Morse Asset Management Inc increased its stake in shares of FedEx Corporation (NYSE:FDX) by 12.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,136 shares of the shipping service provider’s stock after acquiring an additional 2,065 shares during the quarter. FedEx Corporation comprises approximately 1.3% of Morse Asset Management Inc’s holdings, making the stock its 24th largest holding. Morse Asset Management Inc’s holdings in FedEx Corporation were worth $3,941,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Riggs Asset Managment Co. Inc. increased its position in FedEx Corporation by 163.0% during the second quarter. Riggs Asset Managment Co. Inc. now owns 484 shares of the shipping service provider’s stock worth $105,000 after acquiring an additional 300 shares during the period. Cribstone Capital Management LLC increased its position in FedEx Corporation by 1.2% during the second quarter. Cribstone Capital Management LLC now owns 489 shares of the shipping service provider’s stock worth $107,000 after acquiring an additional 6 shares during the period. FNY Managed Accounts LLC bought a new position in FedEx Corporation during the first quarter worth $100,000. Alexandria Capital LLC increased its position in FedEx Corporation by 2.5% during the second quarter. Alexandria Capital LLC now owns 540 shares of the shipping service provider’s stock worth $117,000 after acquiring an additional 13 shares during the period. Finally, Hefty Wealth Partners increased its position in FedEx Corporation by 26.0% during the second quarter. Hefty Wealth Partners now owns 630 shares of the shipping service provider’s stock worth $136,000 after acquiring an additional 130 shares during the period. 75.84% of the stock is currently owned by institutional investors and hedge funds.
FedEx Corporation (NYSE FDX) opened at 216.00 on Wednesday. The firm has a market cap of $57.94 billion, a P/E ratio of 19.51 and a beta of 1.28. The company’s 50-day moving average is $210.17 and its 200 day moving average is $202.36. FedEx Corporation has a 12 month low of $168.00 and a 12 month high of $219.99.
FedEx Corporation (NYSE:FDX) last released its quarterly earnings data on Tuesday, September 19th. The shipping service provider reported $2.51 earnings per share for the quarter, missing the consensus estimate of $3.17 by ($0.66). The business had revenue of $15.30 billion during the quarter, compared to analyst estimates of $15.35 billion. FedEx Corporation had a net margin of 4.97% and a return on equity of 22.19%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the business earned $2.90 earnings per share. Equities research analysts expect that FedEx Corporation will post $13.38 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Friday, September 8th. FedEx Corporation’s dividend payout ratio (DPR) is presently 18.08%.
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In related news, CEO David L. Cunningham, Jr. sold 17,565 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was 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 directly owns 29,148 shares of the company’s stock, valued at $6,150,228. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert B. Carter sold 24,522 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $210.96, for a total value of $5,173,161.12. Following the completion of the sale, 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. 8.45% of the stock is currently owned by insiders.
A number of equities analysts recently issued reports on FDX shares. ValuEngine raised shares of FedEx Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, June 3rd. Zacks Investment Research raised shares of FedEx Corporation from a “hold” rating to a “buy” rating and set a $222.00 target price on the stock in a research report on Friday, June 2nd. 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 research report on Wednesday, June 21st. Deutsche Bank AG set a $235.00 target price on shares of FedEx Corporation and gave the stock a “buy” rating in a research report on Wednesday, June 21st. Finally, 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 research report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $223.85.
FedEx Corporation Company Profile
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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