Primecap Management Co. CA Cuts Stock Holdings in FedEx Co. (NYSE:FDX)

Primecap Management Co. CA lowered its holdings in shares of FedEx Co. (NYSE:FDX) by 0.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,789,420 shares of the shipping service provider’s stock after selling 100,235 shares during the period. FedEx makes up 2.8% of Primecap Management Co. CA’s holdings, making the stock its 6th largest position. Primecap Management Co. CA owned approximately 5.20% of FedEx worth $3,834,780,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FDX. Scarborough Advisors LLC bought a new stake in shares of FedEx in the 4th quarter worth $25,000. Fortis Group Advisors LLC raised its stake in shares of FedEx by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after buying an additional 50 shares in the last quarter. Sachetta LLC bought a new stake in shares of FedEx in the 4th quarter worth $32,000. Central Valley Advisors LLC acquired a new stake in shares of FedEx during the second quarter worth $39,000. Finally, Abound Wealth Management raised its position 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. Institutional investors own 84.47% of the company’s stock.

Insider Activity

In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the sale, the executive vice president now directly owns 59,884 shares in the company, valued at approximately $17,634,640.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the sale, the chief accounting officer now directly owns 930 shares in the company, valued at approximately $278,293.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction on Friday, June 28th. The shares were sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the sale, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,944 shares of company stock worth $9,882,355. Company insiders own 8.73% of the company’s stock.

FedEx Trading Up 2.2 %

FedEx stock opened at $292.63 on Tuesday. The business has a 50 day moving average price of $293.11 and a two-hundred day moving average price of $274.10. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock has a market cap of $72.01 billion, a price-to-earnings ratio of 16.98, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. FedEx Co. has a 12 month low of $224.69 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last released its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, beating the consensus estimate of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. During the same period in the prior year, the company posted $4.94 EPS. The company’s revenue was up .8% compared to the same quarter last year. As a group, equities analysts forecast that FedEx Co. will post 20.82 EPS for the current year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be paid a $1.38 dividend. The ex-dividend date is Monday, September 9th. This represents a $5.52 annualized dividend and a dividend yield of 1.89%. FedEx’s dividend payout ratio is currently 32.04%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FDX. Bank of America boosted their target price on FedEx from $340.00 to $347.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Wells Fargo & Company lifted their price target on FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a report on Wednesday, June 26th. Evercore ISI lowered their target price on FedEx from $339.00 to $335.00 and set an “outperform” rating on the stock in a research note on Thursday, September 12th. Robert W. Baird restated an “outperform” rating and issued a $340.00 target price on shares of FedEx in a research note on Friday. Finally, Morgan Stanley upped their price target on FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, FedEx has a consensus rating of “Moderate Buy” and a consensus target price of $314.67.

About FedEx

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.