FedEx Co. (NYSE:FDX) Shares Sold by SouthState Corp

SouthState Corp lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 10.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,480 shares of the shipping service provider’s stock after selling 166 shares during the period. SouthState Corp’s holdings in FedEx were worth $405,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FDX. Czech National Bank lifted its holdings in shares of FedEx by 6.4% in the 3rd quarter. Czech National Bank now owns 45,909 shares of the shipping service provider’s stock valued at $12,564,000 after purchasing an additional 2,767 shares during the last quarter. Magnolia Capital Advisors LLC purchased a new stake in FedEx in the second quarter valued at approximately $9,226,000. Raymond James & Associates boosted its holdings in shares of FedEx by 6.9% in the third quarter. Raymond James & Associates now owns 485,698 shares of the shipping service provider’s stock valued at $132,926,000 after acquiring an additional 31,241 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of FedEx during the second quarter worth approximately $22,052,000. Finally, Versor Investments LP acquired a new position in shares of FedEx in the 3rd quarter valued at $2,096,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bernstein Bank increased their price target on shares of FedEx from $305.00 to $337.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Susquehanna lowered their price target on FedEx from $345.00 to $330.00 and set a “positive” rating on the stock in a report on Friday, September 20th. UBS Group reduced their price objective on FedEx from $333.00 to $311.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Loop Capital lowered their target price on FedEx from $317.00 to $288.00 and set a “hold” rating on the stock in a research note on Monday, September 23rd. Finally, Hsbc Global Res cut FedEx from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $316.04.

FedEx Stock Down 0.7 %

FDX opened at $293.02 on Wednesday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. The company has a market cap of $71.59 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 1.23 and a beta of 1.17. FedEx Co. has a one year low of $234.45 and a one year high of $313.84. The business’s fifty day moving average is $275.82 and its two-hundred day moving average is $276.94.

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

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be paid a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Monday, December 9th. FedEx’s payout ratio is currently 34.05%.

FedEx 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.