Spirit of America Management Corp NY boosted its stake in FedEx Corporation (NYSE:FDX) by 24.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,800 shares of the shipping service provider’s stock after buying an additional 750 shares during the period. Spirit of America Management Corp NY’s holdings in FedEx Corporation were worth $826,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FDX. Vanguard Group Inc. raised its position 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 in the last quarter. BlackRock Inc. raised its position in shares of FedEx Corporation by 1,912.1% in the first quarter. BlackRock Inc. now owns 14,823,307 shares of the shipping service provider’s stock worth $2,892,768,000 after buying an additional 14,086,601 shares in the last quarter. Dodge & Cox bought a new position in shares of FedEx Corporation during the fourth quarter worth approximately $2,151,429,000. Jennison Associates LLC raised its position in shares of 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 worth $669,359,000 after buying an additional 175,777 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of FedEx Corporation by 8.4% in the first quarter. Geode Capital Management LLC now owns 2,236,044 shares of the shipping service provider’s stock worth $435,698,000 after buying an additional 173,544 shares in the last quarter. 76.00% of the stock is currently owned by institutional investors.
Shares of FedEx Corporation (NYSE FDX) traded up 0.31% during trading on Friday, reaching $206.00. The company’s stock had a trading volume of 930,437 shares. FedEx Corporation has a 12 month low of $158.20 and a 12 month high of $219.99. The firm has a market cap of $55.26 billion, a PE ratio of 18.61 and a beta of 1.27. The stock’s 50 day moving average price is $211.69 and its 200-day moving average price is $199.13.
FedEx Corporation (NYSE:FDX) last released its quarterly earnings data on Tuesday, June 20th. The shipping service provider reported $4.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.88 by $0.37. FedEx Corporation had a net margin of 4.97% and a return on equity of 22.19%. The business had revenue of $15.70 billion during the quarter, compared to analyst estimates of $15.56 billion. During the same quarter last year, the business earned $3.30 earnings per share. FedEx Corporation’s quarterly revenue was up 21.0% compared to the same quarter last year. Equities analysts predict that FedEx Corporation will post $13.56 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.97%. FedEx Corporation’s dividend payout ratio (DPR) is currently 18.08%.
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Several brokerages recently weighed in on FDX. Vetr upgraded FedEx Corporation from a “hold” rating to a “buy” rating and set a $195.86 target price for the company in a research note on Wednesday, May 17th. UBS AG reiterated a “buy” rating and issued a $235.00 price objective (up previously from $215.00) on shares of FedEx Corporation in a research report on Wednesday, June 21st. Stephens set a $246.00 price objective on FedEx Corporation and gave the stock an “overweight” rating in a research report on Wednesday, June 21st. Stifel Nicolaus reiterated a “neutral” rating on shares of FedEx Corporation in a research report on Wednesday. Finally, Zacks Investment Research upgraded FedEx Corporation from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a research report on Tuesday, May 23rd. Six investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $221.78.
In other news, VP John L. Merino sold 7,200 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $211.26, for a total value of $1,521,072.00. Following the completion of the sale, the vice president now owns 33,908 shares in the company, valued at approximately $7,163,404.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Edwardson sold 2,208 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $6,370,749.12. The disclosure for this sale can be found here. Insiders have sold 77,757 shares of company stock valued at $16,447,426 in the last quarter. 8.67% of the stock is owned by company 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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