Highland Capital Management LLC Sells 88 Shares of FedEx Corporation (NYSE:FDX)

Highland Capital Management LLC cut its stake in FedEx Corporation (NYSE:FDX) by 0.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 46,900 shares of the shipping service provider’s stock after selling 88 shares during the quarter. Highland Capital Management LLC’s holdings in FedEx were worth $11,433,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of FedEx in the 4th quarter valued at approximately $807,352,000. Raymond James Financial Inc. acquired a new position in shares of FedEx in the 4th quarter valued at approximately $234,028,000. Dodge & Cox grew its position in shares of FedEx by 5.6% in the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock valued at $3,907,568,000 after purchasing an additional 734,268 shares during the period. GAMMA Investing LLC grew its position in shares of FedEx by 18,202.1% in the 1st quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider’s stock valued at $133,003,000 after purchasing an additional 542,605 shares during the period. Finally, Capital Research Global Investors bought a new position in shares of FedEx during the 4th quarter worth approximately $145,733,000. 84.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FDX has been the subject of several research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of FedEx in a research note on Friday, March 7th. They set a “buy” rating and a $337.00 price target for the company. Wells Fargo & Company raised their price target on shares of FedEx from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Cowen reaffirmed a “buy” rating on shares of FedEx in a research note on Wednesday. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research note on Friday, March 21st. Finally, Loop Capital cut shares of FedEx from a “hold” rating to a “sell” rating and decreased their price target for the stock from $283.00 to $221.00 in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $283.00.

FedEx Trading Up 3.8%

Shares of FedEx stock opened at $229.37 on Friday. The business has a fifty day simple moving average of $220.19 and a two-hundred day simple moving average of $242.96. FedEx Corporation has a 1 year low of $194.30 and a 1 year high of $313.84. The company has a market capitalization of $54.96 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 1.18 and a beta of 1.35. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.19 and a quick ratio of 1.19.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.98 by $0.09. FedEx had a return on equity of 16.34% and a net margin of 4.65%. The business had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter last year, the firm posted $5.41 EPS. Research analysts forecast that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be issued a dividend of $1.45 per share. This is an increase from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date is Monday, June 23rd. This represents a $5.80 annualized dividend and a yield of 2.53%. FedEx’s dividend payout ratio (DPR) is currently 36.39%.

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.