Resources Investment Advisors LLC. increased its stake in shares of FedEx Co. (NYSE:FDX) by 7.4% during the 2nd quarter, Holdings Channel.com reports. The fund owned 779 shares of the shipping service provider’s stock after purchasing an additional 54 shares during the quarter. Resources Investment Advisors LLC.’s holdings in FedEx were worth $233,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of FDX. Wagner Wealth Management LLC bought a new position in FedEx during the 1st quarter worth approximately $25,000. WD Rutherford LLC purchased a new stake in FedEx in the 1st quarter worth approximately $51,000. Northern Oak Wealth Management Inc. lifted its holdings in FedEx by 103.1% in the 1st quarter. Northern Oak Wealth Management Inc. now owns 197 shares of the shipping service provider’s stock worth $56,000 after buying an additional 100 shares during the period. Founders Financial Alliance LLC purchased a new stake in FedEx in the 1st quarter worth approximately $59,000. Finally, Sumitomo Mitsui Financial Group Inc. purchased a new stake in FedEx in the 1st quarter worth approximately $66,000. Institutional investors and hedge funds own 72.64% of the company’s stock.
In related news, EVP Robert B. Carter sold 16,235 shares of the stock in a transaction that occurred on Monday, July 12th. The stock was sold at an average price of $299.66, for a total value of $4,864,980.10. Following the transaction, the executive vice president now owns 68,680 shares of the company’s stock, valued at $20,580,648.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Susan C. Schwab sold 4,720 shares of the stock in a transaction that occurred on Tuesday, June 29th. The stock was sold at an average price of $297.30, for a total value of $1,403,256.00. Following the completion of the transaction, the director now directly owns 10,312 shares in the company, valued at approximately $3,065,757.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,240 shares of company stock worth $9,608,596. Insiders own 8.16% of the company’s stock.
FedEx (NYSE:FDX) last posted its earnings results on Wednesday, June 23rd. The shipping service provider reported $5.01 EPS for the quarter, topping analysts’ consensus estimates of $4.99 by $0.02. The company had revenue of $22.57 billion for the quarter, compared to the consensus estimate of $21.54 billion. FedEx had a return on equity of 22.55% and a net margin of 6.23%. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.53 earnings per share. On average, research analysts forecast that FedEx Co. will post 21.27 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Friday, September 3rd will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, September 2nd. This represents a $3.00 annualized dividend and a yield of 1.18%. FedEx’s payout ratio is currently 16.51%.
Several equities research analysts have weighed in on the company. Berenberg Bank set a $350.00 price objective on FedEx and gave the stock a “buy” rating in a report on Friday, May 28th. Loop Capital raised their target price on FedEx from $366.00 to $381.00 and gave the company a “buy” rating in a research note on Friday, June 25th. Morgan Stanley raised their target price on FedEx from $265.00 to $270.00 and gave the company an “equal weight” rating in a research note on Friday, June 25th. Credit Suisse Group raised their target price on FedEx from $364.00 to $373.00 and gave the company an “outperform” rating in a research note on Friday, June 25th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on FedEx from $318.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, June 28th. One analyst has rated the stock with a sell rating, three have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $344.52.
FedEx Company Profile
FedEx Corp. is a holding company, which engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.
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