FedEx Co. (NYSE:FDX) Shares Sold by SouthState Corp

SouthState Corp lessened its position in FedEx Co. (NYSE:FDX) by 10.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,480 shares of the shipping service provider’s stock after selling 166 shares during the period. SouthState Corp’s holdings in FedEx were worth $405,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. First City Capital Management Inc. raised its holdings in FedEx by 25.0% in the 3rd quarter. First City Capital Management Inc. now owns 1,219 shares of the shipping service provider’s stock valued at $334,000 after acquiring an additional 244 shares during the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of FedEx by 15.6% in the third quarter. Fifth Third Wealth Advisors LLC now owns 3,580 shares of the shipping service provider’s stock valued at $980,000 after purchasing an additional 484 shares during the period. Prospera Financial Services Inc increased its stake in FedEx by 6.7% in the third quarter. Prospera Financial Services Inc now owns 20,973 shares of the shipping service provider’s stock valued at $5,742,000 after purchasing an additional 1,313 shares during the last quarter. Pathstone Holdings LLC boosted its stake in FedEx by 2.1% in the 3rd quarter. Pathstone Holdings LLC now owns 28,592 shares of the shipping service provider’s stock worth $7,827,000 after buying an additional 586 shares during the last quarter. Finally, Aviance Capital Partners LLC grew its holdings in FedEx by 3.3% in the 3rd quarter. Aviance Capital Partners LLC now owns 8,926 shares of the shipping service provider’s stock valued at $2,443,000 after buying an additional 281 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

FDX has been the topic of several recent analyst reports. Robert W. Baird cut their price objective on shares of FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. HSBC downgraded shares of FedEx from a “buy” rating to a “hold” rating and set a $300.00 price target on the stock. in a research note on Friday, September 20th. Bank of America dropped their price objective on FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. BMO Capital Markets cut their target price on FedEx from $325.00 to $300.00 and set a “market perform” rating on the stock in a research report on Friday, September 20th. Finally, Citigroup upped their price target on FedEx from $301.00 to $331.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $316.04.

FedEx Trading Down 0.7 %

Shares of FDX opened at $293.02 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. FedEx Co. has a one year low of $234.45 and a one year high of $313.84. The stock has a 50-day moving average price of $275.82 and a 200 day moving average price of $276.94. The company has a market capitalization of $71.59 billion, a P/E ratio of 18.08, a P/E/G ratio of 1.23 and a beta of 1.17.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The company had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the previous year, the business posted $4.55 EPS. Sell-side analysts forecast that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be paid a $1.38 dividend. The ex-dividend date is Monday, December 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.88%. FedEx’s dividend payout ratio (DPR) is presently 34.05%.

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.