSE:FDX) by 0.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,840 shares of the shipping service provider’s stock after selling 292 shares during the period. Xact Kapitalforvaltning AB’s holdings in FedEx were worth $9,834,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. lifted its position in shares of FedEx by 0.9% during the second quarter. BlackRock Inc. now owns 15,172,550 shares of the shipping service provider’s stock worth $3,445,080,000 after purchasing an additional 134,397 shares in the last quarter. FMR LLC lifted its position in shares of FedEx by 4.5% during the second quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock worth $1,040,600,000 after purchasing an additional 197,188 shares in the last quarter. Morgan Stanley lifted its position in shares of FedEx by 3.7% during the second quarter. Morgan Stanley now owns 1,577,356 shares of the shipping service provider’s stock worth $358,156,000 after purchasing an additional 56,831 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of FedEx by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,481,717 shares of the shipping service provider’s stock worth $336,439,000 after purchasing an additional 8,792 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of FedEx by 8.5% during the third quarter. Bank of Montreal Can now owns 1,036,861 shares of the shipping service provider’s stock worth $249,665,000 after purchasing an additional 81,315 shares in the last quarter. Institutional investors own 72.85% of the company’s stock.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total value of $281,126.00. Following the completion of the sale, the director now owns 32,800 shares of the company’s stock, valued at $7,949,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan Patricia Griffith bought 1,000 shares of the stock in a transaction on Wednesday, October 17th. The stock was purchased at an average cost of $225.16 per share, with a total value of $225,160.00. The disclosure for this purchase can be found here. 8.45% of the stock is currently owned by corporate insiders.
FedEx (NYSE:FDX) last posted its quarterly earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.78 by ($0.32). FedEx had a return on equity of 23.71% and a net margin of 7.16%. The business had revenue of $17.05 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same period last year, the firm earned $2.65 earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities research analysts anticipate that FedEx Co. will post 17.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Monday, September 10th were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 1.18%. The ex-dividend date was Friday, September 7th. FedEx’s payout ratio is presently 16.98%.
A number of equities analysts have recently issued reports on FDX shares. UBS Group lowered shares of FedEx from a “buy” rating to a “neutral” rating and set a $256.00 target price on the stock. in a research report on Monday, July 16th. Zacks Investment Research lowered shares of FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Morgan Stanley reissued a “hold” rating and set a $242.00 price target (down from $245.00) on shares of FedEx in a research note on Tuesday, September 18th. JPMorgan Chase & Co. reissued a “buy” rating and set a $305.00 price target on shares of FedEx in a research note on Tuesday, September 18th. Finally, Credit Suisse Group set a $307.00 price target on shares of FedEx and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $285.27.
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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