Parsec Financial Management Inc. Has $6.57 Million Stake in FedEx Co. (FDX)
Parsec Financial Management Inc. trimmed its holdings in shares of FedEx Co. (NYSE:FDX) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,319 shares of the shipping service provider’s stock after selling 389 shares during the period. Parsec Financial Management Inc.’s holdings in FedEx were worth $6,568,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Salem Investment Counselors Inc. raised its stake in shares of FedEx by 2.8% during the 2nd quarter. Salem Investment Counselors Inc. now owns 479 shares of the shipping service provider’s stock worth $104,000 after buying an additional 13 shares in the last quarter. Krilogy Financial LLC raised its stake in shares of FedEx by 0.4% during the 2nd quarter. Krilogy Financial LLC now owns 511 shares of the shipping service provider’s stock worth $111,000 after buying an additional 2 shares in the last quarter. Cerebellum GP LLC purchased a new position in shares of FedEx during the 4th quarter worth approximately $125,000. Financial Engines Advisors L.L.C. purchased a new position in shares of FedEx during the 3rd quarter worth approximately $132,000. Finally, Massey Quick Simon & CO. LLC purchased a new position in shares of FedEx during the 3rd quarter worth approximately $136,000. 75.71% of the stock is owned by institutional investors and hedge funds.
In other FedEx news, Director David P. Steiner sold 3,016 shares of the stock in a transaction on Friday, January 5th. The stock was sold at an average price of $266.05, for a total transaction of $802,406.80. Following the sale, the director now owns 16,040 shares in the company, valued at approximately $4,267,442. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kim Jabal sold 3,980 shares of the stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $225.55, for a total value of $897,689.00. Following the sale, the director now owns 6,080 shares in the company, valued at approximately $1,371,344. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,521 shares of company stock worth $14,589,831. 8.45% of the stock is owned by insiders.
FedEx (NYSE:FDX) last announced its earnings results on Tuesday, December 19th. The shipping service provider reported $3.18 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.29. The firm had revenue of $16.30 billion for the quarter, compared to analysts’ expectations of $15.67 billion. FedEx had a return on equity of 20.56% and a net margin of 4.74%. FedEx’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.80 EPS. equities research analysts forecast that FedEx Co. will post 13.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Monday, December 11th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend was Friday, December 8th. FedEx’s dividend payout ratio (DPR) is presently 18.38%.
FDX has been the subject of a number of analyst reports. Citigroup increased their target price on FedEx to $275.00 and gave the stock a “buy” rating in a research note on Tuesday, December 12th. Credit Suisse Group reissued a “positive” rating and set a $283.00 target price (up from $278.00) on shares of FedEx in a research note on Wednesday, December 20th. Stephens set a $306.00 target price on FedEx and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Zacks Investment Research downgraded FedEx from a “hold” rating to a “sell” rating in a research note on Monday, November 27th. Finally, Bank of America reaffirmed a “buy” rating and issued a $247.00 price objective (up from $240.00) on shares of FedEx in a research note on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $270.49.
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FedEx 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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