State Board of Administration of Florida Retirement System Trims Position in FedEx Co. (FDX)

State Board of Administration of Florida Retirement System lessened its holdings in FedEx Co. (NYSE:FDX) by 0.8% during the 3rd quarter, Holdings Channel reports. The firm owned 330,628 shares of the shipping service provider’s stock after selling 2,666 shares during the period. State Board of Administration of Florida Retirement System’s holdings in FedEx were worth $79,612,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. D.B. Root & Company LLC increased its position in FedEx by 7.6% in the second quarter. D.B. Root & Company LLC now owns 2,964 shares of the shipping service provider’s stock worth $673,000 after purchasing an additional 210 shares during the last quarter. Advisory Services Network LLC boosted its stake in FedEx by 4.6% during the second quarter. Advisory Services Network LLC now owns 5,237 shares of the shipping service provider’s stock worth $1,263,000 after buying an additional 230 shares during the period. Parkside Financial Bank & Trust boosted its stake in FedEx by 10.6% during the third quarter. Parkside Financial Bank & Trust now owns 2,422 shares of the shipping service provider’s stock worth $583,000 after buying an additional 233 shares during the period. Covenant Asset Management LLC boosted its stake in FedEx by 3.3% during the second quarter. Covenant Asset Management LLC now owns 7,250 shares of the shipping service provider’s stock worth $1,646,000 after buying an additional 234 shares during the period. Finally, Nwam LLC boosted its stake in FedEx by 13.4% during the third quarter. Nwam LLC now owns 2,012 shares of the shipping service provider’s stock worth $484,000 after buying an additional 237 shares during the period. Institutional investors own 72.91% of the company’s stock.

Several research analysts have commented on FDX shares. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $286.00 price objective on shares of FedEx in a research note on Friday, October 12th. Berenberg Bank started coverage on shares of FedEx in a research note on Friday, September 21st. They set a “buy” rating and a $300.00 price objective for the company. Bank of America dropped their price objective on shares of FedEx from $310.00 to $304.00 and set a “buy” rating for the company in a research note on Tuesday, September 18th. Wolfe Research set a $275.00 price objective on shares of FedEx and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Finally, Loop Capital lifted their price objective on shares of FedEx to $318.00 and gave the stock a “buy” rating in a research note on Tuesday, September 18th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $284.86.

In other news, Director John A. Edwardson sold 1,160 shares of the business’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $242.35, for a total transaction of $281,126.00. Following the completion of the sale, the director now directly owns 32,800 shares of the company’s stock, valued at $7,949,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan Patricia Griffith bought 1,000 shares of the stock in a transaction dated Wednesday, October 17th. The shares were bought at an average cost of $225.16 per share, with a total value of $225,160.00. The disclosure for this purchase can be found here. 8.45% of the stock is currently owned by insiders.

Shares of FDX opened at $221.66 on Friday. The firm has a market cap of $58.41 billion, a PE ratio of 13.62, a P/E/G ratio of 1.00 and a beta of 1.36. FedEx Co. has a 12-month low of $207.90 and a 12-month high of $274.66. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.79.

FedEx (NYSE:FDX) last issued its earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.78 by ($0.32). The company had revenue of $17.05 billion for the quarter, compared to analysts’ expectations of $16.88 billion. FedEx had a net margin of 7.16% and a return on equity of 23.71%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.65 earnings per share. Analysts predict that FedEx Co. will post 17.35 EPS for the current year.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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