Cary Street Partners Asset Management LLC Sells 256 Shares of FedEx Co. (NYSE:FDX)

Cary Street Partners Asset Management LLC cut its holdings in shares of FedEx Co. (NYSE:FDX) by 1.8% during the 3rd quarter, Holdings Channel reports. The firm owned 14,364 shares of the shipping service provider’s stock after selling 256 shares during the period. Cary Street Partners Asset Management LLC’s holdings in FedEx were worth $3,931,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Evermay Wealth Management LLC increased its holdings in shares of FedEx by 72.7% during the third quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock worth $26,000 after purchasing an additional 40 shares during the period. Highline Wealth Partners LLC bought a new position in shares of FedEx during the third quarter worth approximately $31,000. Central Valley Advisors LLC bought a new position in shares of FedEx during the second quarter worth 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 purchasing an additional 95 shares during the period. Finally, Harbor Capital Advisors Inc. bought a new position in shares of FedEx during the third quarter worth approximately $47,000. 84.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FDX. The Goldman Sachs Group lowered their target price on shares of FedEx from $333.00 to $332.00 in a report on Friday, September 20th. HSBC cut shares of FedEx from a “buy” rating to a “hold” rating and set a $300.00 price objective on the stock. in a research note on Friday, September 20th. UBS Group decreased their price objective on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. JPMorgan Chase & Co. decreased their price objective on shares of FedEx from $359.00 to $350.00 and set an “overweight” rating on the stock in a research note on Friday, September 20th. Finally, StockNews.com raised shares of FedEx from a “hold” rating to a “buy” rating in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $314.17.

FedEx Price Performance

Shares of NYSE:FDX opened at $271.18 on Tuesday. The firm has a market cap of $66.25 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.10 and a beta of 1.17. The firm’s fifty day moving average is $276.58 and its 200-day moving average is $275.17. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. FedEx Co. has a 52 week low of $234.45 and a 52 week high of $313.84.

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

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors 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 annualized dividend and a yield of 2.04%. FedEx’s payout ratio is 34.05%.

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.