Parnassus Investments LLC Sells 158,475 Shares of FedEx Co. (NYSE:FDX)

Parnassus Investments LLC reduced its stake in FedEx Co. (NYSE:FDXFree Report) by 34.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 301,210 shares of the shipping service provider’s stock after selling 158,475 shares during the quarter. Parnassus Investments LLC owned 0.12% of FedEx worth $79,797,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Glass Jacobson Investment Advisors llc purchased a new stake in FedEx during the second quarter valued at about $27,000. Baystate Wealth Management LLC increased its position in shares of FedEx by 60.2% during the second quarter. Baystate Wealth Management LLC now owns 133 shares of the shipping service provider’s stock valued at $33,000 after buying an additional 50 shares during the period. Global Wealth Management Investment Advisory Inc. bought a new stake in shares of FedEx during the first quarter valued at about $35,000. RVW Wealth LLC bought a new stake in shares of FedEx during the third quarter valued at about $40,000. Finally, Venturi Wealth Management LLC increased its position in shares of FedEx by 42.5% during the third quarter. Venturi Wealth Management LLC now owns 151 shares of the shipping service provider’s stock valued at $40,000 after buying an additional 45 shares during the period. 73.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at FedEx

In related news, Director Amy B. Lane acquired 200 shares of the company’s stock in a transaction that occurred on Tuesday, December 26th. The shares were bought at an average price of $253.22 per share, with a total value of $50,644.00. Following the completion of the transaction, the director now directly owns 3,304 shares in the company, valued at $836,638.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other FedEx news, Director Amy B. Lane purchased 200 shares of the firm’s stock in a transaction on Tuesday, December 26th. The stock was bought at an average cost of $253.22 per share, for a total transaction of $50,644.00. Following the completion of the purchase, the director now owns 3,304 shares in the company, valued at approximately $836,638.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John W. Dietrich purchased 1,000 shares of the firm’s stock in a transaction on Thursday, December 28th. The stock was acquired at an average price of $252.02 per share, with a total value of $252,020.00. Following the completion of the purchase, the executive vice president now owns 4,745 shares of the company’s stock, valued at approximately $1,195,834.90. The disclosure for this purchase can be found here. 8.73% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FDX. Barclays decreased their price target on FedEx from $330.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 20th. Stifel Nicolaus upped their price objective on shares of FedEx from $282.00 to $305.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. TD Cowen upped their price objective on shares of FedEx from $290.00 to $293.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 12th. Melius upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. Finally, Bank Of America (Bofa) upped their price objective on shares of FedEx from $330.00 to $334.00 in a research report on Wednesday, December 20th. Six equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $289.93.

Read Our Latest Stock Analysis on FDX

FedEx Price Performance

Shares of FDX traded down $3.65 during mid-day trading on Monday, hitting $238.71. 475,172 shares of the stock were exchanged, compared to its average volume of 2,221,333. The company has a market cap of $59.65 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.14 and a beta of 1.20. FedEx Co. has a 52-week low of $190.83 and a 52-week high of $285.53. The firm has a 50-day moving average of $255.09 and a two-hundred day moving average of $255.50. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.30 and a current ratio of 1.34.

FedEx (NYSE:FDXGet Free Report) last issued its quarterly earnings data on Tuesday, December 19th. The shipping service provider reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.14 by ($0.15). FedEx had a return on equity of 16.47% and a net margin of 4.87%. The firm had revenue of $22.17 billion for the quarter, compared to analysts’ expectations of $22.36 billion. During the same period last year, the company earned $3.18 earnings per share. The firm’s revenue was down 2.8% on a year-over-year basis. On average, equities analysts predict that FedEx Co. will post 17.76 earnings per share for the current year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Stockholders of record on Monday, December 11th were given a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Friday, December 8th. FedEx’s payout ratio is 29.86%.

FedEx Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Co. (NYSE:FDXFree Report).

Institutional Ownership by Quarter for FedEx (NYSE:FDX)

Receive News & Ratings for FedEx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FedEx and related companies with MarketBeat.com's FREE daily email newsletter.