Wellington Shields & Co. LLC Reduces Stock Position in FedEx Co. (NYSE:FDX)

Wellington Shields & Co. LLC reduced its holdings in shares of FedEx Co. (NYSE:FDX) by 48.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 700 shares of the shipping service provider’s stock after selling 662 shares during the quarter. Wellington Shields & Co. LLC’s holdings in FedEx were worth $210,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. SeaCrest Wealth Management LLC raised its stake in FedEx by 0.6% during the second quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock valued at $1,683,000 after buying an additional 34 shares in the last quarter. LRI Investments LLC increased its holdings in shares of FedEx by 8.6% in the 2nd quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock valued at $137,000 after acquiring an additional 36 shares during the last quarter. Ascent Wealth Partners LLC raised its position in shares of FedEx by 0.5% during the 2nd quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock valued at $2,306,000 after acquiring an additional 36 shares in the last quarter. Detalus Advisors LLC lifted its stake in FedEx by 2.4% during the second quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock worth $480,000 after purchasing an additional 37 shares during the last quarter. Finally, Sachetta LLC boosted its holdings in FedEx by 29.1% in the second quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock worth $49,000 after purchasing an additional 37 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Trading Up 0.2 %

FedEx stock opened at $283.85 on Wednesday. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84. The stock has a market capitalization of $69.85 billion, a PE ratio of 16.47, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. The firm has a 50 day simple moving average of $293.65 and a 200-day simple moving average of $272.87. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.34 by $0.07. The company had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period last year, the firm earned $4.94 EPS. As a group, equities research analysts expect that FedEx Co. will post 20.82 EPS for the current fiscal year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s payout ratio is 32.04%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FDX shares. Morgan Stanley increased their target price on shares of FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 26th. Raymond James dropped their price objective on shares of FedEx from $325.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. TD Cowen started coverage on FedEx in a research note on Thursday, August 22nd. They issued a “buy” rating and a $334.00 target price for the company. Stephens reiterated an “overweight” rating and set a $325.00 price target on shares of FedEx in a research report on Wednesday, June 26th. Finally, Robert W. Baird raised their price target on FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $313.96.

Insider Activity

In related news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total value of $4,714,624.80. Following the sale, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Guy M. Erwin II sold 116 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at $278,293.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,944 shares of company stock worth $9,882,355. Corporate insiders own 8.73% of the company’s stock.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.