NorthCrest Asset Manangement LLC Acquires 89 Shares of FedEx Co. (NYSE:FDX)

NorthCrest Asset Manangement LLC boosted its holdings in FedEx Co. (NYSE:FDX) by 0.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 18,942 shares of the shipping service provider’s stock after purchasing an additional 89 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in FedEx were worth $5,679,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Richard P Slaughter Associates Inc grew its stake in FedEx by 0.4% in the second quarter. Richard P Slaughter Associates Inc now owns 8,573 shares of the shipping service provider’s stock valued at $2,570,000 after acquiring an additional 38 shares during the period. Fidelis Capital Partners LLC grew its stake in FedEx by 4.1% in the first quarter. Fidelis Capital Partners LLC now owns 982 shares of the shipping service provider’s stock valued at $285,000 after acquiring an additional 39 shares during the period. Coastline Trust Co grew its stake in FedEx by 1.0% in the second quarter. Coastline Trust Co now owns 4,229 shares of the shipping service provider’s stock valued at $1,268,000 after acquiring an additional 40 shares during the period. Regent Peak Wealth Advisors LLC boosted its position in shares of FedEx by 3.5% during the first quarter. Regent Peak Wealth Advisors LLC now owns 1,274 shares of the shipping service provider’s stock valued at $369,000 after buying an additional 43 shares during the last quarter. Finally, SVB Wealth LLC boosted its position in shares of FedEx by 2.5% during the fourth quarter. SVB Wealth LLC now owns 1,801 shares of the shipping service provider’s stock valued at $456,000 after buying an additional 44 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Robert W. Baird boosted their price objective on FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 26th. Stephens reissued an “overweight” rating and issued a $325.00 price objective on shares of FedEx in a research report on Wednesday, June 26th. TD Cowen boosted their price objective on FedEx from $320.00 to $335.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. raised FedEx from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $296.00 to $359.00 in a research report on Wednesday, June 26th. Finally, Raymond James lowered their target price on FedEx from $325.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, FedEx has an average rating of “Moderate Buy” and an average price target of $314.00.

FedEx Stock Performance

Shares of NYSE:FDX traded up $0.17 during midday trading on Wednesday, reaching $283.27. 132,231 shares of the company traded hands, compared to its average volume of 1,870,506. The firm has a market capitalization of $69.71 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 1.08 and a beta of 1.18. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The firm’s fifty day moving average price is $282.32 and its two-hundred day moving average price is $265.86. FedEx Co. has a 12 month low of $224.69 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. The business had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $4.94 EPS. On average, equities analysts expect that FedEx Co. will post 20.94 earnings per share for the current year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th were issued a $1.38 dividend. This is a boost from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Monday, June 24th. FedEx’s dividend payout ratio is presently 32.04%.

Insider Transactions at FedEx

In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the transaction, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other FedEx news, CEO Sriram Krishnasamy sold 8,421 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the completion of the transaction, the chief executive officer now owns 12,246 shares of the company’s stock, valued at approximately $3,797,974.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. In the last three months, insiders sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is currently owned by corporate insiders.

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.