Oppenheimer Asset Management Inc. Decreases Position in FedEx Co. (NYSE:FDX)

Oppenheimer Asset Management Inc. lowered its position in FedEx Co. (NYSE:FDX) by 0.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 165,823 shares of the shipping service provider’s stock after selling 392 shares during the period. Oppenheimer Asset Management Inc.’s holdings in FedEx were worth $45,382,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FDX. SeaCrest Wealth Management LLC increased its stake in shares of FedEx by 0.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock worth $1,683,000 after purchasing an additional 34 shares in the last quarter. LRI Investments LLC raised its holdings in shares of FedEx by 8.6% in the second quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock worth $137,000 after acquiring an additional 36 shares during the last quarter. Ascent Wealth Partners LLC lifted its position in shares of FedEx by 0.5% in the second quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock valued at $2,306,000 after acquiring an additional 36 shares in the last quarter. Detalus Advisors LLC boosted its stake in shares of FedEx by 2.4% during the second quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock valued at $480,000 after acquiring an additional 37 shares during the last quarter. Finally, Sachetta LLC increased its position in FedEx by 29.1% during the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock worth $49,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the subject of several recent analyst reports. TD Cowen lowered their target price on shares of FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Bank of America lowered their price objective on FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. The Goldman Sachs Group reduced their target price on FedEx from $333.00 to $332.00 in a research report on Friday, September 20th. Susquehanna lowered their price target on FedEx from $345.00 to $330.00 and set a “positive” rating for the company in a report on Friday, September 20th. Finally, StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and an average price target of $315.42.

FedEx Stock Up 0.9 %

FDX stock traded up $2.59 during trading on Wednesday, hitting $289.86. 165,110 shares of the stock traded hands, compared to its average volume of 1,801,933. The stock has a market cap of $70.82 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 1.16 and a beta of 1.17. The firm’s 50 day moving average is $275.05 and its two-hundred day moving average is $275.84. FedEx Co. has a 1 year low of $234.45 and a 1 year high of $313.84. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24.

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

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th were paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Monday, September 9th. FedEx’s dividend payout ratio is currently 34.05%.

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.