Narwhal Capital Management Sells 1,000 Shares of FedEx Co. (NYSE:FDX)

Narwhal Capital Management reduced its stake in shares of FedEx Co. (NYSE:FDX) by 47.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,120 shares of the shipping service provider’s stock after selling 1,000 shares during the quarter. Narwhal Capital Management’s holdings in FedEx were worth $336,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after buying an additional 1,056,061 shares during the period. Capital International Investors increased its stake in 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 acquiring an additional 2,163,622 shares during the last quarter. Putnam Investments LLC increased its stake in 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 acquiring an additional 798,084 shares during the last quarter. Norges Bank bought a new stake in FedEx during the fourth quarter worth $700,291,000. Finally, Mawer Investment Management Ltd. boosted its holdings in shares of FedEx by 43.5% in the 1st quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock valued at $654,401,000 after purchasing an additional 684,679 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. StockNews.com downgraded FedEx from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 24th. TD Cowen started coverage on shares of FedEx in a report on Thursday, August 22nd. They issued a “buy” rating and a $334.00 target price for the company. Argus lifted their price target on shares of FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Stifel Nicolaus reiterated a “buy” rating and set a $327.00 price objective (up from $303.00) on shares of FedEx in a research report on Wednesday, June 26th. Finally, Bank of America raised their target price on shares of FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $313.96.

FedEx Price Performance

Shares of NYSE FDX opened at $283.37 on Friday. The company has a market capitalization of $69.73 billion, a PE ratio of 16.45, a P/E/G ratio of 1.08 and a beta of 1.17. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. FedEx Co. has a twelve month low of $224.69 and a twelve month high of $313.84. The firm has a fifty day simple moving average of $294.25 and a 200 day simple moving average of $271.87.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping the consensus estimate of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. During the same period last year, the company posted $4.94 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts forecast that FedEx Co. will post 20.87 EPS for the current year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s dividend payout ratio (DPR) is 32.04%.

Insider Activity

In other FedEx news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 59,884 shares in the company, valued at $17,634,640.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Guy M. Erwin II sold 116 shares of FedEx stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the completion of the transaction, the chief accounting officer now directly owns 930 shares in the company, valued at $278,293.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction dated 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 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. Insiders sold 32,944 shares of company stock worth $9,882,355 in the last quarter. 8.73% of the stock is owned by corporate insiders.

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.