Estabrook Capital Management Lowers Holdings in FedEx Corporation (FDX)
Estabrook Capital Management decreased its stake in FedEx Corporation (NYSE:FDX) by 0.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,481 shares of the shipping service provider’s stock after selling 50 shares during the period. Estabrook Capital Management’s holdings in FedEx Corporation were worth $1,191,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in 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 acquiring an additional 918,896 shares during the period. BlackRock Inc. raised its position in 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 acquiring an additional 14,086,601 shares during the period. Geode Capital Management LLC raised its position in 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 acquiring an additional 173,544 shares during the period. Davis Selected Advisers raised its position in FedEx Corporation by 265.4% in the second quarter. Davis Selected Advisers now owns 1,684,618 shares of the shipping service provider’s stock worth $366,118,000 after acquiring an additional 1,223,646 shares during the period. Finally, Harbour Capital Advisors LLC raised its position in FedEx Corporation by 21,011.5% in the second quarter. Harbour Capital Advisors LLC now owns 1,424,815 shares of the shipping service provider’s stock worth $6,556,000 after acquiring an additional 1,418,066 shares during the period. 75.88% of the stock is currently owned by institutional investors and hedge funds.
In other FedEx Corporation news, CEO Michael L. Ducker sold 14,964 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $225.85, for a total transaction of $3,379,619.40. Following the completion of the sale, the chief executive officer now directly owns 53,397 shares of the company’s stock, valued at approximately $12,059,712.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John A. Edwardson sold 2,208 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $208.14, for a total transaction of $459,573.12. Following the sale, the director now directly owns 30,608 shares of the company’s stock, valued at $6,370,749.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,172 shares of company stock valued at $6,039,193. Insiders own 8.45% of the company’s stock.
Several brokerages have commented on FDX. Cowen and Company reaffirmed an “outperform” rating and issued a $240.00 price objective on shares of FedEx Corporation in a research report on Friday, October 13th. J P Morgan Chase & Co lifted their price objective on shares of FedEx Corporation from $237.00 to $264.00 and gave the stock an “overweight” rating in a research report on Thursday, October 12th. Zacks Investment Research lowered shares of FedEx Corporation from a “hold” rating to a “sell” rating in a research report on Monday. Bank of America Corporation reaffirmed a “buy” rating and issued a $247.00 price objective (up previously from $240.00) on shares of FedEx Corporation in a research report on Friday, October 6th. Finally, KeyCorp began coverage on shares of FedEx Corporation in a research report on Tuesday, October 10th. They issued an “overweight” rating and a $260.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $228.26.
FedEx Corporation (NYSE FDX) opened at 222.30 on Thursday. The stock has a market cap of $59.61 billion, a PE ratio of 20.96 and a beta of 1.31. The firm has a 50-day moving average of $218.64 and a 200-day moving average of $206.75. FedEx Corporation has a 1-year low of $168.00 and a 1-year high of $227.00.
FedEx Corporation (NYSE:FDX) last announced its quarterly earnings data on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.66). FedEx Corporation had a net margin of 4.72% and a return on equity of 20.69%. The company had revenue of $15.30 billion for the quarter, compared to analysts’ expectations of $15.35 billion. During the same period last year, the business earned $2.90 earnings per share. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. Analysts expect that FedEx Corporation will post $12.47 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Monday, September 11th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Friday, September 8th. FedEx Corporation’s dividend payout ratio (DPR) is currently 18.87%.
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FedEx Corporation Company Profile
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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