Cito Capital Group LLC bought a new stake in FedEx Co. (NYSE:FDX) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,000 shares of the shipping service provider’s stock, valued at approximately $439,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. HBK Sorce Advisory LLC raised its stake in shares of FedEx by 1.4% during the 2nd quarter. HBK Sorce Advisory LLC now owns 2,963 shares of the shipping service provider’s stock worth $884,000 after acquiring an additional 40 shares in the last quarter. Charter Oak Capital Management LLC increased its stake in FedEx by 4.8% during the 3rd quarter. Charter Oak Capital Management LLC now owns 940 shares of the shipping service provider’s stock valued at $206,000 after purchasing an additional 43 shares in the last quarter. Garrett Investment Advisors LLC increased its position in shares of FedEx by 4.2% in the 3rd quarter. Garrett Investment Advisors LLC now owns 1,123 shares of the shipping service provider’s stock valued at $246,000 after acquiring an additional 45 shares during the period. Dumont & Blake Investment Advisors LLC raised its stake in FedEx by 0.9% in the 3rd quarter. Dumont & Blake Investment Advisors LLC now owns 5,293 shares of the shipping service provider’s stock worth $1,161,000 after acquiring an additional 45 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in FedEx by 2.4% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 1,885 shares of the shipping service provider’s stock worth $413,000 after acquiring an additional 45 shares during the period. Institutional investors own 69.87% of the company’s stock.
Shares of NYSE:FDX traded down $2.11 during trading on Friday, reaching $255.56. The stock had a trading volume of 39,543 shares, compared to its average volume of 2,497,024. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.45 and a current ratio of 1.49. FedEx Co. has a 1-year low of $216.34 and a 1-year high of $319.90. The stock has a market cap of $67.72 billion, a PE ratio of 14.20, a PEG ratio of 1.03 and a beta of 1.30. The business has a fifty day moving average price of $248.98 and a 200-day moving average price of $257.09.
FedEx announced that its board has approved a stock repurchase plan on Thursday, December 16th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the shipping service provider to reacquire up to 7.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 27th. Shareholders of record on Monday, December 13th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend was Friday, December 10th. FedEx’s dividend payout ratio (DPR) is 16.53%.
A number of brokerages recently commented on FDX. Argus dropped their target price on FedEx from $330.00 to $270.00 and set a “buy” rating on the stock in a research report on Thursday, September 23rd. They noted that the move was a valuation call. Berenberg Bank set a $330.00 target price on shares of FedEx in a research report on Wednesday, September 29th. Citigroup reduced their price objective on FedEx from $360.00 to $300.00 and set a “buy” rating for the company in a research note on Wednesday, September 22nd. Raymond James downgraded FedEx from an “outperform” rating to a “market perform” rating in a research note on Wednesday, September 22nd. Finally, KeyCorp dropped their target price on FedEx from $350.00 to $325.00 and set an “overweight” rating on the stock in a report on Wednesday, September 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $314.64.
FedEx Company Profile
FedEx Corp. is a holding company, which engages in the provision of a portfolio of transportation, e-commerce, and business services. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.
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