CCM Investment Advisers LLC trimmed its holdings in shares of FedEx Corporation (NYSE:FDX) by 3.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,644 shares of the shipping service provider’s stock after selling 2,020 shares during the period. FedEx Corporation comprises 2.2% of CCM Investment Advisers LLC’s investment portfolio, making the stock its 7th largest position. CCM Investment Advisers LLC’s holdings in FedEx Corporation were worth $11,006,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Wedbush Securities Inc. lifted its position in FedEx Corporation by 9.7% during the second quarter. Wedbush Securities Inc. now owns 6,581 shares of the shipping service provider’s stock valued at $1,430,000 after buying an additional 583 shares in the last quarter. Traynor Capital Management Inc. lifted its position in FedEx Corporation by 18.7% during the second quarter. Traynor Capital Management Inc. now owns 3,511 shares of the shipping service provider’s stock valued at $728,000 after buying an additional 554 shares in the last quarter. Rhumbline Advisers lifted its position in FedEx Corporation by 1.1% during the second quarter. Rhumbline Advisers now owns 419,167 shares of the shipping service provider’s stock valued at $91,098,000 after buying an additional 4,668 shares in the last quarter. Arizona State Retirement System lifted its position in FedEx Corporation by 0.5% during the second quarter. Arizona State Retirement System now owns 61,039 shares of the shipping service provider’s stock valued at $13,266,000 after buying an additional 300 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new position in FedEx Corporation during the second quarter valued at approximately $261,000. 75.84% of the stock is currently owned by hedge funds and other institutional investors.
Shares of FedEx Corporation (FDX) opened at 220.00 on Friday. The company has a market cap of $58.99 billion, a price-to-earnings ratio of 20.74 and a beta of 1.28. FedEx Corporation has a 1-year low of $168.00 and a 1-year high of $220.95. The firm’s 50-day moving average is $210.17 and its 200 day moving average is $202.36.
FedEx Corporation (NYSE:FDX) last issued its earnings results on Tuesday, September 19th. The shipping service provider reported $2.51 EPS for the quarter, missing analysts’ consensus estimates of $3.17 by ($0.66). The firm had revenue of $15.30 billion during the quarter, compared to analyst estimates of $15.35 billion. FedEx Corporation had a net margin of 4.72% and a return on equity of 20.69%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.90 earnings per share. Equities analysts expect that FedEx Corporation will post $12.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be paid a $0.50 dividend. The ex-dividend date is Friday, September 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.91%. FedEx Corporation’s payout ratio is 18.87%.
In related news, Director John A. Edwardson sold 2,208 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $208.14, for a total value of $459,573.12. Following the completion of the transaction, the director now directly owns 30,608 shares in the company, valued at $6,370,749.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kim Jabal sold 609 shares of the company’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $216.13, for a total value of $131,623.17. Following the completion of the transaction, the director now owns 2,100 shares of the company’s stock, valued at $453,873. The disclosure for this sale can be found here. Corporate insiders own 8.45% of the company’s stock.
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A number of research analysts have weighed in on FDX shares. Bank of America Corporation reaffirmed a “buy” rating and set a $240.00 price target (up from $230.00) on shares of FedEx Corporation in a research report on Wednesday, June 21st. Wells Fargo & Company lifted their price target on shares of FedEx Corporation from $235.00 to $240.00 and gave the company an “outperform” rating in a research report on Thursday. Cowen and Company reaffirmed an “outperform” rating and set a $240.00 price target on shares of FedEx Corporation in a research report on Wednesday, June 21st. Credit Suisse Group reaffirmed an “outperform” rating and set a $233.00 price target (down from $242.00) on shares of FedEx Corporation in a research report on Friday, September 15th. Finally, Zacks Investment Research raised shares of FedEx Corporation from a “hold” rating to a “buy” rating and set a $222.00 price target on the stock in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $225.26.
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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