Synovus Financial Corp Buys 10,690 Shares of FedEx Co. (NYSE:FDX)

Synovus Financial Corp raised its stake in shares of FedEx Co. (NYSE:FDX) by 251.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 14,936 shares of the shipping service provider’s stock after acquiring an additional 10,690 shares during the quarter. Synovus Financial Corp’s holdings in FedEx were worth $4,087,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in FDX. Geode Capital Management LLC increased its stake in FedEx by 1.5% during the third quarter. Geode Capital Management LLC now owns 4,689,791 shares of the shipping service provider’s stock valued at $1,281,335,000 after acquiring an additional 67,502 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of FedEx by 34.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,248,137 shares of the shipping service provider’s stock worth $674,336,000 after purchasing an additional 578,350 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of FedEx by 5.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,182,504 shares of the shipping service provider’s stock valued at $654,312,000 after purchasing an additional 121,240 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in shares of FedEx by 0.7% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,699,179 shares of the shipping service provider’s stock valued at $465,031,000 after purchasing an additional 11,100 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in FedEx by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,451,576 shares of the shipping service provider’s stock worth $397,267,000 after purchasing an additional 13,093 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Stock Down 0.1 %

NYSE:FDX opened at $283.42 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.28 and a debt-to-equity ratio of 0.72. FedEx Co. has a 12-month low of $234.45 and a 12-month high of $313.84. The stock’s fifty day simple moving average is $281.30 and its 200-day simple moving average is $281.10. The firm has a market capitalization of $69.25 billion, a P/E ratio of 17.48, a P/E/G ratio of 1.17 and a beta of 1.18.

FedEx (NYSE:FDX) last issued its 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 for the quarter, compared to the consensus estimate of $21.87 billion. FedEx had a return on equity of 15.61% and a net margin of 4.62%. FedEx’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter last year, the business posted $4.55 EPS. Equities research analysts expect that FedEx Co. will post 19.59 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Monday, December 9th will be given a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Monday, December 9th. FedEx’s dividend payout ratio is currently 34.05%.

Wall Street Analysts Forecast Growth

FDX has been the subject of a number of recent research reports. Loop Capital dropped their price objective on shares of FedEx from $317.00 to $288.00 and set a “hold” rating for the company in a research note on Monday, September 23rd. Barclays upped their target price on shares of FedEx from $350.00 to $365.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. HSBC downgraded 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. StockNews.com lowered shares of FedEx from a “buy” rating to a “hold” rating in a report on Tuesday, December 3rd. Finally, Bank of America reduced their target price on FedEx from $347.00 to $345.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $316.68.

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.