Covey Capital Advisors buys $15,394,645 stake in FedEx Corporation (FDX)

FedEx Corporation (FDX) : Covey Capital Advisors scooped up 2,730 additional shares in FedEx Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 10, 2016. The investment management firm now holds a total of 93,019 shares of FedEx Corporation which is valued at $15,394,645.FedEx Corporation makes up approximately 8.03% of Covey Capital Advisors’s portfolio.

Other Hedge Funds, Including , Pictet North America Advisors Sa sold out all of its stake in FDX during the most recent quarter. The investment firm sold 5,377 shares of FDX which is valued $889,894.Gerstein Fisher boosted its stake in FDX in the latest quarter, The investment management firm added 1 additional shares and now holds a total of 2,528 shares of FedEx Corporation which is valued at $419,117. FedEx Corporation makes up approx 0.05% of Gerstein Fisher’s portfolio.Sfe Investment Counsel reduced its stake in FDX by selling 100 shares or 3.6% in the most recent quarter. The Hedge Fund company now holds 2,675 shares of FDX which is valued at $429,632. FedEx Corporation makes up approx 0.19% of Sfe Investment Counsel’s portfolio. Herndon Capital Management added FDX to its portfolio by purchasing 23 company shares during the most recent quarter which is valued at $3,724.

FedEx Corporation opened for trading at $166.79 and hit $169.44 on the upside on Friday, eventually ending the session at $168.63, with a gain of 0.86% or 1.44 points. The heightened volatility saw the trading volume jump to 13,65,877 shares. Company has a market cap of $44,775 M.

On the company’s financial health, FedEx Corporation reported $3.30 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jun 21, 2016. Analyst had a consensus of $3.28. The company had revenue of $12979.00 million for the quarter, compared to analysts expectations of $12771.21 million. The company’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.66 EPS.

Many Wall Street Analysts have commented on FedEx Corporation. Company shares were Reiterated by RBC Capital Mkts on Jun 22, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 174 from a previous price target of $158 .Company shares were Reiterated by Stifel on Jun 22, 2016 to “Buy”, Firm has raised the Price Target to $ 179 from a previous price target of $178 .Company shares were Reiterated by UBS on Jun 3, 2016 to “Buy”, Firm has raised the Price Target to $ 187 from a previous price target of $186 .

FedEx Corporation (FedEx) provides a portfolio of transportation e-commerce and business services under the FedEx brand. The Company offers its services through companies constituting four business segments: FedEx Express FedEx Ground FedEx Freight and FedEx Services. FedEx Express offers a range of domestic and international shipping services for delivery of packages and freight. FedEx Ground provides business and residential money-back guaranteed ground package delivery services. FedEx Freight offers less-than-truckload (LTL) freight services. FedEx Services provides FedEx’s other companies with sales marketing information technology communications customer service and certain other back-office support. The Company’s subsidiaries include Federal Express Corporation FedEx Trade Networks Inc. FedEx Ground Package System Inc. FedEx SmartPost Inc. FedEx Corporate Services Inc. and GENCO Distribution System Inc. among others.

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