Econ Financial Services Corp Purchases New Holdings in FedEx Co. (NYSE:FDX)

Econ Financial Services Corp bought a new stake in shares of FedEx Co. (NYSE:FDX) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 3,185 shares of the shipping service provider’s stock, valued at approximately $923,000.

Other large investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC raised its holdings in FedEx by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Scarborough Advisors LLC purchased a new stake in FedEx during the 4th quarter valued at $25,000. Private Wealth Management Group LLC bought a new stake in shares of FedEx in the 4th quarter worth $28,000. Rakuten Securities Inc. purchased a new position in shares of FedEx in the fourth quarter worth $30,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in shares of FedEx during the fourth quarter valued at $31,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Price Performance

FedEx stock traded down $0.91 during mid-day trading on Monday, hitting $299.23. The stock had a trading volume of 849,334 shares, compared to its average volume of 1,907,669. The firm’s 50 day moving average is $273.96 and its 200 day moving average is $262.86. FedEx Co. has a one year low of $224.69 and a one year high of $313.84. The firm has a market capitalization of $73.10 billion, a P/E ratio of 17.37, a P/E/G ratio of 1.08 and a beta of 1.18. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter last year, the company earned $4.94 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts forecast that FedEx Co. will post 20.94 earnings per share for the current fiscal year.

FedEx Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 24th were paid a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 1.84%. This is a boost from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date was Monday, June 24th. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Insider Buying and Selling at FedEx

In related news, EVP Brie Carere sold 1,958 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $310.43, for a total value of $607,821.94. Following the sale, the executive vice president now directly owns 19,937 shares in the company, valued at $6,189,042.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total value of $2,611,688.94. Following the completion of the transaction, the chief executive officer now owns 12,246 shares in the company, valued at $3,797,974.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Brie Carere sold 1,958 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the sale, the executive vice president now owns 19,937 shares in the company, valued at $6,189,042.91. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,944 shares of company stock worth $9,882,355. Insiders own 8.73% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FDX. The Goldman Sachs Group boosted their target price on FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Raymond James decreased their price objective on shares of FedEx from $325.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 24th. TD Cowen raised their target price on shares of FedEx from $320.00 to $335.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Bank of America boosted their target price on shares of FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Finally, UBS Group dropped their target price on FedEx from $340.00 to $333.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $314.00.

FedEx Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.