Covey Capital Advisors buys $14.2 Million stake in FedEx Corporation (FDX)

FedEx Corporation (FDX) : Covey Capital Advisors scooped up 48,276 additional shares in FedEx Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 90,289 shares of FedEx Corporation which is valued at $14.2 Million.FedEx Corporation makes up approximately 7.56% of Covey Capital Advisors’s portfolio.

Other Hedge Funds, Including , Eaton Vance Management boosted its stake in FDX in the latest quarter, The investment management firm added 2,565 additional shares and now holds a total of 321,670 shares of FedEx Corporation which is valued at $50.7 Million. FedEx Corporation makes up approx 0.16% of Eaton Vance Management’s portfolio.Sentry Investment Management reduced its stake in FDX by selling 292 shares or 1.5% in the most recent quarter. The Hedge Fund company now holds 19,228 shares of FDX which is valued at $3 Million. FedEx Corporation makes up approx 0.14% of Sentry Investment Management’s portfolio.Roffman Miller Associates Inc Pa boosted its stake in FDX in the latest quarter, The investment management firm added 3,975 additional shares and now holds a total of 93,620 shares of FedEx Corporation which is valued at $14.8 Million. FedEx Corporation makes up approx 2.54% of Roffman Miller Associates Inc Pa’s portfolio. Quantbot Technologies Lp sold out all of its stake in FDX during the most recent quarter. The investment firm sold 3,641 shares of FDX which is valued $601,166.

FedEx Corporation opened for trading at $160.34 and hit $162.46 on the upside on Friday, eventually ending the session at $161.63, with a gain of 1.58% or 2.52 points. The heightened volatility saw the trading volume jump to 13,70,492 shares. Company has a market cap of $43,385 M.

On the company’s financial health, FedEx Corporation reported $2.51 EPS for the quarter, beating the analyst consensus estimate by $ 0.16 according to the earnings call on Mar 16, 2016. Analyst had a consensus of $2.35. The company had revenue of $12654.00 million for the quarter, compared to analysts expectations of $12376.86 million. The company’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.01 EPS.

Many Wall Street Analysts have commented on FedEx Corporation. Company shares were Reiterated by Cowen on Mar 17, 2016 to “Outperform”, Firm has raised the Price Target to $ 180 from a previous price target of $175 .Company shares were Reiterated by RBC Capital Mkts on Mar 17, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 158 from a previous price target of $153 .Company shares were Reiterated by Stifel on Mar 17, 2016 to “Buy”, Firm has raised the Price Target to $ 174 from a previous price target of $171 .

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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