Elite Wealth Management Inc. Buys 12,707 Shares of FedEx Corporation $FDX

Key Points

• Elite Wealth Management increased its FedEx stake by 262.8% in the third quarter, buying 12,707 shares and bringing its holding to 17,542 shares, valued at about $5.0 million.
• FedEx reported quarterly EPS of $3.74, beating the $3.34 consensus, while revenue rose 12.3% year over year to $22.93 billion.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $359.16; FedEx’s quarterly dividend was $1.22 per share.

Elite Wealth Management Inc. grew its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 262.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,542 shares of the shipping service provider's stock after purchasing an additional 12,707 shares during the period. FedEx makes up about 1.0% of Elite Wealth Management Inc.'s holdings, making the stock its 27th largest position. Elite Wealth Management Inc.'s holdings in FedEx were worth $5,001,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of FedEx in the second quarter valued at about $6,508,103,000. Primecap Management Co. CA purchased a new stake in FedEx during the second quarter worth about $2,554,138,000. Dimensional Fund Advisors LP boosted its holdings in FedEx by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider's stock worth $936,688,000 after buying an additional 52,963 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in FedEx by 6.3% during the first quarter. Bank of New York Mellon Corp now owns 2,134,672 shares of the shipping service provider's stock worth $760,328,000 after buying an additional 125,950 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in FedEx during the second quarter worth about $579,171,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Price Performance

FedEx stock opened at $307.81 on Monday. FedEx Corporation has a 52 week low of $202.95 and a 52 week high of $345.36. The company has a quick ratio of 1.29, a current ratio of 1.33 and a debt-to-equity ratio of 0.50. The firm's 50-day simple moving average is $302.89 and its 200 day simple moving average is $337.37. The firm has a market capitalization of $72.09 billion, a PE ratio of 18.93, a P/E/G ratio of 1.24 and a beta of 1.27.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The shipping service provider reported $3.74 EPS for the quarter, beating analysts' consensus estimates of $3.34 by $0.40. FedEx had a net margin of 4.09% and a return on equity of 15.53%. The firm had revenue of $22.93 billion for the quarter, compared to analysts' expectations of $22.73 billion. During the same period in the prior year, the company earned $3.83 EPS. The firm's revenue was up 12.3% on a year-over-year basis. On average, equities research analysts predict that FedEx Corporation will post 18.29 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Monday, September 14th were issued a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, September 14th. FedEx's dividend payout ratio is 30.01%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. BNP Paribas Exane increased their target price on shares of FedEx from $269.80 to $300.00 and gave the company a "neutral" rating in a report on Wednesday, September 30th. JPMorgan Chase & Co. boosted their price target on FedEx from $399.00 to $400.00 and gave the stock an "overweight" rating in a research note on Thursday, October 29th. Wall Street Zen raised FedEx to a "hold" rating in a research note on Saturday, August 8th. UBS Group restated a "hold" rating on shares of FedEx in a report on Friday, October 30th. Finally, Bank of America dropped their price objective on FedEx from $378.00 to $359.00 and set a "buy" rating for the company in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $359.16.

Insider Activity

In other news, EVP Tracy B. Brightman sold 26,611 shares of the firm's stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $316.68, for a total transaction of $8,427,171.48. Following the completion of the transaction, the executive vice president directly owned 12,245 shares of the company's stock, valued at $3,877,746.60. This trade represents a 68.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Gina F. Adams sold 3,014 shares of FedEx stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $317.06, for a total value of $955,618.84. Following the transaction, the executive vice president owned 9,656 shares of the company's stock, valued at $3,061,531.36. This represents a 23.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.65% of the stock is owned by corporate insiders.

FedEx Company Profile

FedEx Corporation is a global transportation and logistics company that provides delivery, freight, and supply chain services to businesses and consumers. Its offerings include express and ground package delivery, freight transportation, customs clearance, and logistics solutions that help customers manage shipping and distribution.

Founded by Frederick W. Smith in 1971, FedEx began operations in 1973. The company serves customers throughout the United States and in international markets, connecting businesses and consumers through its transportation and delivery networks.

FedEx is headquartered in Memphis, Tennessee.

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