Overbrook Management Corp lessened its holdings in shares of FedEx Corporation (NYSE:FDX) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,946 shares of the shipping service provider’s stock after selling 699 shares during the period. FedEx Corporation makes up approximately 0.8% of Overbrook Management Corp’s portfolio, making the stock its 22nd biggest holding. Overbrook Management Corp’s holdings in FedEx Corporation were worth $3,900,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. FNY Managed Accounts LLC acquired a new position in FedEx Corporation during the first quarter worth $100,000. Riggs Asset Managment Co. Inc. grew its holdings in FedEx Corporation by 163.0% during the second quarter. Riggs Asset Managment Co. Inc. now owns 484 shares of the shipping service provider’s stock worth $105,000 after acquiring an additional 300 shares during the period. Cribstone Capital Management LLC grew its holdings in FedEx Corporation by 1.2% during the second quarter. Cribstone Capital Management LLC now owns 489 shares of the shipping service provider’s stock worth $107,000 after acquiring an additional 6 shares during the period. Alexandria Capital LLC grew its holdings in FedEx Corporation by 2.5% during the second quarter. Alexandria Capital LLC now owns 540 shares of the shipping service provider’s stock worth $117,000 after acquiring an additional 13 shares during the period. Finally, Brick & Kyle Associates grew its holdings in FedEx Corporation by 1.5% during the first quarter. Brick & Kyle Associates now owns 674 shares of the shipping service provider’s stock worth $132,000 after acquiring an additional 10 shares during the period. 75.86% of the stock is currently owned by hedge funds and other institutional investors.
FedEx Corporation (FDX) opened at 214.83 on Friday. FedEx Corporation has a 52-week low of $159.55 and a 52-week high of $219.99. The stock has a market capitalization of $57.63 billion, a P/E ratio of 19.41 and a beta of 1.28. The company’s 50-day moving average price is $209.74 and its 200 day moving average price is $201.96.
FedEx Corporation (NYSE:FDX) last issued its earnings results on Tuesday, June 20th. The shipping service provider reported $4.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.88 by $0.37. The business had revenue of $15.70 billion during the quarter, compared to analysts’ expectations of $15.56 billion. FedEx Corporation had a return on equity of 22.19% and a net margin of 4.97%. FedEx Corporation’s revenue was up 21.0% compared to the same quarter last year. During the same quarter last year, the firm posted $3.30 earnings per share. On average, equities research analysts anticipate that FedEx Corporation will post $13.48 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be given a $0.50 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $2.00 annualized dividend and a dividend yield of 0.93%. FedEx Corporation’s dividend payout ratio (DPR) is presently 18.08%.
In other news, EVP Rajesh Subramaniam sold 7,155 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $215.47, for a total value of $1,541,687.85. Following the completion of the sale, the executive vice president now owns 21,566 shares of the company’s stock, valued at $4,646,826.02. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kim Jabal sold 5,918 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $216.05, for a total value of $1,278,583.90. Following the completion of the sale, the director now directly owns 3,610 shares of the company’s stock, valued at approximately $779,940.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 77,757 shares of company stock valued at $16,447,426. 8.45% of the stock is currently owned by insiders.
FDX has been the topic of a number of recent analyst reports. Bank of America Corporation reaffirmed a “buy” rating and set a $240.00 price objective (up previously from $230.00) on shares of FedEx Corporation in a report on Wednesday, June 21st. Cowen and Company reaffirmed an “outperform” rating and set a $240.00 price objective on shares of FedEx Corporation in a report on Wednesday, June 21st. Credit Suisse Group upped their price objective on FedEx Corporation from $237.00 to $242.00 and gave the stock an “outperform” rating in a report on Friday. Zacks Investment Research raised FedEx Corporation from a “hold” rating to a “buy” rating and set a $222.00 price objective on the stock in a report on Friday, June 2nd. Finally, Loop Capital reaffirmed a “buy” rating and set a $234.00 price objective on shares of FedEx Corporation in a report on Tuesday, July 4th. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $223.85.
About FedEx Corporation
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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