FedEx Corp. (FDX) Shares Bought by Highland Capital Management LLC
Highland Capital Management LLC raised its stake in shares of FedEx Corp. (NYSE:FDX) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,250 shares of the shipping service provider’s stock after buying an additional 794 shares during the period. FedEx Corp. accounts for 0.9% of Highland Capital Management LLC’s portfolio, making the stock its 21st largest position. Highland Capital Management LLC’s holdings in FedEx Corp. were worth $11,049,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in the stock. Emerald Acquisition Ltd. purchased a new stake in shares of FedEx Corp. during the second quarter worth approximately $102,955,000. Bank of Montreal Can purchased a new stake in shares of FedEx Corp. during the second quarter worth approximately $98,813,000. Societe Generale purchased a new stake in shares of FedEx Corp. during the second quarter worth approximately $57,378,000. First Manhattan Co. raised its stake in shares of FedEx Corp. by 512.7% in the second quarter. First Manhattan Co. now owns 328,102 shares of the shipping service provider’s stock worth $49,799,000 after buying an additional 274,555 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in shares of FedEx Corp. by 21.2% in the second quarter. Artisan Partners Limited Partnership now owns 1,145,831 shares of the shipping service provider’s stock worth $173,914,000 after buying an additional 200,804 shares during the last quarter. 73.96% of the stock is currently owned by institutional investors and hedge funds.
FedEx Corp. (NYSE:FDX) traded down 0.78% during mid-day trading on Monday, hitting $190.03. The company had a trading volume of 1,735,121 shares. The firm’s 50 day moving average is $177.63 and its 200 day moving average is $166.56. FedEx Corp. has a 52 week low of $119.71 and a 52 week high of $191.84. The company has a market capitalization of $50.50 billion, a price-to-earnings ratio of 28.42 and a beta of 1.14.
FedEx Corp. (NYSE:FDX) last issued its earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 EPS for the quarter, beating the consensus estimate of $2.81 by $0.09. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. The business had revenue of $14.70 billion for the quarter. During the same quarter in the prior year, the business posted $2.42 earnings per share. The business’s revenue for the quarter was up 19.5% on a year-over-year basis. On average, equities research analysts predict that FedEx Corp. will post $12.15 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Monday, December 12th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $1.60 annualized dividend and a yield of 0.84%. FedEx Corp.’s dividend payout ratio is 23.99%.
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A number of analysts have recently commented on FDX shares. Robert W. Baird reissued an “outperform” rating and set a $185.00 price target on shares of FedEx Corp. in a research note on Friday, September 23rd. Vetr downgraded FedEx Corp. from a “buy” rating to a “hold” rating and set a $179.94 price objective for the company. in a research report on Tuesday, September 27th. Stifel Nicolaus downgraded FedEx Corp. from a “buy” rating to a “hold” rating and set a $186.00 price objective for the company. in a research report on Tuesday, November 15th. They noted that the move was a valuation call. Deutsche Bank AG initiated coverage on FedEx Corp. in a research report on Wednesday, November 2nd. They set a “buy” rating and a $210.00 price objective for the company. Finally, Sanford C. Bernstein set a $159.00 price objective on FedEx Corp. and gave the stock a “neutral” rating in a research report on Wednesday, September 21st. Twelve research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. FedEx Corp. has a consensus rating of “Buy” and a consensus price target of $179.22.
In other FedEx Corp. news, EVP Christine P. Richards sold 80,080 shares of the stock in a transaction on Monday, October 10th. The stock was sold at an average price of $173.59, for a total transaction of $13,901,087.20. Following the sale, the executive vice president now directly owns 98,620 shares in the company, valued at approximately $17,119,445.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Robert B. Carter sold 24,784 shares of the stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $176.95, for a total value of $4,385,528.80. Following the sale, the executive vice president now owns 68,183 shares in the company, valued at $12,064,981.85. The disclosure for this sale can be found here. Company insiders own 8.67% of the company’s stock.
FedEx Corp. Company Profile
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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