Cornerstone Investment Partners LLC raised its position in FedEx Co. (NYSE:FDX) by 12.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 400,486 shares of the shipping service provider’s stock after purchasing an additional 43,758 shares during the quarter. FedEx accounts for approximately 3.2% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 17th largest holding. Cornerstone Investment Partners LLC owned about 0.15% of FedEx worth $64,610,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of FedEx by 4.5% during the 2nd quarter. FMR LLC now owns 4,582,932 shares of the shipping service provider’s stock valued at $1,040,600,000 after buying an additional 197,188 shares during the period. Van ECK Associates Corp purchased a new stake in shares of FedEx during the 2nd quarter valued at about $607,000. OppenheimerFunds Inc. raised its holdings in shares of FedEx by 1.6% during the 2nd quarter. OppenheimerFunds Inc. now owns 131,928 shares of the shipping service provider’s stock valued at $29,955,000 after buying an additional 2,132 shares during the period. Glen Harbor Capital Management LLC raised its holdings in shares of FedEx by 18.5% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 3,072 shares of the shipping service provider’s stock valued at $698,000 after buying an additional 480 shares during the period. Finally, Voya Investment Management LLC raised its holdings in shares of FedEx by 2.7% during the 2nd quarter. Voya Investment Management LLC now owns 135,884 shares of the shipping service provider’s stock valued at $30,854,000 after buying an additional 3,550 shares during the period. Institutional investors own 72.44% of the company’s stock.
Several equities research analysts recently commented on FDX shares. Wolfe Research set a $275.00 target price on FedEx and gave the company a “buy” rating in a report on Tuesday, September 18th. Daiwa Capital Markets set a $190.00 target price on FedEx and gave the company a “buy” rating in a report on Thursday, December 20th. Zacks Investment Research upgraded FedEx from a “sell” rating to a “hold” rating in a report on Monday, December 3rd. Loop Capital raised their target price on FedEx to $318.00 and gave the company a “buy” rating in a report on Tuesday, September 18th. Finally, BMO Capital Markets dropped their target price on FedEx to $245.00 and set an “outperform” rating on the stock in a report on Wednesday, December 19th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the company. FedEx presently has an average rating of “Buy” and an average price target of $237.75.
FDX stock traded down $0.12 during midday trading on Friday, hitting $170.00. 86,545 shares of the company’s stock were exchanged, compared to its average volume of 3,703,933. The company has a quick ratio of 1.36, a current ratio of 1.42 and a debt-to-equity ratio of 0.85. FedEx Co. has a 12-month low of $150.94 and a 12-month high of $274.66. The company has a market capitalization of $44.53 billion, a PE ratio of 11.12, a P/E/G ratio of 0.84 and a beta of 1.63.
FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, December 18th. The shipping service provider reported $4.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.05 by ($0.02). FedEx had a return on equity of 24.11% and a net margin of 7.23%. The business had revenue of $17.82 billion for the quarter, compared to analysts’ expectations of $17.71 billion. During the same quarter in the prior year, the firm earned $3.18 earnings per share. As a group, sell-side analysts anticipate that FedEx Co. will post 15.91 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Monday, December 10th were given a $0.65 dividend. The ex-dividend date of this dividend was Friday, December 7th. This represents a $2.60 annualized dividend and a dividend yield of 1.53%. FedEx’s payout ratio is 16.98%.
In other news, Director Susan Patricia Griffith bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, October 17th. The stock was bought at an average price of $225.16 per share, for a total transaction of $225,160.00. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director David P. Steiner bought 7,000 shares of the firm’s stock in a transaction dated Wednesday, January 2nd. The stock was purchased at an average price of $162.92 per share, with a total value of $1,140,440.00. Following the transaction, the director now owns 25,994 shares in the company, valued at approximately $4,234,942.48. The disclosure for this purchase can be found here. 8.50% of the stock is currently owned by company insiders.
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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