Primecap Management Co. CA Trims Stock Position in FedEx Co. (NYSE:FDX)

Primecap Management Co. CA cut its holdings in shares of FedEx Co. (NYSE:FDX) by 0.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,789,420 shares of the shipping service provider’s stock after selling 100,235 shares during the period. FedEx makes up approximately 2.8% of Primecap Management Co. CA’s investment portfolio, making the stock its 6th largest holding. Primecap Management Co. CA owned 0.05% of FedEx worth $3,834,780,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FDX. Norges Bank bought a new stake in shares of FedEx in the fourth quarter valued at about $700,291,000. Capital International Investors lifted its holdings in shares of FedEx by 32.5% in the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after purchasing an additional 2,163,622 shares in the last quarter. Sentry LLC bought a new stake in shares of FedEx in the fourth quarter valued at about $307,007,000. Vanguard Group Inc. lifted its holdings in shares of FedEx by 5.6% in the first quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after purchasing an additional 1,056,061 shares in the last quarter. Finally, Putnam Investments LLC lifted its holdings in shares of FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after purchasing an additional 798,084 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FDX. UBS Group lowered their target price on FedEx from $340.00 to $333.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. Argus lifted their target price on FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Evercore ISI lowered their target price on FedEx from $339.00 to $335.00 and set an “outperform” rating on the stock in a research report on Thursday, September 12th. Daiwa America downgraded FedEx from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Finally, TD Cowen initiated coverage on FedEx in a research report on Thursday, August 22nd. They set a “buy” rating and a $334.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $314.67.

FedEx Price Performance

FedEx stock opened at $292.63 on Tuesday. FedEx Co. has a 12 month low of $224.69 and a 12 month high of $313.84. The stock’s 50 day moving average is $293.11 and its 200-day moving average is $274.10. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $72.01 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 1.03 and a beta of 1.17.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.94 earnings per share. Equities research analysts expect that FedEx Co. will post 20.82 EPS for the current year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

Insider Activity at FedEx

In related news, EVP Brie Carere sold 1,958 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $310.43, for a total value of $607,821.94. Following the completion of the sale, the executive vice president now directly owns 19,937 shares in the company, valued at $6,189,042.91. The sale was disclosed in a filing with the SEC, which is available at this link. In other FedEx news, Director David P. Steiner sold 1,369 shares of the company’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $297.71, for a total transaction of $407,564.99. Following the completion of the sale, the director now directly owns 35,183 shares in the company, valued at $10,474,330.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brie Carere sold 1,958 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $310.43, for a total value of $607,821.94. Following the sale, the executive vice president now owns 19,937 shares of the company’s stock, valued at $6,189,042.91. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,944 shares of company stock worth $9,882,355. Company insiders own 8.73% of the company’s stock.

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.