M Holdings Securities Inc. purchased a new position in shares of FedEx Co. (NYSE:FDX – Get Rating) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,856 shares of the shipping service provider’s stock, valued at approximately $429,000.
Several other large investors have also modified their holdings of FDX. Holloway Wealth Management LLC bought a new position in FedEx in the first quarter worth about $29,000. Global Wealth Management Investment Advisory Inc. bought a new position in FedEx in the first quarter worth about $35,000. Byrne Asset Management LLC bought a new position in FedEx in the fourth quarter worth about $36,000. Rockbridge Investment Management LCC increased its stake in shares of FedEx by 344.1% in the fourth quarter. Rockbridge Investment Management LCC now owns 151 shares of the shipping service provider’s stock valued at $39,000 after purchasing an additional 117 shares during the period. Finally, Worth Asset Management LLC acquired a new stake in shares of FedEx in the first quarter valued at approximately $41,000. Institutional investors own 71.62% of the company’s stock.
Analysts Set New Price Targets
FDX has been the topic of several analyst reports. Robert W. Baird dropped their price target on shares of FedEx from $300.00 to $240.00 and set an “outperform” rating on the stock in a research note on Friday. Morgan Stanley dropped their price target on shares of FedEx from $255.00 to $250.00 in a research note on Wednesday, September 7th. Cowen dropped their price target on shares of FedEx from $310.00 to $230.00 and set an “outperform” rating on the stock in a research note on Friday. Loop Capital lowered shares of FedEx from a “buy” rating to a “hold” rating and dropped their price target for the company from $339.00 to $202.00 in a research note on Friday. Finally, Credit Suisse Group lowered their price objective on shares of FedEx from $314.00 to $246.00 and set an “outperform” rating on the stock in a research note on Friday. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $245.04.
FedEx Stock Down 21.4 %
FedEx (NYSE:FDX – Get Rating) last issued its earnings results on Thursday, June 23rd. The shipping service provider reported $6.87 earnings per share for the quarter, missing the consensus estimate of $6.91 by ($0.04). FedEx had a return on equity of 22.29% and a net margin of 4.09%. The firm had revenue of $24.39 billion during the quarter, compared to analyst estimates of $24.28 billion. During the same period in the previous year, the company earned $5.01 earnings per share. As a group, analysts expect that FedEx Co. will post 23.01 EPS for the current fiscal year.
FedEx Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 2.86%. The ex-dividend date is Thursday, September 1st. FedEx’s payout ratio is currently 32.17%.
Insiders Place Their Bets
In other FedEx news, EVP Robert B. Carter sold 12,310 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $224.67, for a total value of $2,765,687.70. Following the transaction, the executive vice president now directly owns 54,916 shares of the company’s stock, valued at approximately $12,337,977.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Vincenzo J. Vena acquired 900 shares of the stock in a transaction dated Wednesday, July 6th. The shares were acquired at an average price of $230.04 per share, with a total value of $207,036.00. Following the acquisition, the director now owns 1,325 shares in the company, valued at approximately $304,803. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert B. Carter sold 12,310 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $224.67, for a total value of $2,765,687.70. Following the transaction, the executive vice president now directly owns 54,916 shares in the company, valued at approximately $12,337,977.72. The disclosure for this sale can be found here. Insiders have sold a total of 48,810 shares of company stock valued at $11,199,898 in the last three months. Insiders own 8.62% of the company’s stock.
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.
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