Argus Investors Counsel Inc. boosted its stake in shares of FedEx Corporation (NYSE:FDX) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,035 shares of the shipping service provider’s stock after buying an additional 815 shares during the period. FedEx Corporation accounts for about 2.2% of Argus Investors Counsel Inc.’s investment portfolio, making the stock its largest position. Argus Investors Counsel Inc.’s holdings in FedEx Corporation were worth $5,006,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. FNY Managed Accounts LLC purchased a new position in FedEx Corporation during the first quarter valued at $100,000. Alexandria Capital LLC increased its position in FedEx Corporation by 2.1% in the first quarter. Alexandria Capital LLC now owns 527 shares of the shipping service provider’s stock valued at $103,000 after buying an additional 11 shares during the last quarter. Riggs Asset Managment Co. Inc. increased its position in FedEx Corporation by 163.0% in the second quarter. Riggs Asset Managment Co. Inc. now owns 484 shares of the shipping service provider’s stock valued at $105,000 after buying an additional 300 shares during the last quarter. Cribstone Capital Management LLC increased its position in FedEx Corporation by 1.2% in the second quarter. Cribstone Capital Management LLC now owns 489 shares of the shipping service provider’s stock valued at $107,000 after buying an additional 6 shares during the last quarter. Finally, Pinnacle Bank purchased a new position in FedEx Corporation during the first quarter valued at $122,000. 76.00% of the stock is owned by hedge funds and other institutional investors.
Shares of FedEx Corporation (FDX) traded up 0.31% on Friday, reaching $206.00. The company had a trading volume of 930,437 shares. The stock has a market capitalization of $55.26 billion, a PE ratio of 18.61 and a beta of 1.27. FedEx Corporation has a 52-week low of $158.20 and a 52-week high of $219.99. The company has a 50 day moving average price of $211.69 and a 200 day moving average price of $199.13.
FedEx Corporation (NYSE:FDX) last posted its quarterly 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 business had revenue of $15.70 billion for the quarter, compared to the consensus estimate of $15.56 billion. During the same period in the prior year, the business 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 research analysts anticipate that FedEx Corporation will post $13.56 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.97%. FedEx Corporation’s dividend payout ratio (DPR) is presently 18.08%.
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Several equities analysts recently weighed in on the company. Zacks Investment Research downgraded FedEx Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, June 7th. BMO Capital Markets raised their price objective on FedEx Corporation from $220.00 to $245.00 and gave the company an “outperform” rating in a research note on Friday, June 23rd. Stifel Nicolaus reaffirmed a “neutral” rating on shares of FedEx Corporation in a research note on Wednesday. CIBC raised their price objective on FedEx Corporation from $218.00 to $229.00 and gave the company an “outperform” rating in a research note on Thursday, June 15th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $237.00 price objective on shares of FedEx Corporation in a research note on Wednesday, June 21st. Six analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $221.78.
In other news, Director John A. Edwardson sold 2,208 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $208.14, for a total value of $459,573.12. Following the transaction, the director now directly owns 30,608 shares of the company’s stock, valued at $6,370,749.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert B. Carter sold 24,522 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president now directly owns 68,556 shares in the company, valued at $14,462,573.76. The disclosure for this sale can be found here. Insiders sold 77,757 shares of company stock worth $16,447,426 over the last ninety days. 8.67% of the stock is currently owned by company 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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