Wedmont Private Capital Makes New $308,000 Investment in FedEx Co. (NYSE:FDX)

Posted by on Mar 19th, 2023

Wedmont Private Capital bought a new position in FedEx Co. (NYSE:FDX – Get Rating) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,657 shares of the shipping service provider’s stock, valued at approximately $308,000.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in FedEx by 1.2% in the third quarter. Vanguard Group Inc. now owns 18,835,505 shares of the shipping service provider’s stock worth $2,796,508,000 after purchasing an additional 220,183 shares during the period. Dodge & Cox increased its position in shares of FedEx by 0.6% during the second quarter. Dodge & Cox now owns 17,426,647 shares of the shipping service provider’s stock worth $3,950,795,000 after acquiring an additional 98,022 shares in the last quarter. BlackRock Inc. increased its position in shares of FedEx by 2.9% during the third quarter. BlackRock Inc. now owns 16,818,843 shares of the shipping service provider’s stock worth $2,497,094,000 after acquiring an additional 469,345 shares in the last quarter. Primecap Management Co. CA increased its position in shares of FedEx by 3.3% during the third quarter. Primecap Management Co. CA now owns 13,878,717 shares of the shipping service provider’s stock worth $2,060,573,000 after acquiring an additional 445,125 shares in the last quarter. Finally, FMR LLC increased its position in shares of FedEx by 15.6% during the second quarter. FMR LLC now owns 4,100,112 shares of the shipping service provider’s stock worth $929,536,000 after acquiring an additional 554,395 shares in the last quarter. 72.02% of the stock is currently owned by institutional investors and hedge funds.

FedEx Stock Up 8.0 %

FedEx stock opened at $220.31 on Friday. FedEx Co. has a 1-year low of $141.92 and a 1-year high of $248.76. The firm has a market capitalization of $55.61 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 1.20 and a beta of 1.31. The firm’s fifty day moving average price is $201.14 and its two-hundred day moving average price is $181.41. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.83.

FedEx (NYSE:FDX – Get Rating) last released its quarterly earnings data on Thursday, March 16th. The shipping service provider reported $3.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.67 by $0.74. FedEx had a net margin of 3.54% and a return on equity of 19.17%. The firm had revenue of $22.17 billion for the quarter, compared to analyst estimates of $22.74 billion. During the same period last year, the firm earned $4.59 earnings per share. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, equities research analysts predict that FedEx Co. will post 13.53 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Monday, March 13th will be issued a dividend of $1.15 per share. The ex-dividend date is Friday, March 10th. This represents a $4.60 dividend on an annualized basis and a yield of 2.09%. FedEx’s dividend payout ratio (DPR) is presently 36.14%.

Insider Buying and Selling

In related news, Director Amy B. Lane acquired 280 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was acquired at an average price of $175.83 per share, for a total transaction of $49,232.40. Following the completion of the acquisition, the director now owns 1,529 shares of the company’s stock, valued at approximately $268,844.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.62% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of FedEx from $233.00 to $305.00 in a research report on Friday. Wells Fargo & Company lifted their price objective on shares of FedEx from $225.00 to $240.00 and gave the company an “equal weight” rating in a research report on Friday. UBS Group set a $260.00 target price on shares of FedEx in a research note on Friday. Robert W. Baird raised their target price on shares of FedEx from $230.00 to $250.00 in a research note on Friday. Finally, Morgan Stanley raised their target price on shares of FedEx from $130.00 to $145.00 and gave the stock an “equal weight” rating in a research note on Monday, January 9th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and a consensus price target of $230.75.

FedEx Company Profile

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FedEx Corp. provides a broad portfolio of transportation, e-commerce and business services under the FedEx brand. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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