Torch Wealth Management LLC held its stake in shares of FedEx Corporation (NYSE:FDX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 holdings, 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.
A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of FedEx Corporation by 5.4% in the first quarter. Vanguard Group Inc. now owns 17,997,225 shares of the shipping service provider’s stock valued at $3,512,158,000 after buying an additional 918,896 shares in the last quarter. BlackRock Inc. increased its stake in shares of FedEx Corporation by 1,912.1% in the first quarter. BlackRock Inc. now owns 14,823,307 shares of the shipping service provider’s stock valued at $2,892,768,000 after buying an additional 14,086,601 shares in the last quarter. Jennison Associates LLC increased its stake in shares of FedEx Corporation by 5.4% in the first quarter. Jennison Associates LLC now owns 3,429,971 shares of the shipping service provider’s stock valued at $669,359,000 after buying an additional 175,777 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of FedEx Corporation by 8.4% in the first quarter. Geode Capital Management LLC now owns 2,236,044 shares of the shipping service provider’s stock valued at $435,698,000 after buying an additional 173,544 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its stake in shares of FedEx Corporation by 28.8% in the first quarter. TIAA CREF Investment Management LLC now owns 1,396,492 shares of the shipping service provider’s stock valued at $272,525,000 after buying an additional 312,272 shares in the last quarter. 76.00% of the stock is owned by institutional investors and hedge funds.
Shares of FedEx Corporation (NYSE:FDX) traded up 0.31% during trading on Friday, hitting $206.00. The stock had a trading volume of 930,437 shares. The company has a market cap of $55.26 billion, a PE ratio of 18.61 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 stock’s 50 day moving average is $211.69 and its 200-day moving average is $199.13.
FedEx Corporation (NYSE:FDX) last issued its earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.88 by $0.37. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. The firm had revenue of $15.70 billion for the quarter, compared to analysts’ expectations of $15.56 billion. During the same quarter last year, the firm earned $3.30 earnings per share. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. Analysts forecast that FedEx Corporation will post $13.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.97%. FedEx Corporation’s payout ratio is currently 18.08%.
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A number of equities research analysts recently commented on FDX shares. Bank of America Corporation reaffirmed a “buy” rating and set a $240.00 target price (up previously from $230.00) on shares of FedEx Corporation in a report on Wednesday, June 21st. Cowen and Company reaffirmed an “outperform” rating and set a $240.00 target price on shares of FedEx Corporation in a report on Wednesday, June 21st. Zacks Investment Research raised FedEx Corporation from a “hold” rating to a “buy” rating and set a $222.00 target price for the company in a report on Friday, June 2nd. Loop Capital reaffirmed a “buy” rating and set a $234.00 target price on shares of FedEx Corporation in a report on Tuesday, July 4th. Finally, UBS AG reaffirmed a “buy” rating and set a $235.00 target price (up previously from $215.00) on shares of FedEx Corporation in a report on Wednesday, June 21st. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $221.78.
In other FedEx Corporation news, Director John A. Edwardson sold 2,208 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $208.14, for a total transaction of $459,573.12. Following the transaction, the director now owns 30,608 shares in the company, valued at $6,370,749.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP John L. Merino sold 7,200 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $211.26, for a total value of $1,521,072.00. Following the transaction, the vice president now owns 33,908 shares in the company, valued at approximately $7,163,404.08. The disclosure for this sale can be found here. Insiders sold 77,757 shares of company stock worth $16,447,426 in the last quarter. 8.67% of the stock is owned by insiders.
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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