PNC Financial Services Group Inc. raised its position in FedEx Co. (NYSE:FDX - Free Report) by 1.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 78,136 shares of the shipping service provider's stock after acquiring an additional 1,239 shares during the period. PNC Financial Services Group Inc.'s holdings in FedEx were worth $21,982,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in FDX. Raymond James Financial Inc. acquired a new stake in shares of FedEx in the 4th quarter worth $234,028,000. ACR Alpine Capital Research LLC lifted its stake in shares of FedEx by 62.9% in the 4th quarter. ACR Alpine Capital Research LLC now owns 852,767 shares of the shipping service provider's stock worth $239,909,000 after acquiring an additional 329,170 shares during the period. Bryn Mawr Capital Management LLC lifted its stake in shares of FedEx by 22,317.0% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 322,580 shares of the shipping service provider's stock worth $90,751,000 after acquiring an additional 321,141 shares during the period. Franklin Resources Inc. lifted its stake in shares of FedEx by 8.6% in the third quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider's stock valued at $1,042,050,000 after purchasing an additional 314,380 shares during the period. Finally, KBC Group NV lifted its stake in shares of FedEx by 197.4% in the fourth quarter. KBC Group NV now owns 341,390 shares of the shipping service provider's stock valued at $96,043,000 after purchasing an additional 226,608 shares during the period. Institutional investors and hedge funds own 84.47% of the company's stock.
FedEx Trading Down 1.1 %
FDX stock traded down $2.77 during midday trading on Thursday, reaching $240.74. 1,565,412 shares of the company's stock traded hands, compared to its average volume of 1,667,332. The company has a market capitalization of $57.98 billion, a P/E ratio of 15.34, a PEG ratio of 1.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. FedEx Co. has a fifty-two week low of $239.50 and a fifty-two week high of $313.84. The business has a 50-day moving average price of $263.68 and a two-hundred day moving average price of $274.89.
FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, beating analysts' consensus estimates of $3.88 by $0.17. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The firm had revenue of $22 billion for the quarter, compared to analysts' expectations of $22.14 billion. During the same period in the previous year, the company posted $3.99 earnings per share. FedEx's revenue was down .7% compared to the same quarter last year. Equities research analysts forecast that FedEx Co. will post 19.14 EPS for the current fiscal year.
FedEx Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be given a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.29%. FedEx's payout ratio is currently 35.18%.
Insider Transactions at FedEx
In related news, CEO Richard W. Smith sold 2,576 shares of the company's stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total value of $713,371.68. Following the sale, the chief executive officer now directly owns 111,886 shares of the company's stock, valued at $30,984,589.98. This represents a 2.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan C. Schwab sold 3,980 shares of the company's stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the sale, the director now directly owns 8,904 shares in the company, valued at $2,461,510.80. This represents a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.87% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on FDX. JPMorgan Chase & Co. reduced their price objective on shares of FedEx from $372.00 to $323.00 and set an "overweight" rating for the company in a research note on Monday, March 3rd. Stephens reduced their price objective on shares of FedEx from $350.00 to $345.00 and set an "overweight" rating for the company in a research note on Friday, December 20th. Bank of America raised their price objective on shares of FedEx from $325.00 to $348.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Truist Financial started coverage on shares of FedEx in a report on Thursday. They set a "buy" rating and a $305.00 target price for the company. Finally, BNP Paribas upgraded shares of FedEx from a "strong sell" rating to a "strong-buy" rating in a report on Thursday, January 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $318.04.
Get Our Latest Research Report on FedEx
FedEx Profile
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Free Report)
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.
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