Zega Financial LLC Has $512,000 Holdings in FedEx Co. (NYSE:FDX)

Zega Financial LLC increased its position in shares of FedEx Co. (NYSE:FDX) by 6.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,708 shares of the shipping service provider’s stock after buying an additional 102 shares during the quarter. Zega Financial LLC’s holdings in FedEx were worth $512,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fortis Group Advisors LLC lifted its holdings in FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Scarborough Advisors LLC bought a new stake in FedEx during the fourth quarter valued at $25,000. Sachetta LLC bought a new stake in shares of FedEx in the 4th quarter valued at $32,000. Central Valley Advisors LLC bought a new position in FedEx in the second quarter worth approximately $39,000. Finally, Security National Bank acquired a new position in shares of FedEx during the fourth quarter valued at about $44,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at FedEx

In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the sale, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Robert B. Carter sold 16,010 shares of the stock in a transaction dated Friday, June 28th. The stock was 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 owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sriram Krishnasamy sold 8,421 shares of the company’s stock in a transaction dated 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 approximately $3,797,974.44. The disclosure for this sale can be found here. Insiders have sold a total of 32,944 shares of company stock worth $9,882,355 in the last three months. 8.73% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James reduced their price objective on FedEx from $325.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 24th. Evercore ISI decreased their price objective on shares of FedEx from $339.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, September 12th. StockNews.com downgraded FedEx from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 24th. Oppenheimer reissued a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. Finally, Bank of America boosted their target price on FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.67.

FedEx Price Performance

FDX stock opened at $297.36 on Wednesday. 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 business has a 50 day moving average price of $293.20 and a 200 day moving average price of $274.45. FedEx Co. has a fifty-two week low of $224.69 and a fifty-two week high of $313.84. The stock has a market cap of $73.17 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last announced 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 net margin of 4.94% and a return on equity of 16.70%. The business’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $4.94 EPS. Equities research analysts anticipate that FedEx Co. will post 20.82 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Monday, September 9th. FedEx’s payout ratio is currently 32.04%.

FedEx Company 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.