Wilsey Asset Management Inc. Sells 843 Shares of FedEx Co. (NYSE:FDX)
Wilsey Asset Management Inc. cut its holdings in shares of FedEx Co. (NYSE:FDX) by 1.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,583 shares of the shipping service provider’s stock after selling 843 shares during the quarter. FedEx comprises 7.5% of Wilsey Asset Management Inc.’s portfolio, making the stock its 2nd biggest holding. Wilsey Asset Management Inc.’s holdings in FedEx were worth $17,250,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Selective Wealth Management Inc. acquired a new position in shares of FedEx during the 2nd quarter worth approximately $28,000. Hoover Financial Advisors Inc. bought a new stake in FedEx in the 2nd quarter valued at $28,000. Balentine LLC bought a new stake in FedEx in the 1st quarter valued at $29,000. RMR Wealth Builders bought a new stake in FedEx in the 2nd quarter valued at $48,000. Finally, Tower Research Capital LLC TRC bought a new stake in FedEx in the 1st quarter valued at $49,000. 71.65% of the stock is currently owned by institutional investors and hedge funds.
In other FedEx news, Director David P. Steiner sold 1,951 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $205.00, for a total value of $399,955.00. Following the transaction, the director now owns 31,610 shares in the company, valued at $6,480,050. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Marvin R. Ellison purchased 2,200 shares of the business’s stock in a transaction on Wednesday, July 22nd. The stock was purchased at an average price of $164.53 per share, for a total transaction of $361,966.00. Following the acquisition, the director now owns 4,401 shares of the company’s stock, valued at approximately $724,096.53. The disclosure for this purchase can be found here. In the last quarter, insiders sold 78,395 shares of company stock worth $19,886,710. Corporate insiders own 8.49% of the company’s stock.
FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, September 15th. The shipping service provider reported $4.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.69 by $2.18. The business had revenue of $19.32 billion for the quarter, compared to analyst estimates of $17.56 billion. FedEx had a return on equity of 15.82% and a net margin of 2.50%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.05 earnings per share. On average, sell-side analysts anticipate that FedEx Co. will post 15.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were issued a $0.65 dividend. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $2.60 annualized dividend and a yield of 0.92%. FedEx’s payout ratio is currently 27.37%.
A number of analysts have recently weighed in on FDX shares. Morgan Stanley upped their target price on FedEx from $110.00 to $250.00 and gave the company an “equal weight” rating in a research report on Monday, September 14th. Berenberg Bank set a $280.00 target price on FedEx and gave the stock a “buy” rating in a report on Thursday, September 3rd. Sanford C. Bernstein raised FedEx from a “market perform” rating to an “outperform” rating and set a $225.00 target price for the company in a report on Monday, August 10th. Zacks Investment Research upped their target price on FedEx to $276.50 in a report on Monday, September 21st. Finally, Robert W. Baird upped their target price on FedEx from $232.00 to $275.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Eight investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $271.60.
FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.
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