Covington Capital Management Trims Stake in FedEx Co. (NYSE:FDX)

Covington Capital Management lessened its stake in FedEx Co. (NYSE:FDX) by 3.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,725 shares of the shipping service provider’s stock after selling 223 shares during the period. Covington Capital Management’s holdings in FedEx were worth $1,708,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wagner Wealth Management LLC purchased a new stake in shares of FedEx during the 1st quarter worth approximately $25,000. Heritage Wealth Management LLC increased its holdings in shares of FedEx by 125.0% during the 2nd quarter. Heritage Wealth Management LLC now owns 108 shares of the shipping service provider’s stock worth $32,000 after buying an additional 60 shares during the last quarter. Monumental Financial Group Inc. acquired a new stake in shares of FedEx during the 2nd quarter worth $45,000. Strategic Blueprint LLC acquired a new stake in shares of FedEx during the 2nd quarter worth $50,000. Finally, Northern Oak Wealth Management Inc. increased its holdings in FedEx by 103.1% in the 1st quarter. Northern Oak Wealth Management Inc. now owns 197 shares of the shipping service provider’s stock valued at $56,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 72.64% of the company’s stock.

FDX has been the topic of a number of recent research reports. KeyCorp cut their target price on shares of FedEx from $350.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, September 22nd. Wells Fargo & Company decreased their price objective on shares of FedEx from $351.00 to $314.00 and set an “overweight” rating for the company in a research note on Wednesday, September 22nd. BMO Capital Markets decreased their target price on shares of FedEx from $315.00 to $300.00 and set a “market perform” rating for the company in a research note on Wednesday, September 22nd. Stifel Nicolaus reduced their price objective on shares of FedEx from $344.00 to $283.00 and set a “buy” rating for the company in a research note on Thursday, September 23rd. Finally, Berenberg Bank set a $330.00 price objective on shares of FedEx in a research note on Wednesday, September 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, FedEx presently has a consensus rating of “Buy” and a consensus price target of $315.13.

NYSE FDX opened at $226.10 on Thursday. FedEx Co. has a 1-year low of $216.34 and a 1-year high of $319.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.51 and a quick ratio of 1.47. The company has a market cap of $60.06 billion, a PE ratio of 11.89, a price-to-earnings-growth ratio of 0.95 and a beta of 1.28. The stock’s 50 day simple moving average is $252.69 and its 200-day simple moving average is $280.28.

FedEx (NYSE:FDX) last released its earnings results on Monday, September 20th. The shipping service provider reported $4.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.92 by ($0.55). The company had revenue of $22 billion during the quarter, compared to analysts’ expectations of $21.86 billion. FedEx had a net margin of 5.88% and a return on equity of 20.93%. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the business posted $4.87 earnings per share. On average, equities research analysts anticipate that FedEx Co. will post 19.5 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 1st. Stockholders of record on Friday, September 3rd were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.33%. The ex-dividend date was Thursday, September 2nd. FedEx’s dividend payout ratio (DPR) is 16.51%.

FedEx Company Profile

FedEx Corp. is a holding company, which engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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