Highland Capital Management LLC Acquires 754 Shares of FedEx Co. (NYSE:FDX)

Highland Capital Management LLC grew its holdings in shares of FedEx Co. (NYSE:FDX) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 51,504 shares of the shipping service provider’s stock after buying an additional 754 shares during the period. FedEx accounts for 0.9% of Highland Capital Management LLC’s portfolio, making the stock its 22nd biggest position. Highland Capital Management LLC’s holdings in FedEx were worth $15,443,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FDX. Norges Bank bought a new position in shares of FedEx in the 4th quarter worth approximately $700,291,000. Capital International Investors raised its holdings in FedEx by 32.5% in the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock worth $2,558,718,000 after purchasing an additional 2,163,622 shares in the last quarter. Sentry LLC bought a new stake in shares of FedEx during the 4th quarter valued at $307,007,000. Vanguard Group Inc. grew its position in shares of FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after buying an additional 1,056,061 shares during the period. Finally, Putnam Investments LLC increased its stake in shares of FedEx by 38.1% in the 4th quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after acquiring an additional 798,084 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In other news, CAO Guy M. Erwin II sold 116 shares of the 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 completion of the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at $278,293.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other FedEx news, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the completion of the sale, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the completion of the sale, the chief executive officer now owns 12,246 shares in the company, valued at $3,797,974.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FDX has been the topic of a number of recent research reports. Robert W. Baird upped their price objective on shares of FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a report on Wednesday, June 26th. Wells Fargo & Company upped their price target on FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 26th. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. TD Cowen began coverage on FedEx in a research note on Thursday. They issued a “buy” rating and a $334.00 target price on the stock. Finally, Stephens reaffirmed an “overweight” rating and issued a $325.00 price target on shares of FedEx in a research report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $313.96.

FedEx Stock Performance

Shares of FDX stock traded up $2.90 on Friday, reaching $297.18. The stock had a trading volume of 865,593 shares, compared to its average volume of 1,834,916. The stock has a market cap of $73.13 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.08 and a beta of 1.18. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $313.84. The company has a 50 day simple moving average of $288.65 and a 200 day simple moving average of $268.49.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.94 EPS. Equities research analysts expect that FedEx Co. will post 20.94 EPS for the current year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be given a dividend of $1.38 per share. The ex-dividend date is Monday, September 9th. This represents a $5.52 annualized dividend and a yield of 1.86%. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

About FedEx

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.