Heritage Investors Management Corp increased its stake in FedEx Co. (NYSE:FDX) by 3.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,316 shares of the shipping service provider’s stock after purchasing an additional 2,012 shares during the quarter. Heritage Investors Management Corp’s holdings in FedEx were worth $15,487,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of Montreal Can purchased a new position in FedEx during the 2nd quarter valued at about $216,966,000. PNC Financial Services Group Inc. increased its holdings in FedEx by 209.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 419,755 shares of the shipping service provider’s stock valued at $95,309,000 after acquiring an additional 284,134 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in FedEx during the 2nd quarter valued at about $62,966,000. Chevy Chase Trust Holdings Inc. purchased a new position in FedEx during the 2nd quarter valued at about $58,442,000. Finally, Cornerstone Wealth Management LLC increased its holdings in FedEx by 23,047.7% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 240,736 shares of the shipping service provider’s stock valued at $1,049,000 after acquiring an additional 239,696 shares in the last quarter. Institutional investors and hedge funds own 72.79% of the company’s stock.
FedEx stock opened at $224.40 on Friday. FedEx Co. has a 12-month low of $207.90 and a 12-month high of $274.66. The stock has a market cap of $60.95 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.05 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.26 and a current ratio of 1.32.
In related news, Director John A. Edwardson sold 1,160 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total value of $281,126.00. Following the sale, the director now directly owns 32,800 shares of the company’s stock, valued at $7,949,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan Patricia Griffith bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 17th. The stock was bought at an average cost 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 owned by company insiders.
Several research firms have weighed in on FDX. Citigroup dropped their target price on shares of FedEx from $304.00 to $275.00 and set a “buy” rating for the company in a report on Friday, November 2nd. Morgan Stanley set a $240.00 target price on shares of FedEx and gave the company a “hold” rating in a report on Monday, October 22nd. JPMorgan Chase & Co. restated a “buy” rating and set a $286.00 target price on shares of FedEx in a report on Friday, October 12th. Berenberg Bank began coverage on shares of FedEx in a report on Friday, September 21st. They set a “buy” rating and a $300.00 target price for the company. Finally, Bank of America dropped their target price on shares of FedEx from $310.00 to $304.00 and set a “buy” rating for the company in a report on Tuesday, September 18th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. FedEx has a consensus rating of “Buy” and an average price target of $284.86.
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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