Mirae Asset Global Investments Co. Ltd. increased its stake in FedEx Co. (NYSE:FDX – Get Rating) by 8.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,688 shares of the shipping service provider’s stock after purchasing an additional 2,911 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in FedEx were worth $8,258,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Holloway Wealth Management LLC bought a new stake in FedEx during the first quarter valued at about $29,000. Byrne Asset Management LLC bought a new stake in FedEx during the fourth quarter valued at about $36,000. Rockbridge Investment Management LCC raised its holdings in FedEx by 344.1% during the fourth quarter. Rockbridge Investment Management LCC now owns 151 shares of the shipping service provider’s stock valued at $39,000 after acquiring an additional 117 shares during the period. Global Wealth Management Investment Advisory Inc. bought a new stake in FedEx during the first quarter valued at about $35,000. Finally, Vectors Research Management LLC raised its holdings in FedEx by 226.0% during the fourth quarter. Vectors Research Management LLC now owns 163 shares of the shipping service provider’s stock valued at $42,000 after acquiring an additional 113 shares during the period. 71.62% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Citigroup decreased their price target on FedEx from $225.00 to $180.00 and set a “neutral” rating on the stock in a report on Friday, September 16th. Stifel Nicolaus cut FedEx from a “buy” rating to a “hold” rating and reduced their target price for the stock from $288.00 to $195.00 in a report on Friday, September 16th. KeyCorp lifted their target price on FedEx from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, June 30th. The Goldman Sachs Group reduced their target price on FedEx from $288.00 to $250.00 and set a “buy” rating on the stock in a report on Friday, September 16th. Finally, JPMorgan Chase & Co. cut FedEx from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $258.00 to $214.00 in a report on Friday, September 16th. Eleven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.30.
FedEx Stock Performance
FedEx (NYSE:FDX – Get Rating) last posted its quarterly 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 net margin of 4.09% and a return on equity of 22.29%. The company had revenue of $24.39 billion for the quarter, compared to the consensus estimate of $24.28 billion. During the same period in the prior year, the firm posted $5.01 EPS. As a group, equities analysts forecast that FedEx Co. will post 23 earnings per share for the current year.
FedEx Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Thursday, September 1st. FedEx’s dividend payout ratio (DPR) is 32.17%.
Insider Buying and Selling
In other FedEx news, Director Vincenzo J. Vena acquired 900 shares of FedEx stock in a transaction that occurred on Wednesday, July 6th. The stock was bought at an average price of $230.04 per share, with a total value of $207,036.00. Following the completion of the purchase, the director now directly owns 1,325 shares of the company’s stock, valued at approximately $304,803. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Jill Brannon sold 5,620 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $237.00, for a total transaction of $1,331,940.00. Following the transaction, the executive vice president now directly owns 8,113 shares of the company’s stock, valued at $1,922,781. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Vincenzo J. Vena purchased 900 shares of FedEx stock in a transaction dated Wednesday, July 6th. The shares were acquired at an average cost of $230.04 per share, for a total transaction of $207,036.00. Following the completion of the transaction, the director now owns 1,325 shares of the company’s stock, valued at approximately $304,803. The disclosure for this purchase can be found here. Insiders sold 48,810 shares of company stock valued at $11,199,898 over the last 90 days. Corporate insiders own 8.62% of the company’s stock.
FedEx Company Profile
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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