Benin Management CORP lowered its position in shares of FedEx Corporation (NYSE:FDX) by 2.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,115 shares of the shipping service provider’s stock after selling 700 shares during the period. FedEx Corporation comprises about 2.3% of Benin Management CORP’s portfolio, making the stock its 13th largest position. Benin Management CORP’s holdings in FedEx Corporation were worth $5,458,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of FDX. Northwestern Mutual Wealth Management Co. raised its position in shares of 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 during the last quarter. Quantitative Systematic Strategies LLC raised its position in shares of 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 during the last quarter. Madison Investment Holdings Inc. raised its position in shares of 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 during the last quarter. ING Groep NV raised its position in shares of 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 during the last quarter. Finally, Webster Bank N. A. raised its position in shares of 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 during the last quarter. 76.00% of the stock is owned by institutional investors and hedge funds.
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. FedEx Corporation has a 12 month low of $158.20 and a 12 month high of $219.99. The stock has a 50 day moving average price of $211.69 and a 200-day moving average price of $199.13. The stock has a market cap of $55.26 billion, a price-to-earnings ratio of 18.61 and a beta of 1.27.
FedEx Corporation (NYSE:FDX) last announced its earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 earnings per share for the quarter, topping the Thomson Reuters’ 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 the consensus estimate of $15.56 billion. During the same period in the previous year, the business earned $3.30 EPS. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, equities analysts predict that FedEx Corporation will post $13.56 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Monday, September 11th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.97%. FedEx Corporation’s payout ratio is presently 18.08%.
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FDX has been the subject of several recent analyst reports. Stifel Nicolaus boosted their price objective on FedEx Corporation from $194.00 to $216.00 and gave the stock a “hold” rating in a report on Monday, June 12th. Vetr lowered FedEx Corporation from a “hold” rating to a “sell” rating and set a $206.26 price objective for the company. in a report on Monday, June 26th. BidaskClub lowered FedEx Corporation from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Oppenheimer Holdings, Inc. boosted their price objective on FedEx Corporation from $218.00 to $229.00 and gave the stock an “outperform” rating in a report on Thursday, June 15th. Finally, Zacks Investment Research lowered FedEx Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 7th. Six analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. FedEx Corporation has an average rating of “Buy” and a consensus target price of $221.78.
In other FedEx Corporation news, EVP Robert B. Carter sold 24,522 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $210.96, for a total transaction of $5,173,161.12. Following the sale, the executive vice president now owns 68,556 shares in the company, valued at approximately $14,462,573.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David L. Cunningham, Jr. sold 17,565 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $211.00, for a total value of $3,706,215.00. Following the sale, the chief executive officer now owns 29,148 shares in the company, valued at approximately $6,150,228. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,757 shares of company stock worth $16,447,426. Company 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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