Principal Financial Group Inc. Grows Position in FedEx Co. (NYSE:FDX)

Principal Financial Group Inc. increased its position in shares of FedEx Co. (NYSE:FDX) by 4.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 256,870 shares of the shipping service provider’s stock after purchasing an additional 10,063 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of FedEx worth $70,300,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Evermay Wealth Management LLC lifted its holdings in FedEx by 72.7% during the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after buying an additional 40 shares in the last quarter. Highline Wealth Partners LLC bought a new stake in FedEx during the 3rd quarter valued at about $31,000. Central Valley Advisors LLC bought a new stake in FedEx during the 2nd quarter valued at about $39,000. Abound Wealth Management lifted its holdings in 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, Harbor Capital Advisors Inc. bought a new stake in FedEx during the 3rd quarter valued at about $47,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Up 1.1 %

FDX stock opened at $286.28 on Friday. The firm’s fifty day simple moving average is $275.36 and its 200-day simple moving average is $275.43. The company has a market capitalization of $69.94 billion, a P/E ratio of 17.66, a price-to-earnings-growth ratio of 1.13 and a beta of 1.17. 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 12 month low of $234.45 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last released 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 business 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 firm’s revenue was down .5% on a year-over-year basis. During the same period last year, the company earned $4.55 earnings per share. As a group, equities research analysts forecast that FedEx Co. will post 19.59 earnings per share for the current year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 9th were paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Monday, September 9th. FedEx’s dividend payout ratio is currently 34.05%.

Analysts Set New Price Targets

FDX has been the subject of a number of research analyst reports. TD Cowen decreased their price objective on shares of FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a report on Friday, September 20th. Stephens restated an “overweight” rating and issued a $350.00 price target on shares of FedEx in a report on Friday, September 20th. Susquehanna reduced their price target 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. Stifel Nicolaus reduced their price target on shares of FedEx from $327.00 to $321.00 and set a “buy” rating for the company in a report on Friday, September 20th. Finally, HSBC lowered shares of FedEx from a “buy” rating to a “hold” rating and set a $300.00 price target for the company. in a report on Friday, September 20th. Two 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.