Wedge Capital Management L L P NC Reduces Stock Holdings in FedEx Co. (NYSE:FDX)

Wedge Capital Management L L P NC decreased its stake in FedEx Co. (NYSE:FDX) by 12.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,353 shares of the shipping service provider’s stock after selling 6,148 shares during the quarter. Wedge Capital Management L L P NC’s holdings in FedEx were worth $6,790,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the company. Sageworth Trust Co bought a new stake in shares of FedEx during the 2nd quarter worth approximately $25,000. Covenant Multifamily Offices LLC bought a new stake in FedEx during the 1st quarter valued at $29,000. Evolution Wealth Advisors LLC bought a new stake in FedEx during the 1st quarter valued at $31,000. Endurance Wealth Management Inc. raised its position in FedEx by 375.0% during the 1st quarter. Endurance Wealth Management Inc. now owns 190 shares of the shipping service provider’s stock valued at $34,000 after purchasing an additional 150 shares in the last quarter. Finally, Nelson Roberts Investment Advisors LLC bought a new stake in FedEx during the 2nd quarter valued at $34,000. Hedge funds and other institutional investors own 68.64% of the company’s stock.

In other news, EVP Robert B. Carter sold 23,100 shares of FedEx stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $175.78, for a total value of $4,060,518.00. Following the transaction, the executive vice president now directly owns 68,446 shares in the company, valued at approximately $12,031,437.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul S. Walsh sold 4,440 shares of FedEx stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $161.88, for a total value of $718,747.20. Following the completion of the transaction, the director now owns 16,440 shares in the company, valued at $2,661,307.20. The disclosure for this sale can be found here. Company insiders own 8.50% of the company’s stock.

Shares of NYSE:FDX traded up $3.05 on Friday, reaching $155.87. The company had a trading volume of 30,912 shares, compared to its average volume of 2,090,068. FedEx Co. has a 52-week low of $150.68 and a 52-week high of $259.25. The firm’s 50 day simple moving average is $165.00 and its 200-day simple moving average is $173.94. The firm has a market capitalization of $40.44 billion, a PE ratio of 10.06, a PEG ratio of 0.87 and a beta of 1.65. The company has a current ratio of 1.45, a quick ratio of 1.39 and a debt-to-equity ratio of 0.94.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.93 by $0.08. FedEx had a return on equity of 21.57% and a net margin of 0.77%. The business had revenue of $17.81 billion for the quarter, compared to the consensus estimate of $17.85 billion. During the same period last year, the business posted $5.91 EPS. The business’s revenue was up 2.8% compared to the same quarter last year. As a group, equities research analysts predict that FedEx Co. will post 14.61 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.67%. FedEx’s dividend payout ratio is presently 16.75%.

A number of brokerages have weighed in on FDX. Zacks Investment Research lowered FedEx from a “hold” rating to a “sell” rating and set a $166.00 target price for the company. in a research report on Wednesday, May 29th. TheStreet lowered FedEx from a “b-” rating to a “c+” rating in a research report on Thursday, June 6th. Citigroup decreased their target price on FedEx from $192.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Barclays reaffirmed a “buy” rating and set a $185.00 target price on shares of FedEx in a research report on Thursday, June 13th. Finally, Raymond James decreased their target price on FedEx from $200.00 to $190.00 and set an “outperform” rating for the company in a research report on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $191.63.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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