Geode Capital Management LLC boosted its position in FedEx Corporation (NYSE:FDX) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,236,044 shares of the shipping service provider’s stock after buying an additional 173,544 shares during the period. Geode Capital Management LLC owned approximately 0.84% of FedEx Corporation worth $435,698,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in FDX. Vanguard Group Inc. increased its stake in shares of FedEx Corporation by 5.4% in the first quarter. Vanguard Group Inc. now owns 17,997,225 shares of the shipping service provider’s stock worth $3,512,158,000 after buying an additional 918,896 shares during the period. Jennison Associates LLC increased its position in FedEx Corporation by 5.4% in the first quarter. Jennison Associates LLC now owns 3,429,971 shares of the shipping service provider’s stock valued at $669,359,000 after buying an additional 175,777 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in FedEx Corporation by 28.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,396,492 shares of the shipping service provider’s stock valued at $272,525,000 after buying an additional 312,272 shares during the last quarter. Artisan Partners Limited Partnership increased its position in FedEx Corporation by 1.2% in the first quarter. Artisan Partners Limited Partnership now owns 1,205,969 shares of the shipping service provider’s stock valued at $235,345,000 after buying an additional 14,099 shares during the last quarter. Finally, Legal & General Group Plc increased its position in FedEx Corporation by 4.9% in the first quarter. Legal & General Group Plc now owns 1,194,505 shares of the shipping service provider’s stock valued at $233,103,000 after buying an additional 56,227 shares during the last quarter. 76.00% of the stock is currently owned by hedge funds and other institutional investors.
FedEx Corporation (NYSE:FDX) opened at 206.00 on Friday. The firm has a market capitalization of $55.26 billion, a PE ratio of 18.61 and a beta of 1.27. FedEx Corporation has a 52 week low of $158.20 and a 52 week high of $219.99. The firm has a 50-day moving average of $211.69 and a 200 day moving average of $199.13.
FedEx Corporation (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.88 by $0.37. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. The firm had revenue of $15.70 billion during the quarter, compared to the consensus estimate of $15.56 billion. During the same quarter in the previous year, the company posted $3.30 EPS. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. Analysts predict that FedEx Corporation will post $13.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.97%. FedEx Corporation’s payout ratio is currently 18.08%.
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Several research firms have issued reports on FDX. UBS AG reaffirmed a “buy” rating and set a $235.00 price objective (up from $215.00) on shares of FedEx Corporation in a report on Wednesday, June 21st. Cowen and Company reaffirmed a “buy” rating and set a $240.00 price objective on shares of FedEx Corporation in a report on Thursday, August 10th. Stifel Nicolaus reiterated a “neutral” rating on shares of FedEx Corporation in a research report on Wednesday. BidaskClub cut shares of FedEx Corporation from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Finally, Zacks Investment Research cut shares of FedEx Corporation from a “buy” rating to a “hold” rating in a research report on Wednesday, June 7th. Six investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. FedEx Corporation currently has a consensus rating of “Buy” and a consensus target price of $221.78.
In other news, Director John A. Edwardson sold 2,208 shares of the business’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $208.14, for a total transaction of $459,573.12. Following the completion of the sale, the director now owns 30,608 shares in the company, valued at $6,370,749.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Robert B. Carter sold 24,522 shares of the business’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $210.96, for a total value of $5,173,161.12. Following the sale, the executive vice president now owns 68,556 shares of the company’s stock, valued at approximately $14,462,573.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,757 shares of company stock valued at $16,447,426. 8.67% of the stock is currently owned by corporate insiders.
About FedEx Corporation
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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