Buckingham Asset Management LLC Has $778,000 Holdings in FedEx Co. (NYSE:FDX)
Buckingham Asset Management LLC increased its stake in shares of FedEx Co. (NYSE:FDX) by 40.6% in the first quarter, Holdings Channel reports. The firm owned 6,419 shares of the shipping service provider’s stock after buying an additional 1,852 shares during the quarter. Buckingham Asset Management LLC’s holdings in FedEx were worth $778,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in FDX. Wedbush Securities Inc. grew its stake in shares of FedEx by 11.0% during the fourth quarter. Wedbush Securities Inc. now owns 6,673 shares of the shipping service provider’s stock worth $1,009,000 after purchasing an additional 663 shares during the period. Altium Wealth Management LLC grew its stake in shares of FedEx by 10.1% during the fourth quarter. Altium Wealth Management LLC now owns 1,690 shares of the shipping service provider’s stock worth $256,000 after purchasing an additional 155 shares during the period. Manchester Financial Inc. acquired a new stake in shares of FedEx during the fourth quarter worth $29,000. GFS Advisors LLC grew its stake in shares of FedEx by 5.2% during the fourth quarter. GFS Advisors LLC now owns 63,815 shares of the shipping service provider’s stock worth $9,649,000 after purchasing an additional 3,175 shares during the period. Finally, Garner Asset Management Corp grew its stake in shares of FedEx by 7.5% during the fourth quarter. Garner Asset Management Corp now owns 5,055 shares of the shipping service provider’s stock worth $764,000 after purchasing an additional 352 shares during the period. 72.96% of the stock is owned by institutional investors and hedge funds.
In other FedEx news, EVP Alan B. Graf, Jr. sold 18,829 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $110.49, for a total transaction of $2,080,416.21. Following the transaction, the executive vice president now owns 201,050 shares of the company’s stock, valued at $22,214,014.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director John A. Edwardson bought 5,000 shares of the firm’s stock in a transaction dated Friday, March 20th. The stock was purchased at an average cost of $111.06 per share, for a total transaction of $555,300.00. Following the transaction, the director now directly owns 82,966 shares of the company’s stock, valued at approximately $9,214,203.96. The disclosure for this purchase can be found here. 8.44% of the stock is owned by insiders.
FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, March 17th. The shipping service provider reported $1.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.41. The firm had revenue of $17.49 billion for the quarter, compared to the consensus estimate of $16.89 billion. FedEx had a positive return on equity of 17.05% and a negative net margin of 0.50%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.03 earnings per share. As a group, research analysts anticipate that FedEx Co. will post 9.25 EPS for the current fiscal year.
Several research firms have weighed in on FDX. Cowen reduced their target price on FedEx from $185.00 to $160.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Credit Suisse Group reduced their target price on FedEx from $159.00 to $121.00 and set an “outperform” rating on the stock in a report on Wednesday, March 18th. Berenberg Bank reiterated a “neutral” rating and set a $150.00 target price on shares of FedEx in a report on Tuesday, February 4th. ValuEngine lowered FedEx from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Barclays lowered FedEx from an “overweight” rating to an “equal weight” rating and set a $135.00 target price on the stock. in a report on Friday, April 17th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $148.00.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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