Intact Investment Management Inc. Takes Position in FedEx Co. (NYSE:FDX)

Intact Investment Management Inc. bought a new position in FedEx Co. (NYSE:FDX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 270 shares of the shipping service provider’s stock, valued at approximately $74,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Evermay Wealth Management LLC grew its holdings in shares of FedEx by 72.7% in the third quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after purchasing an additional 40 shares in the last quarter. Highline Wealth Partners LLC purchased a new position in shares of FedEx in the 3rd quarter worth $31,000. Central Valley Advisors LLC bought a new stake in shares of FedEx in the 2nd quarter worth about $39,000. Abound Wealth Management raised its position in shares of FedEx by 175.9% during the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after buying an additional 95 shares in the last quarter. Finally, Sachetta LLC lifted its holdings in shares of FedEx by 29.1% in the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after acquiring an additional 37 shares during the last quarter. 84.47% of the stock is owned by institutional investors.

FedEx Price Performance

NYSE FDX opened at $275.45 on Wednesday. The company has a market cap of $67.30 billion, a PE ratio of 16.99, a P/E/G ratio of 1.10 and a beta of 1.17. FedEx Co. has a 52-week low of $234.45 and a 52-week high of $313.84. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. The firm’s 50 day moving average price is $276.19 and its 200-day moving average price is $275.22.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 net margin of 4.62% and a return on equity of 15.61%. The company’s revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.55 earnings per share. Sell-side analysts forecast that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th were issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Monday, September 9th. FedEx’s dividend payout ratio is currently 34.05%.

Analyst Upgrades and Downgrades

FDX has been the topic of several analyst reports. Stifel Nicolaus reduced their price objective on FedEx from $327.00 to $321.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Daiwa America downgraded FedEx from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Morgan Stanley cut shares of FedEx from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $215.00 to $200.00 in a research report on Friday, September 20th. Susquehanna lowered their target price on shares of FedEx from $345.00 to $330.00 and set a “positive” rating for the company in a report on Friday, September 20th. Finally, Citigroup initiated coverage on shares of FedEx in a report on Wednesday, October 9th. They set a “buy” rating and a $301.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $314.17.

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.