Wedge Capital Management L L P NC Has $11.14 Million Stock Position in FedEx Co. (NYSE:FDX)

Wedge Capital Management L L P NC reduced its stake in FedEx Co. (NYSE:FDXGet Rating) by 8.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,123 shares of the shipping service provider’s stock after selling 4,640 shares during the quarter. Wedge Capital Management L L P NC’s holdings in FedEx were worth $11,137,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FDX. Dodge & Cox increased its holdings in shares of FedEx by 22.2% during the fourth quarter. Dodge & Cox now owns 16,674,920 shares of the shipping service provider’s stock valued at $4,312,801,000 after acquiring an additional 3,031,046 shares in the last quarter. Norges Bank bought a new stake in shares of FedEx during the fourth quarter valued at approximately $593,029,000. Assenagon Asset Management S.A. increased its holdings in shares of FedEx by 11,807.1% during the first quarter. Assenagon Asset Management S.A. now owns 548,918 shares of the shipping service provider’s stock valued at $127,014,000 after acquiring an additional 544,308 shares in the last quarter. Los Angeles Capital Management LLC increased its holdings in shares of FedEx by 24,340.9% during the first quarter. Los Angeles Capital Management LLC now owns 490,284 shares of the shipping service provider’s stock valued at $113,447,000 after acquiring an additional 488,278 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of FedEx by 2.1% during the first quarter. Vanguard Group Inc. now owns 18,784,798 shares of the shipping service provider’s stock valued at $4,346,614,000 after acquiring an additional 394,289 shares in the last quarter. 71.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FDX has been the subject of several recent research reports. JPMorgan Chase & Co. downgraded FedEx from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $258.00 to $214.00 in a report on Friday. Citigroup decreased their price objective on FedEx from $225.00 to $180.00 and set a “neutral” rating for the company in a report on Friday. Loop Capital downgraded FedEx from a “buy” rating to a “hold” rating and decreased their price target for the stock from $339.00 to $202.00 in a report on Friday. Cowen decreased their price target on FedEx from $310.00 to $230.00 and set an “outperform” rating for the company in a report on Friday. Finally, Barclays decreased their price target on FedEx from $320.00 to $240.00 and set an “overweight” rating for the company in a report on Monday. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, FedEx currently has a consensus rating of “Moderate Buy” and an average price target of $241.57.

Insider Activity

In other news, EVP Jill Brannon sold 5,620 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $237.00, for a total value of $1,331,940.00. Following the completion of the transaction, the executive vice president now owns 8,113 shares in the company, valued at approximately $1,922,781. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Jill Brannon sold 5,620 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $237.00, for a total value of $1,331,940.00. Following the completion of the transaction, the executive vice president now owns 8,113 shares in the company, valued at approximately $1,922,781. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Brie Carere sold 11,235 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $228.85, for a total value of $2,571,129.75. Following the completion of the transaction, the executive vice president now owns 16,366 shares of the company’s stock, valued at approximately $3,745,359.10. The disclosure for this sale can be found here. Insiders sold a total of 48,810 shares of company stock worth $11,199,898 in the last quarter. 8.62% of the stock is owned by company insiders.

FedEx Trading Up 1.2 %

NYSE FDX opened at $162.90 on Tuesday. FedEx Co. has a fifty-two week low of $155.00 and a fifty-two week high of $266.79. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.38 and a current ratio of 1.43. The stock has a 50 day simple moving average of $221.14 and a two-hundred day simple moving average of $217.99. The stock has a market cap of $42.34 billion, a P/E ratio of 11.39, a price-to-earnings-growth ratio of 0.58 and a beta of 1.21.

FedEx (NYSE:FDXGet Rating) last released its earnings results on Thursday, June 23rd. The shipping service provider reported $6.87 EPS for the quarter, missing analysts’ consensus estimates of $6.91 by ($0.04). The firm had revenue of $24.39 billion during the quarter, compared to analysts’ expectations of $24.28 billion. FedEx had a net margin of 4.09% and a return on equity of 22.29%. During the same quarter in the previous year, the business earned $5.01 EPS. On average, analysts forecast that FedEx Co. will post 23 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date is Thursday, September 1st. FedEx’s payout ratio is presently 32.17%.

FedEx Company Profile

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FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.

Further Reading

Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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