Northcape Wealth Management LLC Reduces Stake in FedEx Co. (NYSE:FDX)

Northcape Wealth Management LLC lessened its stake in shares of FedEx Co. (NYSE:FDX) by 2.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,757 shares of the shipping service provider’s stock after selling 70 shares during the quarter. Northcape Wealth Management LLC’s holdings in FedEx were worth $827,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Crossmark Global Holdings Inc. raised its stake in FedEx by 20.9% in the fourth quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock valued at $7,398,000 after purchasing an additional 5,055 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in shares of FedEx during the 1st quarter worth $1,667,000. Allegheny Financial Group LTD purchased a new position in FedEx in the first quarter worth $203,000. Hilltop National Bank bought a new position in FedEx in the first quarter valued at $476,000. Finally, Csenge Advisory Group raised its position in FedEx by 14.9% during the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock valued at $666,000 after purchasing an additional 298 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at FedEx

In related news, CAO Guy M. Erwin II sold 116 shares of the business’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 sale, the chief accounting officer now owns 930 shares of the company’s stock, valued at $278,293.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction 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 available through this hyperlink. Also, CAO Guy M. Erwin II sold 116 shares of FedEx stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the transaction, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,944 shares of company stock valued at $9,882,355. 8.73% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on FDX shares. TD Cowen started coverage on FedEx in a research report on Thursday. They set a “buy” rating and a $334.00 price objective on the stock. Oppenheimer reissued a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. Morgan Stanley upped their price objective on shares of FedEx from $210.00 to $215.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. Evercore ISI decreased their target price on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research report on Monday, June 24th. Finally, UBS Group cut their price target on shares of FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a research report on Tuesday, May 21st. One investment 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. According to MarketBeat.com, FedEx has an average rating of “Moderate Buy” and an average target price of $313.96.

FedEx Trading Up 1.0 %

Shares of NYSE:FDX traded up $2.90 on Friday, hitting $297.18. The company had a trading volume of 865,593 shares, compared to its average volume of 1,834,916. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $313.84. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The firm’s 50-day simple moving average is $288.65 and its two-hundred day simple moving average is $268.31. The firm has a market capitalization of $73.13 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 1.08 and a beta of 1.18.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $22.04 billion. During the same period in the previous year, the firm posted $4.94 EPS. The business’s revenue was up .8% on a year-over-year basis. Equities analysts anticipate that FedEx Co. will post 20.94 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a yield of 1.86%. FedEx’s dividend payout ratio (DPR) is 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.