1620 Investment Advisors Inc. Purchases New Holdings in FedEx Co. (NYSE:FDX)

1620 Investment Advisors Inc. bought a new position in FedEx Co. (NYSE:FDX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 627 shares of the shipping service provider’s stock, valued at approximately $188,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sentry LLC bought a new stake in shares of FedEx during the fourth quarter valued at about $1,811,748,000. Norges Bank purchased a new position in FedEx during the fourth quarter valued at $700,291,000. Capital International Investors boosted its stake in FedEx by 32.5% during 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 acquiring an additional 2,163,622 shares in the last quarter. Vanguard Group Inc. boosted 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 purchasing an additional 1,056,061 shares in the last quarter. Finally, Putnam Investments LLC grew its stake in shares of FedEx by 38.1% in the fourth 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 during the last quarter. 84.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Evercore ISI cut their target price on FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. Argus raised their price target on shares of FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, June 27th. JPMorgan Chase & Co. upgraded FedEx from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $296.00 to $359.00 in a research note on Wednesday, June 26th. TD Cowen assumed coverage on shares of FedEx in a report on Thursday. They issued a “buy” rating and a $334.00 target price for the company. Finally, Bank of America increased their price objective on shares of FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $313.96.

Insider Activity at FedEx

In other FedEx news, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the sale, the chief accounting officer now owns 930 shares of the company’s stock, valued at approximately $278,293.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other FedEx news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at $17,634,640.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction dated 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 owns 930 shares in the company, valued at $278,293.20. The disclosure for this sale can be found here. Insiders have sold a total of 32,944 shares of company stock valued at $9,882,355 over the last ninety days. 8.73% of the stock is owned by company insiders.

FedEx Trading Up 0.9 %

FDX stock traded up $2.76 during midday trading on Thursday, reaching $294.28. The company’s stock had a trading volume of 980,000 shares, compared to its average volume of 1,840,903. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $313.84. The stock has a fifty day simple moving average of $287.64 and a two-hundred day simple moving average of $267.71. The firm has a market capitalization of $72.42 billion, a price-to-earnings ratio of 17.08, a PEG 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 (NYSE:FDX) last posted its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter in the prior year, the company earned $4.94 EPS. The business’s revenue was up .8% compared to the same quarter last year. On average, equities research analysts predict that FedEx Co. will post 20.94 EPS for the current year.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be paid a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.88%. FedEx’s dividend payout ratio is presently 32.04%.

FedEx 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.