Manning & Napier Advisors LLC Takes Position in FedEx Corporation $FDX

Manning & Napier Advisors LLC bought a new position in FedEx Corporation (NYSE:FDX) during the 2nd quarter, Holdings Channel reports. The fund bought 23,799 shares of the shipping service provider’s stock, valued at approximately $7,744,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FDX. BlackRock Inc. bought a new stake in FedEx during the 2nd quarter valued at approximately $6,508,103,000. State Street Corp increased its position in FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock worth $2,763,824,000 after acquiring an additional 382,848 shares during the period. Franklin Resources Inc. increased its holdings in shares of FedEx by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock worth $1,482,785,000 after purchasing an additional 318,293 shares during the period. Geode Capital Management LLC grew its position in FedEx by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock worth $1,443,666,000 after buying an additional 45,818 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of FedEx by 3.1% during the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after purchasing an additional 108,426 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on FDX shares. Rothschild & Co Redburn dropped their price target on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. Evercore set a $165.00 price objective on FedEx in a report on Friday, June 26th. Seaport Research Partners started coverage on shares of FedEx in a research note on Wednesday, May 27th. They set a “buy” rating on the stock. Wells Fargo & Company reduced their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 17th. Finally, Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

Insiders Place Their Bets

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.65% of the company’s stock.

FedEx Stock Up 2.8%

FedEx stock opened at $334.05 on Tuesday. The company’s 50 day simple moving average is $318.95 and its 200 day simple moving average is $351.51. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The firm has a market capitalization of $79.06 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 1.67 and a beta of 1.30. FedEx Corporation has a fifty-two week low of $177.05 and a fifty-two week high of $345.36.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, sell-side analysts anticipate that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be given a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Monday, September 14th. FedEx’s payout ratio is currently 26.36%.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.