Covenant Asset Management LLC Has $736,000 Position in FedEx Co. (NYSE:FDX)

Covenant Asset Management LLC cut its position in shares of FedEx Co. (NYSE:FDX) by 44.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,055 shares of the shipping service provider’s stock after selling 3,275 shares during the quarter. Covenant Asset Management LLC’s holdings in FedEx were worth $736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of FDX. Cordasco Financial Network boosted its stake in FedEx by 181.8% during the first quarter. Cordasco Financial Network now owns 155 shares of the shipping service provider’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Berman Capital Advisors LLC bought a new position in FedEx during the fourth quarter worth $25,000. Northwest Wealth Management LLC boosted its stake in FedEx by 842.1% during the fourth quarter. Northwest Wealth Management LLC now owns 179 shares of the shipping service provider’s stock worth $29,000 after acquiring an additional 160 shares in the last quarter. Advocacy Wealth Management Services LLC boosted its stake in FedEx by 52.5% during the first quarter. Advocacy Wealth Management Services LLC now owns 183 shares of the shipping service provider’s stock worth $34,000 after acquiring an additional 63 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its stake in FedEx by 1,666.7% during the fourth quarter. Sound Income Strategies LLC now owns 212 shares of the shipping service provider’s stock worth $34,000 after acquiring an additional 200 shares in the last quarter. Institutional investors own 71.68% of the company’s stock.

Shares of FDX traded down $5.99 during trading hours on Wednesday, hitting $162.00. The company’s stock had a trading volume of 2,992,087 shares, compared to its average volume of 2,015,489. The company has a market capitalization of $43.83 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 0.86 and a beta of 1.62. The company has a quick ratio of 1.40, a current ratio of 1.46 and a debt-to-equity ratio of 0.87. FedEx Co. has a 52-week low of $150.94 and a 52-week high of $266.67.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, March 19th. The shipping service provider reported $3.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.10 by ($0.07). The business had revenue of $17.01 billion during the quarter, compared to the consensus estimate of $17.70 billion. FedEx had a return on equity of 22.67% and a net margin of 5.25%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.72 earnings per share. On average, sell-side analysts expect that FedEx Co. will post 15.44 earnings per share for the current fiscal year.

In other news, CEO Frederick W. Smith sold 155,650 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $189.83, for a total value of $29,547,039.50. Following the completion of the sale, the chief executive officer now directly owns 14,945,124 shares in the company, valued at approximately $2,837,032,888.92. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan C. Schwab sold 3,000 shares of FedEx stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $175.11, for a total transaction of $525,330.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,650 shares of company stock valued at $34,751,470. Company insiders own 8.50% of the company’s stock.

Several research analysts recently issued reports on the stock. Daiwa Capital Markets lowered shares of FedEx from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $187.00 to $179.00 in a research note on Thursday, March 21st. They noted that the move was a valuation call. Morgan Stanley set a $148.00 price objective on shares of FedEx and gave the company a “hold” rating in a research note on Friday, May 17th. Credit Suisse Group raised their price target on shares of FedEx from $236.00 to $241.00 and gave the company an “outperform” rating in a research report on Wednesday, March 20th. BMO Capital Markets dropped their price target on shares of FedEx to $215.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 20th. Finally, Susquehanna Bancshares reissued a “neutral” rating and set a $174.00 price target on shares of FedEx in a research report on Thursday, March 28th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. FedEx currently has an average rating of “Hold” and an average target price of $212.33.

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FedEx Company Profile

FedEx Corporation provides transportation, e-commerce, and business services worldwide. The company's FedEx Express segment offers shipping services for delivery of packages and freight. Its FedEx Ground segment provides business and residential money-back guaranteed ground package delivery services; and consolidates and delivers low-weight and less time-sensitive business-to-consumer packages.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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