Commerce Bank increased its position in FedEx Co. (NYSE:FDX) by 6.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,264 shares of the shipping service provider’s stock after acquiring an additional 1,544 shares during the period. Commerce Bank’s holdings in FedEx were worth $5,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. Blume Capital Management Inc. grew its position in FedEx by 0.8% during the 1st quarter. Blume Capital Management Inc. now owns 6,423 shares of the shipping service provider’s stock worth $1,253,000 after purchasing an additional 50 shares during the period. Davidson Investment Advisors grew its position in FedEx by 1.5% during the 1st quarter. Davidson Investment Advisors now owns 23,457 shares of the shipping service provider’s stock worth $4,575,000 after purchasing an additional 343 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its position in FedEx by 3.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 83,800 shares of the shipping service provider’s stock worth $16,371,000 after purchasing an additional 2,700 shares during the period. Johnson Financial Group Inc. grew its position in FedEx by 18.4% during the 1st quarter. Johnson Financial Group Inc. now owns 8,826 shares of the shipping service provider’s stock worth $1,722,000 after purchasing an additional 1,370 shares during the period. Finally, Northside Capital Management LLC acquired a new stake in FedEx during the 1st quarter worth about $1,749,000. Institutional investors own 75.74% of the company’s stock.
FedEx Co. (FDX) traded up $0.99 during mid-day trading on Thursday, reaching $236.39. The company had a trading volume of 1,523,300 shares, compared to its average volume of 1,476,526. The company has a current ratio of 1.63, a quick ratio of 1.57 and a debt-to-equity ratio of 0.91. FedEx Co. has a 12 month low of $182.89 and a 12 month high of $243.06. The firm has a market cap of $63,121.97, a PE ratio of 19.76, a price-to-earnings-growth ratio of 1.48 and a beta of 1.36.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Monday, December 11th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.85%. The ex-dividend date is Friday, December 8th. FedEx’s payout ratio is 18.87%.
In related news, CEO Michael L. Ducker sold 14,964 shares of FedEx stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $225.85, for a total value of $3,379,619.40. Following the sale, the chief executive officer now directly owns 53,397 shares in the company, valued at approximately $12,059,712.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Donald F. Colleran sold 10,000 shares of FedEx stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $220.00, for a total value of $2,200,000.00. Following the completion of the sale, the executive vice president now owns 30,499 shares in the company, valued at $6,709,780. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,094 shares of company stock worth $9,024,637. 8.45% of the stock is currently owned by insiders.
Several equities research analysts have weighed in on the company. Barclays reaffirmed an “overweight” rating and set a $270.00 price target (up from $230.00) on shares of FedEx in a research report on Thursday, November 30th. They noted that the move was a valuation call. Cowen reaffirmed an “outperform” rating and set a $240.00 price target on shares of FedEx in a research report on Friday, October 13th. Oppenheimer reaffirmed a “buy” rating and set a $236.00 price target on shares of FedEx in a research report on Friday, October 20th. J P Morgan Chase & Co raised their target price on FedEx from $237.00 to $264.00 and gave the company an “overweight” rating in a research report on Thursday, October 12th. Finally, Zacks Investment Research cut FedEx from a “hold” rating to a “sell” rating in a research report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $231.81.
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FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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