Malaga Cove Capital LLC Has $5.89 Million Stock Position in FedEx Co. (NYSE:FDX)

Malaga Cove Capital LLC lessened its holdings in FedEx Co. (NYSE:FDX) by 12.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,518 shares of the shipping service provider’s stock after selling 3,167 shares during the period. FedEx makes up approximately 2.4% of Malaga Cove Capital LLC’s portfolio, making the stock its 4th biggest holding. Malaga Cove Capital LLC’s holdings in FedEx were worth $5,889,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Csenge Advisory Group grew its position in shares of FedEx by 14.9% during the 1st quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock valued at $666,000 after acquiring an additional 298 shares during the period. Manchester Capital Management LLC increased its position in FedEx by 15.1% in the first quarter. Manchester Capital Management LLC now owns 603 shares of the shipping service provider’s stock worth $175,000 after buying an additional 79 shares during the last quarter. Empirical Finance LLC raised its stake in shares of FedEx by 3.4% in the first quarter. Empirical Finance LLC now owns 8,512 shares of the shipping service provider’s stock valued at $2,466,000 after buying an additional 277 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of FedEx by 8.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 17,780 shares of the shipping service provider’s stock worth $5,152,000 after acquiring an additional 1,441 shares during the period. Finally, Hilltop National Bank purchased a new stake in FedEx in the 1st quarter worth about $476,000. 84.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. UBS Group cut their target price on shares of FedEx from $333.00 to $311.00 and set a “buy” rating for the company in a research report on Friday, September 20th. StockNews.com downgraded shares of FedEx from a “buy” rating to a “hold” rating in a report on Tuesday. Evercore ISI lowered their target price on shares of FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. The Goldman Sachs Group cut their price target on FedEx from $333.00 to $332.00 in a report on Friday, September 20th. Finally, JPMorgan Chase & Co. dropped their price objective on FedEx from $359.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.17.

FedEx Stock Performance

NYSE:FDX opened at $280.06 on Thursday. The company has a market capitalization of $68.42 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 1.09 and a beta of 1.17. The business has a 50 day moving average of $275.86 and a 200 day moving average of $275.26. 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 Co. has a 1-year low of $234.45 and a 1-year high of $313.84.

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

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th were issued a $1.38 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $5.52 annualized dividend and a dividend yield of 1.97%. FedEx’s dividend payout ratio is currently 34.05%.

FedEx Company Profile

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.