Wedge Capital Management L L P NC Lowers Position in FedEx Co. (NYSE:FDX)

Wedge Capital Management L L P NC lowered its stake in shares of FedEx Co. (NYSE:FDX) by 2.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,139 shares of the shipping service provider’s stock after selling 942 shares during the period. Wedge Capital Management L L P NC’s holdings in FedEx were worth $8,522,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in FedEx during the first quarter worth about $1,667,000. Allegheny Financial Group LTD purchased a new position in shares of FedEx in the 1st quarter valued at $203,000. Hilltop National Bank purchased a new position in FedEx in the first quarter valued at about $476,000. Csenge Advisory Group boosted its position in shares of FedEx by 14.9% in the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after buying an additional 298 shares during the period. Finally, Czech National Bank grew its stake in shares of FedEx by 6.4% in the third quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock valued at $12,564,000 after buying an additional 2,767 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other FedEx news, EVP Brie Carere sold 1,958 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the sale, the executive vice president now directly owns 19,937 shares in the company, valued at approximately $6,189,042.91. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Sriram Krishnasamy sold 8,421 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 12,246 shares in the company, valued at approximately $3,797,974.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Brie Carere sold 1,958 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the sale, the executive vice president now owns 19,937 shares of the company’s stock, valued at $6,189,042.91. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.73% of the company’s stock.

FedEx Price Performance

NYSE FDX opened at $267.51 on Tuesday. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $313.84. The business’s fifty day moving average is $280.77 and its two-hundred day moving average is $275.24. The stock has a market capitalization of $65.83 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.06 and a beta of 1.17. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28.

FedEx (NYSE:FDX) last announced its earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The firm’s revenue for the quarter was down .5% on a year-over-year basis. During the same period last year, the firm earned $4.55 earnings per share. On average, research analysts forecast that FedEx Co. will post 19.6 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were given a $1.38 dividend. The ex-dividend date was Monday, September 9th. This represents a $5.52 annualized dividend and a dividend yield of 2.06%. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Wall Street Analysts Forecast Growth

FDX has been the subject of a number of analyst reports. Oppenheimer restated a “market perform” rating on shares of FedEx in a report on Wednesday, June 26th. JPMorgan Chase & Co. decreased their target price on shares of FedEx from $359.00 to $350.00 and set an “overweight” rating for the company in a research note on Friday, September 20th. Raymond James dropped their price target on shares of FedEx from $335.00 to $330.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Bernstein Bank raised their target price on FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Finally, Loop Capital cut their price target on FedEx from $317.00 to $288.00 and set a “hold” rating on the stock in a research note on Monday, September 23rd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.17.

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.