Golden State Equity Partners Takes Position in FedEx Co. (NYSE:FDX)

Golden State Equity Partners purchased a new position in FedEx Co. (NYSE:FDX) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,993 shares of the shipping service provider’s stock, valued at approximately $912,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of FedEx in the 4th quarter worth about $388,787,000. Mizuho Markets Americas LLC bought a new position in shares of FedEx during the first quarter valued at approximately $314,712,000. Mizuho Markets Cayman LP increased its stake in shares of FedEx by 64,686.3% during the first quarter. Mizuho Markets Cayman LP now owns 1,377,356 shares of the shipping service provider’s stock valued at $314,712,000 after purchasing an additional 1,375,230 shares in the last quarter. Morgan Stanley lifted its holdings in shares of FedEx by 19.6% during the fourth quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock valued at $591,124,000 after purchasing an additional 559,607 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of FedEx by 34.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,951,974 shares of the shipping service provider’s stock worth $338,082,000 after purchasing an additional 500,361 shares in the last quarter. Institutional investors own 73.61% of the company’s stock.

Wall Street Analyst Weigh In

FDX has been the subject of a number of recent research reports. Stephens reiterated an “overweight” rating and set a $290.00 price objective on shares of FedEx in a research note on Friday, August 11th. Morgan Stanley upped their price target on shares of FedEx from $186.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, September 8th. Loop Capital reduced their price objective on shares of FedEx from $263.00 to $255.00 in a research note on Thursday, June 22nd. JPMorgan Chase & Co. upped their target price on shares of FedEx from $228.00 to $251.00 in a research note on Wednesday, June 21st. Finally, Sanford C. Bernstein raised their price target on shares of FedEx from $261.00 to $284.00 in a research report on Wednesday, June 21st. Nine research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $249.50.

Insider Activity at FedEx

In other news, VP Jennifer L. Johnson sold 10,801 shares of the company’s stock in a transaction that occurred on Tuesday, June 27th. The stock was sold at an average price of $238.61, for a total transaction of $2,577,226.61. Following the sale, the vice president now directly owns 3,196 shares of the company’s stock, valued at approximately $762,597.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Jennifer L. Johnson sold 10,801 shares of the business’s stock in a transaction on Tuesday, June 27th. The shares were sold at an average price of $238.61, for a total value of $2,577,226.61. Following the sale, the vice president now owns 3,196 shares in the company, valued at $762,597.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael C. Lenz sold 5,745 shares of FedEx stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $261.88, for a total transaction of $1,504,500.60. Following the completion of the transaction, the executive vice president now directly owns 22,478 shares of the company’s stock, valued at $5,886,538.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,816 shares of company stock valued at $8,822,147. Insiders own 8.73% of the company’s stock.

FedEx Price Performance

Shares of NYSE FDX traded up $2.24 during mid-day trading on Wednesday, reaching $253.71. The company’s stock had a trading volume of 665,277 shares, compared to its average volume of 1,947,758. FedEx Co. has a 52 week low of $141.92 and a 52 week high of $270.95. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.37 and a quick ratio of 1.33. The firm has a market capitalization of $63.81 billion, a PE ratio of 16.22, a P/E/G ratio of 1.23 and a beta of 1.36. The stock has a fifty day moving average of $260.68 and a two-hundred day moving average of $237.25.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, June 20th. The shipping service provider reported $4.94 EPS for the quarter, topping the consensus estimate of $4.85 by $0.09. The firm had revenue of $21.93 billion for the quarter, compared to the consensus estimate of $22.55 billion. FedEx had a net margin of 4.41% and a return on equity of 15.32%. The company’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.87 earnings per share. As a group, sell-side analysts anticipate that FedEx Co. will post 17.33 EPS for the current fiscal year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be given a $1.26 dividend. The ex-dividend date is Friday, September 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.99%. FedEx’s dividend payout ratio is currently 32.52%.

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.