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Edge Wealth Management LLC Sells 224 Shares of FedEx Co. (NYSE:FDX)

Financial News Live · Oct 1, 2022 14:01

Edge Wealth Management LLC decreased its position in FedEx Co. (NYSE:FDX – Get Rating) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,939 shares of the shipping service provider's stock after selling 224 shares during the period. Edge Wealth Management LLC's holdings in FedEx were worth $893,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Activest Wealth Management boosted its holdings in FedEx by 121.6% in the second quarter. Activest Wealth Management now owns 113 shares of the shipping service provider's stock valued at $26,000 after acquiring an additional 62 shares during the last quarter. Holloway Wealth Management LLC bought a new position in FedEx in the first quarter valued at about $29,000. American National Bank boosted its holdings in FedEx by 206.7% during the second quarter. American National Bank now owns 138 shares of the shipping service provider's stock worth $31,000 after buying an additional 93 shares during the last quarter. Global Wealth Management Investment Advisory Inc. bought a new position in FedEx during the first quarter worth about $35,000. Finally, Byrne Asset Management LLC bought a new position in FedEx during the fourth quarter worth about $36,000. Institutional investors own 71.62% of the company's stock.

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FedEx Price Performance

NYSE:FDX traded down $3.84 on Friday, reaching $148.47. 3,642,581 shares of the company's stock traded hands, compared to its average volume of 5,591,477. The company has a quick ratio of 1.38, a current ratio of 1.42 and a debt-to-equity ratio of 0.79. The stock has a 50-day simple moving average of $207.04 and a 200-day simple moving average of $213.71. The firm has a market cap of $38.63 billion, a PE ratio of 10.97, a P/E/G ratio of 0.84 and a beta of 1.21. FedEx Co. has a 12 month low of $141.92 and a 12 month high of $266.79.

FedEx (NYSE:FDX – Get Rating) last issued its quarterly earnings data on Thursday, September 22nd. The shipping service provider reported $3.44 earnings per share for the quarter, missing analysts' consensus estimates of $5.14 by ($1.70). The firm had revenue of $23.20 billion for the quarter, compared to analysts' expectations of $23.78 billion. FedEx had a net margin of 3.79% and a return on equity of 20.95%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.37 EPS. Equities research analysts forecast that FedEx Co. will post 15.2 earnings per share for the current year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be given a dividend of $1.15 per share. The ex-dividend date is Thursday, September 1st. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.10%. FedEx's payout ratio is 33.97%.

Insider Buying and Selling

In related news, Director R Brad Martin purchased 1,500 shares of the company's stock in a transaction that occurred on Monday, September 26th. The stock was bought at an average price of $143.41 per share, for a total transaction of $215,115.00. Following the completion of the transaction, the director now owns 750 shares in the company, valued at approximately $107,557.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director R Brad Martin acquired 1,500 shares of the firm's stock in a transaction on Monday, September 26th. The stock was acquired at an average price of $143.41 per share, with a total value of $215,115.00. Following the completion of the purchase, the director now directly owns 750 shares in the company, valued at $107,557.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert B. Carter sold 12,310 shares of FedEx stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $224.67, for a total transaction of $2,765,687.70. Following the sale, the executive vice president now directly owns 54,916 shares of the company's stock, valued at approximately $12,337,977.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,810 shares of company stock worth $11,199,898. Corporate insiders own 8.62% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FDX shares. StockNews.com cut FedEx from a "buy" rating to a "hold" rating in a report on Monday, September 19th. UBS Group reduced their target price on FedEx from $232.00 to $215.00 in a report on Friday, September 23rd. Robert W. Baird reduced their target price on FedEx from $300.00 to $240.00 and set an "outperform" rating on the stock in a report on Friday, September 16th. Bank of America dropped their price target on FedEx from $186.00 to $178.00 and set a "neutral" rating on the stock in a research report on Friday, September 23rd. Finally, Cowen dropped their target price on FedEx from $230.00 to $185.00 and set an "outperform" rating on the stock in a research report on Friday, September 23rd. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $215.50.

FedEx Profile

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FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.