Palumbo Wealth Management LLC Decreases Stake in FedEx Co. (NYSE:FDX)

Palumbo Wealth Management LLC lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 6.8% during the fourth quarter, HoldingsChannel reports. The fund owned 754 shares of the shipping service provider’s stock after selling 55 shares during the period. Palumbo Wealth Management LLC’s holdings in FedEx were worth $212,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. IVC Wealth Advisors LLC lifted its stake in FedEx by 2.0% in the third quarter. IVC Wealth Advisors LLC now owns 1,948 shares of the shipping service provider’s stock valued at $533,000 after buying an additional 38 shares during the last quarter. Citizens Financial Group Inc. RI lifted its position in FedEx by 3.0% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 1,308 shares of the shipping service provider’s stock valued at $360,000 after purchasing an additional 38 shares during the last quarter. Turtle Creek Wealth Advisors LLC boosted its stake in FedEx by 4.0% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 1,020 shares of the shipping service provider’s stock valued at $279,000 after purchasing an additional 39 shares during the period. Buckley Wealth Management LLC grew its position in FedEx by 1.0% in the 3rd quarter. Buckley Wealth Management LLC now owns 3,975 shares of the shipping service provider’s stock worth $1,088,000 after purchasing an additional 40 shares during the last quarter. Finally, Evermay Wealth Management LLC increased its stake in shares of FedEx by 72.7% in the third quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. increased their price objective on FedEx from $370.00 to $372.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Sanford C. Bernstein cut FedEx from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $337.00 to $316.00 in a research note on Tuesday, December 3rd. BNP Paribas raised shares of FedEx from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 16th. TD Cowen raised their target price on shares of FedEx from $328.00 to $337.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Barclays upped their price target on shares of FedEx from $350.00 to $365.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $321.87.

FedEx Stock Up 1.8 %

Shares of NYSE:FDX opened at $267.83 on Friday. The firm has a 50 day simple moving average of $272.40 and a 200 day simple moving average of $279.23. FedEx Co. has a 52 week low of $234.45 and a 52 week high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market cap of $64.51 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 1.07 and a beta of 1.18.

FedEx (NYSE:FDX) last released its earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.88 by $0.17. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company had revenue of $22 billion during the quarter, compared to analyst estimates of $22.14 billion. During the same quarter in the prior year, the company earned $3.99 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. As a group, research analysts expect that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be issued a $1.38 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.06%. FedEx’s dividend payout ratio is 35.18%.

Insider Transactions at FedEx

In other FedEx news, Director Susan C. Schwab sold 3,980 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the transaction, the director now owns 8,904 shares in the company, valued at approximately $2,461,510.80. This represents a 30.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard W. Smith sold 2,576 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now owns 111,886 shares in the company, valued at approximately $30,984,589.98. This represents a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.87% of the stock is owned by insiders.

About FedEx

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.