FedEx Co. (NYSE:FDX) Shares Sold by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC reduced its stake in FedEx Co. (NYSE:FDX) by 6.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 754 shares of the shipping service provider’s stock after selling 55 shares during the quarter. Palumbo Wealth Management LLC’s holdings in FedEx were worth $212,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FDX. Virtu Financial LLC acquired a new position in FedEx during the third quarter worth $3,405,000. Wedmont Private Capital grew its stake in shares of FedEx by 4.1% in the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider’s stock valued at $631,000 after buying an additional 91 shares in the last quarter. GFS Advisors LLC acquired a new position in FedEx during the 4th quarter worth about $26,855,000. Persium Advisors LLC purchased a new position in FedEx during the 4th quarter valued at about $530,000. Finally, Assenagon Asset Management S.A. grew its position in FedEx by 137.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 227,965 shares of the shipping service provider’s stock valued at $64,133,000 after acquiring an additional 132,036 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insiders Place Their Bets

In related news, Director Amy B. Lane acquired 333 shares of the firm’s stock in a transaction on Thursday, December 26th. The stock was bought at an average cost of $276.06 per share, with a total value of $91,927.98. Following the transaction, the director now owns 333 shares of the company’s stock, valued at $91,927.98. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard W. Smith sold 2,576 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total value of $713,371.68. Following the completion of the transaction, the chief executive officer now directly owns 111,886 shares in the company, valued at approximately $30,984,589.98. The trade was a 2.25 % decrease in their position. The disclosure for this sale can be found here. 8.87% of the stock is currently owned by insiders.

FedEx Stock Up 1.8 %

FDX opened at $267.83 on Friday. FedEx Co. has a one year low of $234.45 and a one year high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The stock has a market capitalization of $64.51 billion, a P/E ratio of 17.07, a price-to-earnings-growth ratio of 1.07 and a beta of 1.18. The business’s 50-day simple moving average is $272.40 and its 200-day simple moving average is $279.23.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, December 19th. The shipping service provider reported $4.05 EPS for the quarter, topping the consensus estimate of $3.88 by $0.17. The company had revenue of $22 billion for the quarter, compared to analyst estimates of $22.14 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The firm’s revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.99 earnings per share. Analysts anticipate that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be paid a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Monday, March 10th. FedEx’s dividend payout ratio is currently 35.18%.

Analyst Ratings Changes

FDX has been the topic of several research reports. TD Cowen increased their price target on shares of FedEx from $328.00 to $337.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Barclays increased their target price on shares of FedEx from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Loop Capital downgraded shares of FedEx from a “buy” rating to a “hold” rating and dropped their price target for the stock from $365.00 to $283.00 in a research note on Monday, February 3rd. Sanford C. Bernstein cut FedEx from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $337.00 to $316.00 in a research note on Tuesday, December 3rd. Finally, Bank of America boosted their target price on FedEx from $325.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $321.87.

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.