Torch Wealth Management LLC continued to hold its stake in shares of FedEx Corporation (NYSE:FDX) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 9,570 shares of the shipping service provider’s stock at the end of the second quarter. FedEx Corporation accounts for 1.4% of Torch Wealth Management LLC’s investment portfolio, making the stock its 23rd largest position. Torch Wealth Management LLC’s holdings in FedEx Corporation were worth $2,080,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in FDX. Northwestern Mutual Wealth Management Co. increased its position in FedEx Corporation by 2.7% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 69,903 shares of the shipping service provider’s stock valued at $13,641,000 after buying an additional 1,852 shares in the last quarter. Quantitative Systematic Strategies LLC increased its position in FedEx Corporation by 354.3% in the first quarter. Quantitative Systematic Strategies LLC now owns 13,026 shares of the shipping service provider’s stock valued at $2,542,000 after buying an additional 10,159 shares in the last quarter. ING Groep NV increased its position in FedEx Corporation by 245.5% in the first quarter. ING Groep NV now owns 17,525 shares of the shipping service provider’s stock valued at $3,420,000 after buying an additional 12,453 shares in the last quarter. Madison Investment Holdings Inc. increased its position in FedEx Corporation by 63.6% in the first quarter. Madison Investment Holdings Inc. now owns 181,250 shares of the shipping service provider’s stock valued at $35,371,000 after buying an additional 70,436 shares in the last quarter. Finally, Webster Bank N. A. increased its position in FedEx Corporation by 20.3% in the first quarter. Webster Bank N. A. now owns 2,154 shares of the shipping service provider’s stock valued at $420,000 after buying an additional 364 shares in the last quarter. Institutional investors and hedge funds own 76.36% of the company’s stock.
FedEx Corporation (FDX) traded up 0.26% on Tuesday, reaching $208.92. 402,676 shares of the company’s stock traded hands. The stock has a 50-day moving average of $213.53 and a 200 day moving average of $197.66. FedEx Corporation has a 52 week low of $158.20 and a 52 week high of $219.99. The firm has a market capitalization of $56.04 billion, a P/E ratio of 18.87 and a beta of 1.27.
FedEx Corporation (NYSE:FDX) last posted its quarterly earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 EPS for the quarter, beating the Thomson Reuters’ 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 quarter last year, the firm posted $3.30 earnings per share. FedEx Corporation’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities analysts expect that FedEx Corporation will post $13.58 EPS for the current fiscal year.
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A number of equities analysts have commented on FDX shares. Vetr raised shares of FedEx Corporation from a “hold” rating to a “buy” rating and set a $195.86 target price on the stock in a research note on Wednesday, May 17th. UBS AG reaffirmed a “buy” rating and set a $235.00 target price (up from $215.00) on shares of FedEx Corporation in a research note on Wednesday, June 21st. Stephens set a $246.00 target price on shares of FedEx Corporation and gave the stock an “overweight” rating in a research note on Wednesday, June 21st. Seaport Global Securities started coverage on shares of FedEx Corporation in a research note on Tuesday, June 6th. They set a “neutral” rating on the stock. Finally, Zacks Investment Research raised shares of FedEx Corporation from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a research note on Tuesday, May 23rd. Six analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $221.78.
In other news, insider Henry J. Maier sold 12,580 shares of FedEx Corporation stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $209.50, for a total transaction of $2,635,510.00. Following the sale, the insider now owns 38,177 shares in the company, valued at $7,998,081.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John A. Edwardson sold 2,208 shares of FedEx Corporation 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 owns 30,608 shares in the company, valued at approximately $6,370,749.12. The disclosure for this sale can be found here. Insiders sold 77,757 shares of company stock worth $16,447,426 in the last 90 days. 8.67% of the stock is currently owned by insiders.
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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