Canandaigua National Corp Grows Stake in FedEx Co. (NYSE:FDX)

Canandaigua National Corp lifted its holdings in shares of FedEx Co. (NYSE:FDXGet Rating) by 10.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,081 shares of the shipping service provider’s stock after acquiring an additional 100 shares during the quarter. Canandaigua National Corp’s holdings in FedEx were worth $245,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in FedEx by 2.1% in 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 buying an additional 394,289 shares during the last quarter. Dodge & Cox boosted its stake in FedEx by 22.2% in 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 during the period. Primecap Management Co. CA boosted its stake in FedEx by 0.3% in the first quarter. Primecap Management Co. CA now owns 13,237,477 shares of the shipping service provider’s stock valued at $3,063,020,000 after acquiring an additional 41,945 shares during the period. Dimensional Fund Advisors LP boosted its stake in FedEx by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,404,754 shares of the shipping service provider’s stock valued at $556,512,000 after acquiring an additional 78,183 shares during the period. Finally, Norges Bank acquired a new position in FedEx in the fourth quarter valued at approximately $593,029,000. 71.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Amy B. Lane acquired 607 shares of the firm’s stock in a transaction that occurred on Thursday, June 30th. The stock was acquired at an average price of $228.12 per share, for a total transaction of $138,468.84. Following the completion of the acquisition, the director now owns 686 shares of the company’s stock, valued at approximately $156,490.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Vincenzo J. Vena acquired 900 shares of the business’s stock in a transaction dated Wednesday, July 6th. The stock was bought at an average cost of $230.04 per share, for a total transaction of $207,036.00. Following the completion of the transaction, the director now owns 1,325 shares of the company’s stock, valued at $304,803. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy B. Lane acquired 607 shares of the business’s stock in a transaction dated Thursday, June 30th. The stock was purchased at an average price of $228.12 per share, with a total value of $138,468.84. Following the completion of the transaction, the director now directly owns 686 shares of the company’s stock, valued at approximately $156,490.32. The disclosure for this purchase can be found here. Insiders sold a total of 48,810 shares of company stock worth $11,199,898 over the last quarter. Insiders own 8.62% of the company’s stock.

Analysts Set New Price Targets

FDX has been the subject of a number of research reports. Cowen decreased their target price on FedEx from $310.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday, September 16th. Citigroup decreased their target price on FedEx from $225.00 to $180.00 and set a “neutral” rating for the company in a research note on Friday, September 16th. Bank of America downgraded FedEx from a “buy” rating to a “neutral” rating and decreased their target price for the company from $275.00 to $186.00 in a research note on Friday, September 16th. Bank Of America (Bofa) downgraded FedEx from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $275.00 to $186.00 in a research report on Friday, September 16th. Finally, BMO Capital Markets reduced their price objective on FedEx from $270.00 to $215.00 and set a “market perform” rating for the company in a research report on Friday, September 16th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.30.

FedEx Stock Down 3.4 %

Shares of NYSE FDX opened at $157.40 on Wednesday. The firm has a market cap of $40.91 billion, a PE ratio of 11.01, a P/E/G ratio of 0.58 and a beta of 1.21. FedEx Co. has a 12-month low of $155.00 and a 12-month high of $266.79. The company’s fifty day simple moving average is $219.92 and its 200 day simple moving average is $217.63. The company has a quick ratio of 1.38, a current ratio of 1.43 and a debt-to-equity ratio of 0.81.

FedEx (NYSE:FDXGet Rating) last issued its earnings results on Thursday, June 23rd. The shipping service provider reported $6.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.91 by ($0.04). FedEx had a return on equity of 22.29% and a net margin of 4.09%. The company had revenue of $24.39 billion for the quarter, compared to the consensus estimate of $24.28 billion. During the same period in the prior year, the company earned $5.01 earnings per share. As a group, sell-side analysts forecast that FedEx Co. will post 23 earnings per share for the current fiscal 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 issued a $1.15 dividend. The ex-dividend date is Thursday, September 1st. This represents a $4.60 annualized dividend and a dividend yield of 2.92%. FedEx’s dividend payout ratio is currently 32.17%.

About FedEx

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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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