Miracle Mile Advisors LLC grew its position in FedEx Co. (NYSE:FDX – Get Rating) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,012 shares of the shipping service provider’s stock after purchasing an additional 463 shares during the quarter. Miracle Mile Advisors LLC’s holdings in FedEx were worth $4,537,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the business. Dodge & Cox boosted its stake in shares of FedEx by 22.2% in the 4th quarter. Dodge & Cox now owns 16,674,920 shares of the shipping service provider’s stock valued at $4,312,801,000 after purchasing an additional 3,031,046 shares in the last quarter. Norges Bank bought a new position in shares of FedEx in the fourth quarter valued at about $593,029,000. Assenagon Asset Management S.A. raised its holdings in shares of FedEx by 11,807.1% in the first quarter. Assenagon Asset Management S.A. now owns 548,918 shares of the shipping service provider’s stock valued at $127,014,000 after buying an additional 544,308 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of FedEx by 24,340.9% in the first quarter. Los Angeles Capital Management LLC now owns 490,284 shares of the shipping service provider’s stock valued at $113,447,000 after buying an additional 488,278 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of FedEx by 2.1% in the first quarter. Vanguard Group Inc. now owns 18,784,798 shares of the shipping service provider’s stock valued at $4,346,614,000 after buying an additional 394,289 shares during the last quarter. Institutional investors and hedge funds own 71.62% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently issued reports on the company. Credit Suisse Group cut their price target on FedEx from $246.00 to $236.00 in a report on Friday. Wells Fargo & Company cut their price target on FedEx from $269.00 to $199.00 and set an “overweight” rating for the company in a report on Friday, September 16th. KeyCorp boosted their price objective on FedEx from $300.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, June 30th. JPMorgan Chase & Co. cut FedEx from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $258.00 to $214.00 in a report on Friday, September 16th. Finally, Citigroup dropped their price objective on FedEx from $180.00 to $165.00 in a report on Friday. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $228.96.
FedEx Price Performance
FedEx (NYSE:FDX – Get Rating) last released its earnings results on Thursday, September 22nd. The shipping service provider reported $3.44 earnings per share for the quarter, missing the consensus estimate of $5.14 by ($1.70). FedEx had a return on equity of 22.29% and a net margin of 4.09%. The business had revenue of $23.20 billion for the quarter, compared to the consensus estimate of $23.78 billion. During the same quarter in the previous year, the company earned $4.37 earnings per share. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts predict that FedEx Co. will post 16.55 EPS for the current fiscal year.
FedEx Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Thursday, September 1st. FedEx’s payout ratio is 32.17%.
Insider Activity at FedEx
In other news, EVP Robert B. Carter sold 12,310 shares of FedEx stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $230.61, for a total transaction of $2,838,809.10. Following the sale, the executive vice president now directly owns 54,916 shares of the company’s stock, valued at $12,664,178.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Robert B. Carter sold 12,310 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $230.61, for a total value of $2,838,809.10. Following the completion of the sale, the executive vice president now directly owns 54,916 shares in the company, valued at $12,664,178.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy B. Lane purchased 607 shares of FedEx stock in a transaction on Thursday, June 30th. The stock was bought at an average price of $228.12 per share, for a total transaction of $138,468.84. Following the transaction, the director now directly owns 686 shares in the company, valued at approximately $156,490.32. The disclosure for this purchase can be found here. Insiders have sold a total of 48,810 shares of company stock valued at $11,199,898 in the last 90 days. 8.62% of the stock is owned by corporate insiders.
FedEx Company Profile
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.
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