New Hampshire Trust trimmed its position in FedEx Co. (NYSE:FDX – Free Report) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,194 shares of the shipping service provider’s stock after selling 60 shares during the period. New Hampshire Trust’s holdings in FedEx were worth $544,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Geode Capital Management LLC raised its position in shares of FedEx by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,234,930 shares of the shipping service provider’s stock valued at $732,448,000 after acquiring an additional 35,946 shares during the period. Morgan Stanley raised its holdings in FedEx by 19.6% during the 4th quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock worth $591,124,000 after buying an additional 559,607 shares during the period. FMR LLC raised its holdings in FedEx by 17.2% during the 1st quarter. FMR LLC now owns 3,354,802 shares of the shipping service provider’s stock worth $766,539,000 after buying an additional 491,207 shares during the period. Norges Bank acquired a new stake in FedEx during the 4th quarter worth approximately $388,787,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in FedEx by 2.0% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,990,243 shares of the shipping service provider’s stock worth $454,751,000 after buying an additional 38,269 shares during the period. 73.61% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have commented on the stock. Sanford C. Bernstein raised their target price on shares of FedEx from $261.00 to $284.00 in a report on Wednesday, June 21st. The Goldman Sachs Group raised their target price on shares of FedEx from $269.00 to $278.00 in a report on Wednesday. Wells Fargo & Company lifted their price objective on shares of FedEx from $240.00 to $270.00 and gave the company an “equal weight” rating in a report on Tuesday, September 12th. Atlantic Securities started coverage on shares of FedEx in a research report on Tuesday, June 6th. They issued an “overweight” rating and a $265.00 price objective on the stock. Finally, Argus boosted their price objective on shares of FedEx from $240.00 to $260.00 in a research report on Monday, June 26th. Eight analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $254.26.
FedEx Price Performance
FDX traded down $2.95 on Friday, hitting $254.08. 2,075,270 shares of the stock were exchanged, compared to its average volume of 1,951,381. FedEx Co. has a 12 month low of $141.92 and a 12 month high of $270.95. The business has a 50-day moving average of $261.00 and a two-hundred day moving average of $238.08. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.37 and a quick ratio of 1.33. The firm has a market capitalization of $63.90 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 1.21 and a beta of 1.36.
FedEx (NYSE:FDX – Get Free Report) last posted its quarterly earnings data 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 business had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $22.55 billion. FedEx had a net margin of 4.41% and a return on equity of 15.32%. FedEx’s revenue was down 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.87 earnings per share. Sell-side analysts forecast that FedEx Co. will post 17.37 EPS for the current fiscal year.
FedEx Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be issued a $1.26 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.98%. FedEx’s dividend payout ratio (DPR) is currently 32.52%.
Insider Transactions at FedEx
In other news, EVP Michael C. Lenz sold 5,745 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $261.88, for a total value of $1,504,500.60. Following the completion of the transaction, the executive vice president now owns 22,478 shares of the company’s stock, valued at $5,886,538.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other FedEx news, 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 transaction of $4,740,420.00. Following the sale, the executive vice president now directly owns 58,875 shares of the company’s stock, valued at approximately $14,483,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael C. Lenz sold 5,745 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $261.88, for a total transaction of $1,504,500.60. Following the completion of the transaction, the executive vice president now owns 22,478 shares of the company’s stock, valued at $5,886,538.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,816 shares of company stock valued at $8,822,147. 8.73% of the stock is currently owned by insiders.
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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