BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stock Position in FedEx Co. (NYSE:FDX)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its position in FedEx Co. (NYSE:FDX) by 13.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,727 shares of the shipping service provider’s stock after selling 6,088 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in FedEx were worth $10,599,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. 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 worth $26,000 after purchasing an additional 40 shares in the last quarter. Highline Wealth Partners LLC purchased a new position in shares of FedEx in the 3rd quarter worth about $31,000. Central Valley Advisors LLC purchased a new position in shares of FedEx in the 2nd quarter worth about $39,000. Abound Wealth Management boosted its holdings in shares of FedEx by 175.9% in 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 in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of FedEx in the 3rd quarter worth about $47,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Stock Down 0.2 %

Shares of NYSE:FDX opened at $302.67 on Monday. FedEx Co. has a 52-week low of $234.45 and a 52-week high of $313.84. The firm has a market capitalization of $73.95 billion, a P/E ratio of 18.67, a P/E/G ratio of 1.26 and a beta of 1.17. The stock has a 50 day moving average price of $277.83 and a 200-day moving average price of $279.12. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28.

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

FedEx Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Daiwa America cut FedEx from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. TD Cowen dropped their target price on FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a report on Friday, September 20th. JPMorgan Chase & Co. dropped their target price on FedEx from $359.00 to $350.00 and set an “overweight” rating for the company in a report on Friday, September 20th. HSBC cut FedEx from a “buy” rating to a “hold” rating and set a $300.00 target price for the company. in a report on Friday, September 20th. Finally, Morgan Stanley cut FedEx from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $215.00 to $200.00 in a report on Friday, September 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $316.04.

FedEx Company Profile

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.