Canoe Financial LP Acquires 4,423 Shares of FedEx Co. (NYSE:FDX)

Canoe Financial LP raised its holdings in shares of FedEx Co. (NYSE:FDX) by 1.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 250,647 shares of the shipping service provider’s stock after purchasing an additional 4,423 shares during the period. FedEx accounts for 1.6% of Canoe Financial LP’s portfolio, making the stock its 25th largest position. Canoe Financial LP’s holdings in FedEx were worth $67,061,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of FedEx during the first quarter valued at approximately $1,667,000. Allegheny Financial Group LTD bought a new stake in shares of FedEx during the first quarter valued at approximately $203,000. Hilltop National Bank bought a new stake in shares of FedEx during the first quarter valued at approximately $476,000. Csenge Advisory Group increased its position in shares of FedEx by 14.9% during the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock valued at $666,000 after acquiring an additional 298 shares in the last quarter. Finally, Czech National Bank grew its position in FedEx by 6.4% in the 3rd quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock worth $12,564,000 after purchasing an additional 2,767 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Trading Down 0.3 %

NYSE FDX opened at $272.12 on Monday. The company has a fifty day simple moving average of $278.83 and a two-hundred day simple moving average of $274.84. The stock has a market cap of $66.48 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.08 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 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72.

FedEx (NYSE:FDX) last posted its quarterly 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 during the quarter, compared to analysts’ expectations of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business posted $4.55 EPS. On average, analysts forecast that FedEx Co. will post 19.59 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were issued a dividend of $1.38 per share. The ex-dividend date was Monday, September 9th. This represents a $5.52 annualized dividend and a dividend yield of 2.03%. FedEx’s dividend payout ratio (DPR) is presently 34.05%.

Analysts Set New Price Targets

FDX has been the topic of several analyst reports. Susquehanna dropped their price target on shares of FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a research note on Friday, September 20th. BMO Capital Markets lowered their target price on shares of FedEx from $325.00 to $300.00 and set a “market perform” rating on the stock in a research note on Friday, September 20th. Daiwa America cut shares of FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Hsbc Global Res cut shares of FedEx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 20th. Finally, TD Cowen decreased their price target on shares of FedEx from $334.00 to $328.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $314.17.

FedEx Company 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.