Cleararc Capital Inc. reduced its position in shares of FedEx Corporation (NYSE:FDX) by 57.4% during the first quarter, Holdings Channel reports. The fund owned 6,162 shares of the shipping service provider’s stock after selling 8,290 shares during the period. Cleararc Capital Inc.’s holdings in FedEx Corporation were worth $1,203,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of the stock. Stock Yards Bank & Trust Co. boosted its stake in FedEx Corporation by 2.5% in the first quarter. Stock Yards Bank & Trust Co. now owns 51,271 shares of the shipping service provider’s stock worth $10,005,000 after buying an additional 1,264 shares during the last quarter. Burke & Herbert Bank & Trust Co. acquired a new stake in FedEx Corporation during the first quarter worth $235,000. Douglass Winthrop Advisors LLC boosted its stake in FedEx Corporation by 2.6% in the first quarter. Douglass Winthrop Advisors LLC now owns 15,850 shares of the shipping service provider’s stock worth $3,093,000 after buying an additional 400 shares during the last quarter. Charter Trust Co. boosted its stake in FedEx Corporation by 13.4% in the first quarter. Charter Trust Co. now owns 2,288 shares of the shipping service provider’s stock worth $447,000 after buying an additional 271 shares during the last quarter. Finally, Raymond James Trust N.A. boosted its stake in FedEx Corporation by 5.8% in the first quarter. Raymond James Trust N.A. now owns 7,035 shares of the shipping service provider’s stock worth $1,373,000 after buying an additional 388 shares during the last quarter. 76.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of FedEx Corporation (NYSE FDX) traded down 0.3251% during trading on Friday, reaching $208.6793. 108,722 shares of the company traded hands. The firm has a market capitalization of $55.98 billion, a price-to-earnings ratio of 18.8509 and a beta of 1.27. FedEx Corporation has a 12-month low of $158.20 and a 12-month high of $219.99. The company has a 50 day moving average price of $213.53 and a 200 day moving average price of $197.66.
FedEx Corporation (NYSE:FDX) last posted its earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.88 by $0.37. FedEx Corporation had a net margin of 4.97% and a return on equity of 22.19%. The firm had revenue of $15.70 billion for the quarter, compared to analyst estimates of $15.56 billion. During the same period in the previous year, the firm posted $3.30 EPS. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities analysts predict that FedEx Corporation will post $13.60 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Thursday, June 22nd were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.96%. This is a positive change from FedEx Corporation’s previous quarterly dividend of $0.40. The ex-dividend date was Tuesday, June 20th. FedEx Corporation’s payout ratio is presently 18.08%.
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A number of analysts recently weighed in on the stock. Cowen and Company reissued a “buy” rating and issued a $240.00 target price on shares of FedEx Corporation in a research note on Tuesday, July 11th. Loop Capital reissued a “buy” rating and issued a $234.00 target price on shares of FedEx Corporation in a research note on Tuesday, July 4th. Sanford C. Bernstein reissued a “market perform” rating and issued a $220.00 target price on shares of FedEx Corporation in a research note on Monday, July 3rd. Vetr cut shares of FedEx Corporation from a “hold” rating to a “sell” rating and set a $206.26 target price on the stock. in a research note on Monday, June 26th. Finally, BMO Capital Markets upped their target price on shares of FedEx Corporation from $220.00 to $245.00 and gave the company an “outperform” rating in a research note on Friday, June 23rd. Six research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $221.78.
In other FedEx Corporation news, Director John A. Edwardson sold 2,208 shares of the business’s 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 approximately $6,370,749.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John L. Merino sold 7,200 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $211.26, for a total transaction of $1,521,072.00. Following the sale, the vice president now directly owns 33,908 shares in the company, valued at $7,163,404.08. The disclosure for this sale can be found here. Insiders have sold a total of 77,757 shares of company stock worth $16,447,426 over the last three months. Insiders own 8.67% of the company’s stock.
About FedEx Corporation
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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