Raymond James & Associates raised its holdings in shares of FedEx Co. (NYSE:FDX) by 13.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 458,896 shares of the shipping service provider’s stock after purchasing an additional 53,288 shares during the period. Raymond James & Associates’ holdings in FedEx were worth $104,201,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of FDX. Archford Capital Strategies LLC acquired a new position in shares of FedEx in the 2nd quarter valued at $866,000. Lcnb Corp grew its position in FedEx by 12.2% during the 2nd quarter. Lcnb Corp now owns 3,226 shares of the shipping service provider’s stock worth $732,000 after purchasing an additional 352 shares during the period. King Luther Capital Management Corp grew its position in FedEx by 3.5% during the 2nd quarter. King Luther Capital Management Corp now owns 8,414 shares of the shipping service provider’s stock worth $1,910,000 after purchasing an additional 288 shares during the period. Tocqueville Asset Management L.P. grew its position in FedEx by 24.2% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 44,794 shares of the shipping service provider’s stock worth $10,171,000 after purchasing an additional 8,720 shares during the period. Finally, Cornerstone Capital Inc. grew its position in FedEx by 0.9% during the 2nd quarter. Cornerstone Capital Inc. now owns 81,570 shares of the shipping service provider’s stock worth $18,521,000 after purchasing an additional 755 shares during the period. 72.52% of the stock is currently owned by institutional investors and hedge funds.

FDX stock opened at $246.19 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.33 and a current ratio of 1.39. FedEx Co. has a 52-week low of $209.67 and a 52-week high of $274.66. The stock has a market cap of $64.72 billion, a PE ratio of 16.08, a PEG ratio of 1.11 and a beta of 1.45.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, June 19th. The shipping service provider reported $5.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.72 by $0.19. FedEx had a net margin of 6.99% and a return on equity of 23.17%. The business had revenue of $17.31 billion for the quarter, compared to analyst estimates of $17.24 billion. During the same period in the prior year, the company posted $4.25 EPS. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. sell-side analysts forecast that FedEx Co. will post 17.31 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Monday, September 10th will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Friday, September 7th. FedEx’s payout ratio is currently 16.98%.

Several equities research analysts have weighed in on FDX shares. Morgan Stanley cut their price target on FedEx from $248.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 20th. Zacks Investment Research downgraded FedEx from a “hold” rating to a “sell” rating in a research report on Tuesday, August 21st. UBS Group downgraded FedEx from a “buy” rating to a “neutral” rating and set a $256.00 price target on the stock. in a research report on Monday, July 16th. Citigroup increased their price target on FedEx from $274.00 to $282.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 16th. Finally, Oppenheimer increased their price target on FedEx from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, June 14th. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $287.70.

FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

Further Reading: Fundamental Analysis

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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