ExodusPoint Capital Management LP cut its position in FedEx Co. (NYSE:FDX – Free Report) by 59.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 135,519 shares of the shipping service provider’s stock after selling 196,284 shares during the quarter. ExodusPoint Capital Management LP’s holdings in FedEx were worth $33,595,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in FDX. Archer Investment Corp increased its position in shares of FedEx by 0.7% during the second quarter. Archer Investment Corp now owns 5,417 shares of the shipping service provider’s stock worth $1,343,000 after acquiring an additional 38 shares in the last quarter. Cascade Investment Advisors Inc. raised its stake in shares of FedEx by 0.6% in the 2nd quarter. Cascade Investment Advisors Inc. now owns 6,904 shares of the shipping service provider’s stock valued at $1,712,000 after purchasing an additional 40 shares during the period. Massachusetts Wealth Management lifted its holdings in shares of FedEx by 2.9% in the second quarter. Massachusetts Wealth Management now owns 1,405 shares of the shipping service provider’s stock valued at $348,000 after purchasing an additional 40 shares in the last quarter. Zullo Investment Group Inc. boosted its holdings in shares of FedEx by 0.8% in the 2nd quarter. Zullo Investment Group Inc. now owns 5,497 shares of the shipping service provider’s stock valued at $1,363,000 after buying an additional 41 shares during the last quarter. Finally, Legacy Capital Group California Inc. increased its holdings in FedEx by 3.0% during the second quarter. Legacy Capital Group California Inc. now owns 1,604 shares of the shipping service provider’s stock worth $398,000 after buying an additional 47 shares during the last quarter. Institutional investors and hedge funds own 73.61% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. Evercore ISI lifted their price objective on shares of FedEx from $275.00 to $276.00 and gave the company an “outperform” rating in a research report on Monday, September 18th. Morgan Stanley upped their price objective on FedEx from $200.00 to $205.00 and gave the company an “equal weight” rating in a research note on Thursday, September 21st. StockNews.com upgraded FedEx from a “buy” rating to a “strong-buy” rating in a research note on Friday, November 10th. Deutsche Bank Aktiengesellschaft increased their price target on FedEx from $255.00 to $295.00 and gave the company a “buy” rating in a research note on Friday, September 22nd. Finally, Susquehanna raised shares of FedEx from a “neutral” rating to a “positive” rating and lifted their price objective for the stock from $225.00 to $315.00 in a research report on Monday, October 2nd. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $282.54.
Insiders Place Their Bets
In other news, VP Jennifer L. Johnson sold 13,348 shares of FedEx stock in a transaction on Friday, October 6th. The stock was sold at an average price of $258.25, for a total value of $3,447,121.00. Following the transaction, the vice president now owns 3,428 shares in the company, valued at approximately $885,281. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.73% of the company’s stock.
FedEx Price Performance
FedEx stock traded down $0.54 during mid-day trading on Monday, reaching $255.41. 439,166 shares of the company were exchanged, compared to its average volume of 1,946,738. The firm has a market cap of $64.22 billion, a PE ratio of 15.61, a PEG ratio of 1.18 and a beta of 1.34. FedEx Co. has a 12 month low of $162.61 and a 12 month high of $270.95. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.37 and a quick ratio of 1.32. The company has a fifty day simple moving average of $250.56 and a 200-day simple moving average of $247.58.
FedEx (NYSE:FDX – Get Free Report) last announced its quarterly earnings data on Wednesday, September 20th. The shipping service provider reported $4.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.71 by $0.84. The firm had revenue of $21.68 billion for the quarter, compared to the consensus estimate of $21.74 billion. FedEx had a net margin of 4.71% and a return on equity of 16.14%. The business’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $3.44 earnings per share. As a group, equities research analysts expect that FedEx Co. will post 18.14 earnings per share for the current fiscal year.
FedEx Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Monday, December 11th will be given a dividend of $1.26 per share. The ex-dividend date is Friday, December 8th. This represents a $5.04 annualized dividend and a yield of 1.97%. FedEx’s dividend payout ratio is currently 30.73%.
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.
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