Profit Investment Management LLC lowered its position in FedEx Corp. (NYSE:FDX) by 35.9% during the third quarter, Holdings Channel reports. The fund owned 9,822 shares of the shipping service provider’s stock after selling 5,499 shares during the period. FedEx Corp. makes up 1.7% of Profit Investment Management LLC’s portfolio, making the stock its 15th largest position. Profit Investment Management LLC’s holdings in FedEx Corp. were worth $1,716,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of FDX. Hennessy Advisors Inc. increased its position in FedEx Corp. by 721.3% in the third quarter. Hennessy Advisors Inc. now owns 115,800 shares of the shipping service provider’s stock valued at $20,228,000 after buying an additional 101,700 shares in the last quarter. Highland Capital Management LLC increased its position in FedEx Corp. by 1.3% in the third quarter. Highland Capital Management LLC now owns 63,250 shares of the shipping service provider’s stock valued at $11,049,000 after buying an additional 794 shares in the last quarter. Capstone Asset Management Co. increased its position in FedEx Corp. by 6.8% in the third quarter. Capstone Asset Management Co. now owns 25,037 shares of the shipping service provider’s stock valued at $4,373,000 after buying an additional 1,593 shares in the last quarter. Culbertson A N & Co. Inc. increased its position in FedEx Corp. by 2.4% in the third quarter. Culbertson A N & Co. Inc. now owns 31,474 shares of the shipping service provider’s stock valued at $5,498,000 after buying an additional 740 shares in the last quarter. Finally, Creative Planning increased its position in FedEx Corp. by 10.3% in the third quarter. Creative Planning now owns 13,291 shares of the shipping service provider’s stock valued at $2,322,000 after buying an additional 1,240 shares in the last quarter. 73.96% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for FedEx Corp. (NYSE:FDX)

Shares of FedEx Corp. (NYSE:FDX) traded up 0.15% on Tuesday, reaching $190.32. The company had a trading volume of 1,077,732 shares. FedEx Corp. has a 12 month low of $119.71 and a 12 month high of $191.84. The company has a market capitalization of $50.58 billion, a price-to-earnings ratio of 28.47 and a beta of 1.14. The stock has a 50 day moving average price of $178.23 and a 200-day moving average price of $166.91.

FedEx Corp. (NYSE:FDX) last issued its earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 EPS for the quarter, topping the consensus estimate of $2.81 by $0.09. The company earned $14.70 billion during the quarter. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. FedEx Corp.’s revenue was up 19.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.42 EPS. Analysts forecast that FedEx Corp. will post $12.15 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Monday, December 12th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $1.60 annualized dividend and a dividend yield of 0.84%. FedEx Corp.’s payout ratio is 23.99%.

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FDX has been the subject of several research reports. Robert W. Baird reaffirmed an “outperform” rating and issued a $185.00 target price on shares of FedEx Corp. in a research report on Friday, September 23rd. Vetr downgraded FedEx Corp. from a “buy” rating to a “hold” rating and set a $179.94 price objective for the company. in a research report on Tuesday, September 27th. Stifel Nicolaus downgraded FedEx Corp. from a “buy” rating to a “hold” rating and set a $186.00 price objective for the company. in a research report on Tuesday, November 15th. They noted that the move was a valuation call. Deutsche Bank AG started coverage on FedEx Corp. in a research report on Wednesday, November 2nd. They set a “buy” rating and a $210.00 price objective for the company. Finally, Sanford C. Bernstein set a $159.00 price objective on FedEx Corp. and gave the stock a “neutral” rating in a research report on Wednesday, September 21st. Twelve equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. FedEx Corp. currently has a consensus rating of “Buy” and an average price target of $179.22.

In related news, EVP Christine P. Richards sold 80,080 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $173.59, for a total value of $13,901,087.20. Following the sale, the executive vice president now owns 98,620 shares of the company’s stock, valued at approximately $17,119,445.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert B. Carter sold 24,784 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $176.95, for a total value of $4,385,528.80. Following the completion of the sale, the executive vice president now directly owns 68,183 shares in the company, valued at approximately $12,064,981.85. The disclosure for this sale can be found here. 8.67% of the stock is owned by insiders.

About FedEx Corp.

FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.

5 Day Chart for NYSE:FDX

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