Highland Capital Management LLC Sells 2,498 Shares of FedEx Co. (NYSE:FDX)

Highland Capital Management LLC reduced its holdings in shares of FedEx Co. (NYSE:FDX) by 4.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 49,006 shares of the shipping service provider’s stock after selling 2,498 shares during the period. FedEx makes up 0.8% of Highland Capital Management LLC’s holdings, making the stock its 29th biggest holding. Highland Capital Management LLC’s holdings in FedEx were worth $13,412,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of the business. Central Valley Advisors LLC bought a new stake in shares of FedEx during the 2nd quarter valued at approximately $39,000. Abound Wealth Management increased its holdings in shares of FedEx by 175.9% during the second quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock worth $45,000 after buying an additional 95 shares in the last quarter. Sachetta LLC lifted its stake in shares of FedEx by 29.1% in the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after acquiring an additional 37 shares during the last quarter. ORG Partners LLC acquired a new stake in shares of FedEx during the 2nd quarter valued at $50,000. Finally, TruNorth Capital Management LLC bought a new stake in FedEx during the 2nd quarter worth $56,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FDX has been the subject of several research reports. Morgan Stanley downgraded FedEx from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $215.00 to $200.00 in a research report on Friday, September 20th. TD Cowen reduced their target price on shares of FedEx from $334.00 to $328.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Robert W. Baird cut their price target on shares of FedEx from $340.00 to $320.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. UBS Group cut their target price on FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Finally, Stephens reissued an “overweight” rating and issued a $350.00 price target on shares of FedEx in a research note on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and a consensus target price of $314.17.

FedEx Price Performance

Shares of FDX opened at $272.12 on Friday. The stock has a market cap of $66.96 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.06 and a beta of 1.17. The business’s fifty day moving average is $279.10 and its 200 day moving average is $274.84. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The business had revenue of $21.58 billion for the quarter, compared to analyst estimates of $21.87 billion. During the same quarter in the prior year, the business earned $4.55 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Sell-side analysts anticipate that FedEx Co. will post 19.6 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th were issued a $1.38 dividend. The ex-dividend date was Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.03%. FedEx’s dividend payout ratio is presently 32.04%.

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.