Peregrine Asset Advisers Inc. Makes New Investment in FedEx Co. (NYSE:FDX)

Peregrine Asset Advisers Inc. bought a new position in shares of FedEx Co. (NYSE:FDX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 6,589 shares of the shipping service provider’s stock, valued at approximately $1,976,000.

Several other institutional investors also recently made changes to their positions in FDX. Capstone Wealth Management Group LLC purchased a new stake in FedEx during the second quarter worth about $307,000. Alpha Financial Partners LLC lifted its position in shares of FedEx by 8.3% during the 2nd quarter. Alpha Financial Partners LLC now owns 831 shares of the shipping service provider’s stock valued at $249,000 after acquiring an additional 64 shares during the period. Moors & Cabot Inc. boosted its stake in shares of FedEx by 16.8% during the 2nd quarter. Moors & Cabot Inc. now owns 2,575 shares of the shipping service provider’s stock worth $772,000 after acquiring an additional 371 shares in the last quarter. Lmcg Investments LLC grew its holdings in shares of FedEx by 1.7% in the 2nd quarter. Lmcg Investments LLC now owns 61,773 shares of the shipping service provider’s stock worth $18,522,000 after acquiring an additional 1,053 shares during the period. Finally, Citizens Financial Group Inc. RI increased its stake in FedEx by 74.5% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 1,270 shares of the shipping service provider’s stock valued at $381,000 after purchasing an additional 542 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Stock Up 2.2 %

Shares of NYSE FDX opened at $292.63 on Tuesday. The stock has a fifty day moving average price of $293.11 and a 200 day moving average price of $274.10. The company has a market cap of $72.01 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.03 and a beta of 1.17. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84. 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 quarterly earnings data 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 net margin of 4.94% and a return on equity of 16.70%. The company had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter last year, the company earned $4.94 earnings per share. FedEx’s revenue for the quarter was up .8% on a year-over-year basis. Research analysts anticipate that FedEx Co. will post 20.82 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be given a $1.38 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a yield of 1.89%. FedEx’s payout ratio is currently 32.04%.

Insider Activity

In related news, Director Paul S. Walsh sold 2,535 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.72, for a total value of $747,115.20. Following the transaction, the director now owns 14,745 shares in the company, valued at $4,345,646.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the sale, the chief accounting officer now owns 930 shares of the company’s stock, valued at approximately $278,293.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul S. Walsh sold 2,535 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.72, for a total transaction of $747,115.20. Following the transaction, the director now directly owns 14,745 shares in the company, valued at approximately $4,345,646.40. The disclosure for this sale can be found here. Insiders sold 32,944 shares of company stock worth $9,882,355 over the last ninety days. Corporate insiders own 8.73% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upgraded FedEx from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $296.00 to $359.00 in a research report on Wednesday, June 26th. Argus increased their price objective on shares of FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Stifel Nicolaus restated a “buy” rating and set a $327.00 target price (up previously from $303.00) on shares of FedEx in a research report on Wednesday, June 26th. Evercore ISI lowered their price target on shares of FedEx from $339.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, September 12th. Finally, Oppenheimer restated a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.67.

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.