Fisher Asset Management LLC Decreases Stake in FedEx Co. (NYSE:FDX)

Fisher Asset Management LLC cut its stake in shares of FedEx Co. (NYSE:FDX) by 18.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 953 shares of the shipping service provider’s stock after selling 219 shares during the quarter. Fisher Asset Management LLC’s holdings in FedEx were worth $261,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in FDX. Evermay Wealth Management LLC boosted its holdings in shares of FedEx by 72.7% in the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after acquiring an additional 40 shares during the last quarter. Highline Wealth Partners LLC acquired a new position in FedEx during the third quarter valued at $31,000. Central Valley Advisors LLC purchased a new stake in FedEx in the second quarter valued at $39,000. Abound Wealth Management grew its position in FedEx by 175.9% during the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after purchasing an additional 95 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of FedEx during the 3rd quarter valued at about $47,000. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Performance

FDX opened at $302.67 on Monday. FedEx Co. has a twelve month low of $234.45 and a twelve month high of $313.84. The firm has a market capitalization of $73.95 billion, a PE ratio of 18.67, a PEG ratio of 1.26 and a beta of 1.17. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72. The firm’s 50-day moving average price is $277.83 and its 200 day moving average price is $279.12.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. During the same quarter last year, the company earned $4.55 earnings per share. FedEx’s revenue for the quarter was down .5% on a year-over-year basis. As a group, sell-side analysts expect that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Monday, December 9th will be issued a dividend of $1.38 per share. The ex-dividend date is Monday, December 9th. This represents a $5.52 annualized dividend and a dividend yield of 1.82%. FedEx’s dividend payout ratio is presently 34.05%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. BMO Capital Markets dropped their target price on FedEx from $325.00 to $300.00 and set a “market perform” rating on the stock in a report on Friday, September 20th. Evercore ISI cut their target price on shares of FedEx from $335.00 to $318.00 and set an “outperform” rating for the company in a report on Friday, September 20th. UBS Group lowered their price target on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a report on Friday, September 20th. TD Cowen cut their price objective on shares of FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a report on Friday, September 20th. Finally, Barclays increased their target price on shares of FedEx from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and an average price target of $316.04.

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.