Violich Capital Management Inc. reduced its holdings in shares of FedEx Co. (NYSE:FDX) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,528 shares of the shipping service provider’s stock after selling 325 shares during the quarter. Violich Capital Management Inc.’s holdings in FedEx were worth $1,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in FDX. Sageworth Trust Co bought a new position in shares of FedEx in the 2nd quarter valued at about $25,000. Cordasco Financial Network increased its stake in shares of FedEx by 181.8% in the first quarter. Cordasco Financial Network now owns 155 shares of the shipping service provider’s stock valued at $28,000 after buying an additional 100 shares during the period. Covenant Multifamily Offices LLC acquired a new position in shares of FedEx in the first quarter valued at approximately $29,000. Evolution Wealth Advisors LLC acquired a new position in shares of FedEx in the first quarter valued at approximately $31,000. Finally, Advocacy Wealth Management Services LLC increased its stake in shares of FedEx by 52.5% in the first quarter. Advocacy Wealth Management Services LLC now owns 183 shares of the shipping service provider’s stock valued at $34,000 after buying an additional 63 shares during the period. 68.87% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on FDX. Citigroup dropped their price objective on FedEx from $192.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, June 26th. Stephens set a $210.00 target price on FedEx and gave the company a “buy” rating in a research report on Wednesday, June 26th. Sanford C. Bernstein set a $205.00 target price on FedEx and gave the company a “buy” rating in a research report on Thursday, June 20th. 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. Finally, JPMorgan Chase & Co. decreased their target price on FedEx from $184.00 to $172.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $191.63.
FedEx (NYSE:FDX) last issued its earnings results on Tuesday, June 25th. The shipping service provider reported $5.01 EPS for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $17.85 billion. During the same quarter last year, the company earned $5.91 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. Analysts predict that FedEx Co. will post 14.61 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, June 24th were paid a $0.65 dividend. The ex-dividend date was Friday, June 21st. This represents a $2.60 annualized dividend and a yield of 1.52%. FedEx’s dividend payout ratio is currently 16.75%.
In other news, Director Paul S. Walsh sold 4,440 shares of FedEx stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $161.88, for a total transaction of $718,747.20. Following the completion of the sale, the director now owns 16,440 shares in the company, valued at approximately $2,661,307.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert B. Carter sold 23,100 shares of FedEx stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $175.78, for a total value of $4,060,518.00. Following the sale, the executive vice president now owns 68,446 shares of the company’s stock, valued at approximately $12,031,437.88. The disclosure for this sale can be found here. 8.50% of the stock is owned by company insiders.
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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