Mmbg Investment Advisors CO. purchased a new position in FedEx Corporation (NYSE:FDX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 6,532 shares of the shipping service provider's stock, valued at approximately $2,053,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FDX. Brighton Jones LLC increased its holdings in shares of FedEx by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock valued at $514,000 after acquiring an additional 207 shares during the period. Empowered Funds LLC boosted its position in FedEx by 78.9% during the first quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider's stock valued at $2,514,000 after purchasing an additional 4,548 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in FedEx during the second quarter valued at about $586,000. Quantbot Technologies LP purchased a new position in FedEx in the second quarter valued at about $186,000. Finally, Jump Financial LLC bought a new position in FedEx in the second quarter worth about $456,000. 84.47% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on FDX shares. UBS Group lowered their price target on shares of FedEx from $445.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Jefferies Financial Group assumed coverage on shares of FedEx in a research report on Tuesday, June 23rd. They set a "buy" rating and a $200.00 target price for the company. Barclays reduced their target price on FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 17th. Stephens raised shares of FedEx to a "strong-buy" rating in a report on Wednesday, July 8th. Finally, BMO Capital Markets restated a "market perform" rating on shares of FedEx in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, FedEx presently has a consensus rating of "Moderate Buy" and an average price target of $350.54.
Check Out Our Latest Analysis on FDX
FedEx Stock Performance
FDX opened at $328.07 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The firm has a fifty day moving average price of $319.53 and a 200 day moving average price of $351.69. FedEx Corporation has a 1 year low of $177.05 and a 1 year high of $345.36. The stock has a market cap of $77.65 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.69 and a beta of 1.30.
FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The firm had revenue of $23.26 billion for the quarter. Equities research analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current year.
FedEx Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. FedEx's payout ratio is 26.36%.
Insider Buying and Selling at FedEx
In related news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is currently owned by insiders.
About FedEx
(
Free Report)
FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.
FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.
See Also
Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Corporation (NYSE:FDX - Free Report).
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