AE Wealth Management LLC has decreased its position in FedEx Co. (NYSE:FDX) by 5.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm sold 1,400 shares of the shipping service provider’s stock, leaving them with a total of 26,024 shares. These shares were valued at $6,451,000 at the end of the quarter.
Several other institutional investors and hedge funds have also made changes to their positions in FedEx recently. Lakewood Asset Management LLC purchased a new position in FedEx during the fourth quarter, worth about $26,000. Guardian Wealth Advisors LLC acquired a new stake in FedEx during the first quarter, also worth about $26,000. GW&K Investment Management LLC purchased a new position in FedEx during the first quarter for about $27,000. Horan Securities Inc. increased its stake in FedEx by 85.7% during the first quarter, and now owns 130 shares of the company’s stock valued at $30,000. Finally, Sound Income Strategies LLC lifted its holdings in FedEx by 1,957.1% during the first quarter, and now owns 144 shares valued at $33,000.
Institutional investors currently own 73.61% of FedEx’s stock.
FedEx opened at $249.99 on Wednesday, trading up 0.3% on the New York Stock Exchange (NYSE). The company has a 1-year low of $141.92 and a 1-year high of $270.95. FedEx has a current ratio of 1.37 and a quick ratio of 1.33, with a debt-to-equity ratio of 0.78. The stock has a 50-day moving average of $260.78 and a 200-day moving average of $238.90. FedEx has a market capitalization of $62.87 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 1.22, and a beta of 1.36.
FedEx reported earnings per share of $4.94 for the second quarter, beating analysts’ consensus estimates of $4.85 by $0.09. The company had a return on equity of 15.32% and a net margin of 4.41%. FedEx had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.55 billion. The company’s revenue for the quarter was down 10.1% on a year-over-year basis. Analysts predict that FedEx Co. will post earnings per share of 17.38 for the current year.
FedEx declared a quarterly dividend of $1.26 per share to be paid on Monday, October 2nd. Investors of record on Monday, September 11th will receive the dividend. The ex-dividend date is Friday, September 8th. This represents an annualized dividend of $5.04 and a yield of 2.02%.
Insiders at FedEx have also been active recently. EVP Robert B. Carter sold 19,270 shares of the company’s stock on Wednesday, June 28th, at an average price of $246.00 per share. EVP Michael C. Lenz sold 5,745 shares of the company’s stock on Thursday, July 20th, at an average price of $261.88 per share. Insiders have sold a total of 35,816 shares worth $8,822,147 in the last three months. This represents 8.73% of the company’s stock.
Numerous equities analysts have given their opinion on FedEx. Robert W. Baird restated an “outperform” rating and set a price objective of $300.00 on shares of FedEx. The Goldman Sachs Group raised their price objective on shares of FedEx from $269.00 to $278.00. Stephens restated an “overweight” rating and issued a price objective of $290.00. Evercore ISI lifted their price objective on FedEx from $275.00 to $276.00, rating the company as “outperform”. Sanford C. Bernstein also lifted their price objective on FedEx from $261.00 to $284.00.
In summary, AE Wealth Management LLC decreased its position in FedEx Co. during the second quarter, while several other institutional investors and hedge funds made changes to their positions in the company. FedEx has been trading steadily on the NYSE, with a 1-year low of $141.92 and a 1-year high of $270.95. The company reported better-than-expected earnings for the second quarter and also declared a quarterly dividend. Insiders have been active, selling a significant amount of shares. Overall, FedEx has received positive recommendations from analysts.