Monetary Management Group Inc. increased its holdings in shares of FedEx Co. (NYSE:FDX) by 6.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,975 shares of the shipping service provider’s stock after acquiring an additional 125 shares during the quarter. Monetary Management Group Inc.’s holdings in FedEx were worth $589,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Primecap Management Co. CA raised its stake in shares of FedEx by 1.6% during the first quarter. Primecap Management Co. CA now owns 13,936,709 shares of the shipping service provider’s stock valued at $3,958,583,000 after acquiring an additional 219,370 shares during the last quarter. Geode Capital Management LLC raised its position in FedEx by 3.8% during the 1st quarter. Geode Capital Management LLC now owns 3,627,388 shares of the shipping service provider’s stock worth $1,027,167,000 after purchasing an additional 131,866 shares during the last quarter. Northern Trust Corp lifted its holdings in FedEx by 0.6% during the 1st quarter. Northern Trust Corp now owns 2,790,442 shares of the shipping service provider’s stock worth $792,598,000 after buying an additional 15,528 shares during the period. Dimensional Fund Advisors LP lifted its holdings in FedEx by 3.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,162 shares of the shipping service provider’s stock worth $675,837,000 after buying an additional 75,239 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of FedEx by 9.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,210,021 shares of the shipping service provider’s stock valued at $659,316,000 after buying an additional 199,560 shares during the last quarter. 72.64% of the stock is currently owned by hedge funds and other institutional investors.
FDX stock traded up $1.43 during mid-day trading on Monday, reaching $228.07. 304,475 shares of the company traded hands, compared to its average volume of 2,417,228. The stock has a market cap of $60.59 billion, a price-to-earnings ratio of 12.04, a P/E/G ratio of 0.93 and a beta of 1.22. FedEx Co. has a fifty-two week low of $226.60 and a fifty-two week high of $319.90. The firm’s 50 day moving average price is $269.71 and its 200 day moving average price is $284.72. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 0.85.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Stockholders of record on Friday, September 3rd will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, September 2nd. This represents a $3.00 annualized dividend and a dividend yield of 1.32%. FedEx’s payout ratio is 16.51%.
In related news, Director Susan C. Schwab sold 4,720 shares of the firm’s stock in a transaction dated Tuesday, June 29th. The shares were sold at an average price of $297.30, for a total transaction of $1,403,256.00. Following the completion of the sale, the director now owns 10,312 shares in the company, valued at $3,065,757.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Alan Smith sold 11,285 shares of FedEx stock in a transaction that occurred on Tuesday, June 29th. The stock was sold at an average price of $296.00, for a total transaction of $3,340,360.00. Following the completion of the sale, the chief executive officer now directly owns 16,386 shares in the company, valued at approximately $4,850,256. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,240 shares of company stock valued at $9,608,596. 8.16% of the stock is currently owned by corporate insiders.
Several analysts recently commented on FDX shares. Wells Fargo & Company reduced their target price on FedEx from $351.00 to $314.00 and set an “overweight” rating on the stock in a report on Wednesday, September 22nd. Morgan Stanley reduced their price objective on shares of FedEx from $270.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 22nd. Deutsche Bank Aktiengesellschaft lowered their target price on shares of FedEx from $375.00 to $280.00 and set a “buy” rating for the company in a research note on Thursday. They noted that the move was a valuation call. Berenberg Bank reaffirmed a “buy” rating and set a $350.00 price target on shares of FedEx in a research report on Wednesday, September 22nd. Finally, Argus lowered their price objective on FedEx from $330.00 to $270.00 and set a “buy” rating for the company in a research report on Thursday. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, FedEx currently has an average rating of “Buy” and an average target price of $323.92.
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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