Evercore Wealth Management LLC boosted its holdings in shares of FedEx Co. (NYSE:FDX) by 19.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,145 shares of the shipping service provider’s stock after purchasing an additional 837 shares during the period. Evercore Wealth Management LLC’s holdings in FedEx were worth $1,239,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in FDX. Dimensional Fund Advisors LP increased its holdings in FedEx by 32.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,956,071 shares of the shipping service provider’s stock valued at $470,996,000 after purchasing an additional 474,354 shares during the period. PNC Financial Services Group Inc. boosted its position in FedEx by 209.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 419,755 shares of the shipping service provider’s stock valued at $95,309,000 after acquiring an additional 284,134 shares in the last quarter. FMR LLC boosted its position in FedEx by 4.5% during the 2nd quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock valued at $1,040,600,000 after acquiring an additional 197,188 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in FedEx by 4.9% during the 3rd quarter. Canada Pension Plan Investment Board now owns 3,617,702 shares of the shipping service provider’s stock valued at $871,106,000 after acquiring an additional 170,410 shares in the last quarter. Finally, BlackRock Inc. boosted its position in FedEx by 0.9% during the 2nd quarter. BlackRock Inc. now owns 15,172,550 shares of the shipping service provider’s stock valued at $3,445,080,000 after acquiring an additional 134,397 shares in the last quarter. Institutional investors own 72.11% of the company’s stock.
In other news, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total value of $281,126.00. Following the sale, the director now directly owns 32,800 shares of the company’s stock, valued at approximately $7,949,080. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Susan Patricia Griffith purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, October 17th. The stock was bought at an average cost of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. Insiders own 8.45% of the company’s stock.
FDX has been the topic of several research reports. Zacks Investment Research cut FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Morgan Stanley reaffirmed a “hold” rating and set a $242.00 price objective (down from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $305.00 price objective on shares of FedEx in a research report on Tuesday, September 18th. Credit Suisse Group set a $307.00 price objective on FedEx and gave the company a “buy” rating in a research report on Tuesday, September 18th. Finally, Loop Capital lifted their price objective on FedEx to $318.00 and gave the company a “buy” rating in a research report on Tuesday, September 18th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $285.85.
Shares of FDX opened at $201.39 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.79. FedEx Co. has a 52 week low of $200.12 and a 52 week high of $274.66. The company has a market capitalization of $56.67 billion, a PE ratio of 13.22, a P/E/G ratio of 0.97 and a beta of 1.35.
FedEx (NYSE:FDX) last issued its quarterly earnings results on Monday, September 17th. The shipping service provider reported $3.46 EPS for the quarter, missing analysts’ consensus estimates of $3.78 by ($0.32). FedEx had a return on equity of 23.71% and a net margin of 7.16%. The company had revenue of $17.05 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the prior year, the firm earned $2.65 earnings per share. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. As a group, analysts forecast that FedEx Co. will post 17.37 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Monday, December 10th will be given a $0.65 dividend. The ex-dividend date of this dividend is Friday, December 7th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.29%. FedEx’s dividend payout ratio is currently 16.98%.
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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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