Harvest Fund Management Co. Ltd lowered its holdings in shares of FedEx Co. (NYSE:FDX – Free Report) by 42.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 712 shares of the shipping service provider’s stock after selling 531 shares during the period. Harvest Fund Management Co. Ltd’s holdings in FedEx were worth $176,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Lakewood Asset Management LLC acquired a new position in shares of FedEx in the fourth quarter worth $26,000. Guardian Wealth Advisors LLC acquired a new position in FedEx in the 1st quarter valued at about $26,000. GW&K Investment Management LLC purchased a new position in FedEx in the 1st quarter valued at about $27,000. Horan Securities Inc. boosted its stake in shares of FedEx by 85.7% during the 1st quarter. Horan Securities Inc. now owns 130 shares of the shipping service provider’s stock worth $30,000 after purchasing an additional 60 shares during the last quarter. Finally, Sound Income Strategies LLC grew its holdings in shares of FedEx by 1,957.1% during the first quarter. Sound Income Strategies LLC now owns 144 shares of the shipping service provider’s stock worth $33,000 after buying an additional 137 shares in the last quarter. Institutional investors and hedge funds own 73.61% of the company’s stock.
Insider Transactions at FedEx
In other news, VP Jennifer L. Johnson sold 10,801 shares of the firm’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $238.61, for a total value of $2,577,226.61. Following the transaction, the vice president now directly owns 3,196 shares in the company, valued at approximately $762,597.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Jennifer L. Johnson sold 10,801 shares of the stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $238.61, for a total transaction of $2,577,226.61. Following the sale, the vice president now directly owns 3,196 shares in the company, valued at approximately $762,597.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert B. Carter sold 19,270 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $246.00, for a total value of $4,740,420.00. Following the transaction, the executive vice president now owns 58,875 shares of the company’s stock, valued at approximately $14,483,250. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,816 shares of company stock worth $8,822,147. 8.73% of the stock is currently owned by corporate insiders.
FedEx Stock Performance
FedEx (NYSE:FDX – Get Free Report) last released its earnings results on Tuesday, June 20th. The shipping service provider reported $4.94 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.09. The company had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $22.55 billion. FedEx had a net margin of 4.41% and a return on equity of 15.32%. The company’s revenue was down 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.87 EPS. Analysts forecast that FedEx Co. will post 17.37 EPS for the current fiscal year.
FedEx Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be given a $1.26 dividend. The ex-dividend date is Friday, September 8th. This represents a $5.04 annualized dividend and a dividend yield of 1.98%. FedEx’s payout ratio is 32.52%.
Analysts Set New Price Targets
A number of research firms have recently weighed in on FDX. The Goldman Sachs Group boosted their price objective on shares of FedEx from $269.00 to $278.00 in a research report on Wednesday. Citigroup lifted their price objective on FedEx from $285.00 to $295.00 and gave the company a “buy” rating in a research report on Monday, September 11th. StockNews.com initiated coverage on FedEx in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Evercore ISI decreased their target price on shares of FedEx from $282.00 to $275.00 in a research report on Wednesday, June 21st. Finally, Barclays raised their target price on shares of FedEx from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $251.82.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.
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