Covey Capital Advisors LLC trimmed its position in FedEx Co. (NYSE:FDX) by 27.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,297 shares of the shipping service provider’s stock after selling 5,487 shares during the period. FedEx accounts for about 3.7% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 11th biggest holding. Covey Capital Advisors LLC’s holdings in FedEx were worth $2,306,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of FDX. Oregon Public Employees Retirement Fund boosted its stake in FedEx by 15,104.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 14,063,136 shares of the shipping service provider’s stock valued at $87,000 after acquiring an additional 13,970,642 shares during the period. Dodge & Cox boosted its stake in FedEx by 20.0% in the third quarter. Dodge & Cox now owns 12,391,153 shares of the shipping service provider’s stock valued at $2,983,666,000 after acquiring an additional 2,065,853 shares during the period. Capital International Investors acquired a new position in FedEx in the third quarter valued at approximately $493,626,000. Packer & Co Ltd boosted its stake in FedEx by 595.0% in the fourth quarter. Packer & Co Ltd now owns 1,239,800 shares of the shipping service provider’s stock valued at $28,779,000 after acquiring an additional 1,061,416 shares during the period. Finally, Rehmann Capital Advisory Group boosted its stake in FedEx by 23,826.4% in the third quarter. Rehmann Capital Advisory Group now owns 564,423 shares of the shipping service provider’s stock valued at $1,554,394,000 after acquiring an additional 562,064 shares during the period. Institutional investors and hedge funds own 71.39% of the company’s stock.
In other news, Director David P. Steiner bought 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 2nd. The shares were purchased at an average price of $162.92 per share, with a total value of $1,140,440.00. Following the completion of the acquisition, the director now directly owns 25,994 shares in the company, valued at $4,234,942.48. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John L. Merino sold 2,300 shares of the business’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $182.24, for a total value of $419,152.00. Following the sale, the vice president now directly owns 30,185 shares in the company, valued at approximately $5,500,914.40. The disclosure for this sale can be found here. 8.50% of the stock is owned by insiders.
FDX has been the subject of a number of research reports. ValuEngine upgraded FedEx from a “strong sell” rating to a “sell” rating in a research note on Wednesday, December 26th. Zacks Investment Research downgraded FedEx from a “hold” rating to a “sell” rating in a research note on Monday, November 26th. Morgan Stanley decreased their target price on FedEx from $230.00 to $156.00 and set an “equal weight” rating for the company in a research note on Friday, December 21st. Bank of America reaffirmed a “neutral” rating and set a $193.00 price target (down previously from $220.00) on shares of FedEx in a report on Wednesday, December 19th. Finally, Cowen reaffirmed an “outperform” rating and set a $237.00 price target (down previously from $242.00) on shares of FedEx in a report on Thursday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and sixteen have issued a buy rating to the company’s stock. FedEx has a consensus rating of “Buy” and an average price target of $234.74.
FDX opened at $177.98 on Friday. FedEx Co. has a twelve month low of $150.94 and a twelve month high of $266.67. The company has a market cap of $46.46 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 0.87 and a beta of 1.63. The company has a current ratio of 1.42, a quick ratio of 1.36 and a debt-to-equity ratio of 0.85.
FedEx (NYSE:FDX) last announced its earnings results on Tuesday, December 18th. The shipping service provider reported $4.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.05 by ($0.02). FedEx had a return on equity of 24.11% and a net margin of 7.23%. The firm had revenue of $17.82 billion for the quarter, compared to the consensus estimate of $17.71 billion. During the same period in the previous year, the firm earned $3.18 EPS. As a group, analysts anticipate that FedEx Co. will post 15.91 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Monday, March 11th will be issued a dividend of $0.65 per share. The ex-dividend date is Friday, March 8th. This represents a $2.60 annualized dividend and a yield of 1.46%. FedEx’s payout ratio is 16.98%.
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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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