Perigon Wealth Management LLC Acquires Shares of 6,045 FedEx Corporation $FDX

Perigon Wealth Management LLC purchased a new position in FedEx Corporation (NYSE:FDX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,045 shares of the shipping service provider’s stock, valued at approximately $1,893,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in shares of FedEx in the 1st quarter worth about $25,000. Bayban bought a new stake in FedEx during the first quarter worth about $26,000. Cedar Mountain Advisors LLC grew its holdings in FedEx by 77.4% in the first quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock worth $33,000 after purchasing an additional 41 shares during the period. EFG International AG bought a new position in shares of FedEx during the fourth quarter valued at approximately $27,000. Finally, Tucker Asset Management LLC bought a new position in shares of FedEx during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of FDX opened at $331.86 on Tuesday. The business’s fifty day simple moving average is $319.43 and its two-hundred day simple moving average is $351.54. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 12 month low of $177.05 and a 12 month high of $345.36. The company has a market cap of $78.51 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 1.72 and a beta of 1.30.

FedEx (NYSE:FDX) last posted its quarterly 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 during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. Research analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were given a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s payout ratio is 26.36%.

Insider Transactions at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft cut FedEx from a “buy” rating to a “hold” rating in a research report on Wednesday, May 27th. BMO Capital Markets reissued a “market perform” rating on shares of FedEx in a report on Wednesday, June 24th. Seaport Research Partners began coverage on FedEx in a research note on Wednesday, May 27th. They issued a “buy” rating on the stock. UBS Group reduced their price target on FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Finally, Citigroup began coverage on FedEx in a research report on Wednesday, July 15th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

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.