Wells Fargo & Company MN cut its position in shares of FedEx Co. (NYSE:FDX) by 13.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,125,284 shares of the shipping service provider’s stock after selling 171,824 shares during the period. Wells Fargo & Company MN owned about 0.43% of FedEx worth $270,956,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FDX. Palo Capital Inc. bought a new stake in shares of FedEx during the third quarter valued at approximately $108,000. Vigilant Capital Management LLC bought a new stake in shares of FedEx during the second quarter valued at approximately $114,000. Moneta Group Investment Advisors LLC increased its position in shares of FedEx by 14,117.1% during the second quarter. Moneta Group Investment Advisors LLC now owns 63,835 shares of the shipping service provider’s stock valued at $114,000 after purchasing an additional 63,386 shares during the period. Fortis Advisors LLC increased its position in shares of FedEx by 278.2% during the second quarter. Fortis Advisors LLC now owns 503 shares of the shipping service provider’s stock valued at $115,000 after purchasing an additional 370 shares during the period. Finally, Lenox Wealth Advisors LLC bought a new stake in shares of FedEx during the third quarter valued at approximately $120,000. Institutional investors and hedge funds own 72.79% of the company’s stock.
Shares of FDX stock opened at $231.28 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.79. The firm has a market cap of $59.76 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 1.02 and a beta of 1.36. FedEx Co. has a 52 week low of $207.90 and a 52 week high of $274.66.
A number of brokerages have weighed in on FDX. Morgan Stanley reiterated a “hold” rating and issued a $242.00 price target (down from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. Credit Suisse Group set a $307.00 price target on FedEx and gave the company a “buy” rating in a research report on Tuesday, September 18th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $305.00 price target on shares of FedEx in a research report on Tuesday, September 18th. Zacks Investment Research cut FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. Finally, Berenberg Bank began coverage on FedEx in a research report on Friday, September 21st. They issued a “buy” rating and a $300.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $284.86.
In other news, Director John A. Edwardson sold 1,160 shares of the stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total transaction of $281,126.00. Following the sale, the director now owns 32,800 shares in the company, valued at $7,949,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Patricia Griffith bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, October 17th. The shares were acquired at an average price of $225.16 per share, for a total transaction of $225,160.00. The disclosure for this purchase can be found here. 8.45% of the stock is currently owned by corporate insiders.
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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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