QRG Capital Management Inc. Purchases 5,646 Shares of FedEx Co. (NYSE:FDX)

QRG Capital Management Inc. raised its position in FedEx Co. (NYSE:FDX) by 8.8% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 69,981 shares of the shipping service provider’s stock after acquiring an additional 5,646 shares during the period. QRG Capital Management Inc.’s holdings in FedEx were worth $19,152,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of FedEx during the 1st quarter worth approximately $1,667,000. Allegheny Financial Group LTD bought a new stake in shares of FedEx during the 1st quarter worth approximately $203,000. Hilltop National Bank bought a new stake in shares of FedEx during the 1st quarter worth approximately $476,000. Csenge Advisory Group raised its stake in shares of FedEx by 14.9% during the 1st quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after purchasing an additional 298 shares in the last quarter. Finally, Czech National Bank raised its stake in shares of FedEx by 6.4% during 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 in the last quarter. Institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

Shares of FDX stock traded down $0.62 on Monday, hitting $273.73. 47,946 shares of the company’s stock were exchanged, compared to its average volume of 1,811,354. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24. FedEx Co. has a 12 month low of $234.45 and a 12 month high of $313.84. The stock has a market cap of $66.88 billion, a P/E ratio of 16.92, a price-to-earnings-growth ratio of 1.10 and a beta of 1.17. The company has a 50 day moving average of $277.10 and a 200 day moving average of $275.11.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The business had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $21.87 billion. During the same quarter in the prior year, the company earned $4.55 earnings per share. FedEx’s quarterly revenue was down .5% compared to the same quarter last year. On average, equities research analysts predict that FedEx Co. will post 19.59 EPS for the current year.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were given 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 2.02%. FedEx’s dividend payout ratio is currently 34.05%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FDX. Morgan Stanley cut FedEx from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $215.00 to $200.00 in a research note on Friday, September 20th. Citigroup initiated coverage on FedEx in a report on Wednesday, October 9th. They set a “buy” rating and a $301.00 target price on the stock. Bank of America decreased their target price on FedEx from $347.00 to $345.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. The Goldman Sachs Group decreased their target price on FedEx from $333.00 to $332.00 in a report on Friday, September 20th. Finally, TD Cowen decreased their target price on FedEx from $334.00 to $328.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.17.

About FedEx

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.