Progressive Investment Management Corp raised its holdings in FedEx Co. (NYSE:FDX) by 1.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,267 shares of the shipping service provider’s stock after buying an additional 287 shares during the quarter. FedEx comprises 2.5% of Progressive Investment Management Corp’s investment portfolio, making the stock its 23rd largest position. Progressive Investment Management Corp’s holdings in FedEx were worth $4,158,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of FDX. Bank of Montreal Can bought a new stake in shares of FedEx in the 2nd quarter worth approximately $216,966,000. PNC Financial Services Group Inc. grew its position in shares of FedEx by 209.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 419,755 shares of the shipping service provider’s stock worth $95,309,000 after buying an additional 284,134 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of FedEx in the 2nd quarter worth approximately $62,966,000. Chevy Chase Trust Holdings Inc. bought a new stake in shares of FedEx in the 2nd quarter worth approximately $58,442,000. Finally, Cornerstone Wealth Management LLC grew its position in shares of FedEx by 23,047.7% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 240,736 shares of the shipping service provider’s stock worth $1,049,000 after buying an additional 239,696 shares during the last quarter. Hedge funds and other institutional investors own 72.79% of the company’s stock.
A number of brokerages have recently weighed in on FDX. Berenberg Bank began coverage on FedEx in a research report on Friday, September 21st. They issued a “buy” rating and a $300.00 price objective on the stock. Robert W. Baird lifted their price objective on FedEx from $265.00 to $270.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 18th. Morgan Stanley reiterated a “hold” rating and issued a $242.00 price objective (down from $245.00) on shares of FedEx in a research report on Tuesday, September 18th. Wolfe Research set a $275.00 price objective on FedEx and gave the stock a “buy” rating in a research report on Tuesday, September 18th. Finally, UBS Group lowered FedEx from a “buy” rating to a “neutral” rating and set a $256.00 price objective on the stock. in a research report on Monday, July 16th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $284.86.
In other FedEx news, Director John A. Edwardson sold 1,160 shares of FedEx stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $242.35, for a total transaction of $281,126.00. Following the completion of the transaction, the director now owns 32,800 shares in the company, valued at $7,949,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan Patricia Griffith acquired 1,000 shares of the stock in a transaction on Wednesday, October 17th. The shares were bought at an average price of $225.16 per share, with a total value of $225,160.00. The disclosure for this purchase can be found here. Insiders own 8.45% of the company’s stock.
NYSE FDX opened at $224.40 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.26 and a current ratio of 1.32. FedEx Co. has a twelve month low of $207.90 and a twelve month high of $274.66. The company has a market cap of $60.95 billion, a P/E ratio of 14.22, a PEG ratio of 1.05 and a beta of 1.36.
FedEx (NYSE:FDX) last released its quarterly earnings results on Monday, September 17th. The shipping service provider reported $3.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.78 by ($0.32). FedEx had a net margin of 7.16% and a return on equity of 23.71%. The firm had revenue of $17.05 billion for the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. Research analysts predict that FedEx Co. will post 17.35 EPS for the current fiscal year.
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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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