Estabrook Capital Management Decreases Stake in FedEx Co. (NYSE:FDX)

Estabrook Capital Management lessened its stake in shares of FedEx Co. (NYSE:FDX) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,153 shares of the shipping service provider’s stock after selling 40 shares during the period. Estabrook Capital Management’s holdings in FedEx were worth $646,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Scarborough Advisors LLC purchased a new stake in shares of FedEx during the fourth quarter valued at $25,000. Fortis Group Advisors LLC lifted its position 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 acquiring an additional 50 shares during the period. Central Valley Advisors LLC purchased a new stake in FedEx during the 2nd quarter valued at about $39,000. Abound Wealth Management increased its holdings in shares of FedEx by 175.9% in the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after purchasing an additional 95 shares during the period. Finally, Sachetta LLC raised its stake in shares of FedEx by 29.1% in the second quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock worth $49,000 after purchasing an additional 37 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FDX shares. JPMorgan Chase & Co. cut their price target on shares of FedEx from $359.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday. The Goldman Sachs Group cut their price objective on shares of FedEx from $333.00 to $332.00 in a research note on Friday. Evercore ISI decreased their target price on shares of FedEx from $335.00 to $318.00 and set an “outperform” rating for the company in a research report on Friday. StockNews.com downgraded FedEx from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Robert W. Baird lowered their target price on FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $313.38.

FedEx Price Performance

FDX stock opened at $254.64 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $62.66 billion, a P/E ratio of 14.78, a PEG ratio of 1.03 and a beta of 1.17. The business has a 50 day simple moving average of $292.43 and a 200-day simple moving average of $275.04. FedEx Co. has a twelve month low of $224.69 and a twelve month high of $313.84.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing the consensus estimate of $4.82 by ($1.22). The company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The firm’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the company earned $4.55 earnings per share. As a group, equities analysts anticipate that FedEx Co. will post 20.82 EPS for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 annualized dividend and a dividend yield of 2.17%. FedEx’s dividend payout ratio is currently 32.04%.

Insider Activity at FedEx

In other FedEx news, CEO Sriram Krishnasamy sold 8,421 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 12,246 shares in the company, valued at approximately $3,797,974.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the completion of the transaction, the chief executive officer now directly owns 12,246 shares of the company’s stock, valued at $3,797,974.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 59,884 shares in the company, valued at $17,634,640.32. 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 over the last three months. 8.73% of the stock is currently owned by corporate insiders.

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.