Somerset Trust Co Cuts Stake in FedEx Co. (NYSE:FDX)

Somerset Trust Co reduced its stake in shares of FedEx Co. (NYSE:FDX) by 10.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,197 shares of the shipping service provider’s stock after selling 137 shares during the period. Somerset Trust Co’s holdings in FedEx were worth $297,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Greenfield Savings Bank raised its holdings in FedEx by 10.2% in the second quarter. Greenfield Savings Bank now owns 1,757 shares of the shipping service provider’s stock valued at $436,000 after buying an additional 162 shares during the period. Fulton Bank N.A. raised its holdings in FedEx by 44.8% in the second quarter. Fulton Bank N.A. now owns 7,369 shares of the shipping service provider’s stock valued at $1,827,000 after buying an additional 2,280 shares during the period. Symmetry Partners LLC raised its holdings in FedEx by 6.9% in the second quarter. Symmetry Partners LLC now owns 3,035 shares of the shipping service provider’s stock valued at $752,000 after buying an additional 196 shares during the period. Duality Advisers LP purchased a new stake in shares of FedEx during the first quarter valued at approximately $711,000. Finally, Gries Financial LLC purchased a new stake in shares of FedEx during the first quarter valued at approximately $3,128,000. Hedge funds and other institutional investors own 73.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FDX. JPMorgan Chase & Co. lifted their price objective on shares of FedEx from $228.00 to $251.00 in a research note on Wednesday, June 21st. Bank of America dropped their price objective on shares of FedEx from $295.00 to $290.00 in a research note on Wednesday, June 21st. The Goldman Sachs Group lifted their price objective on shares of FedEx from $269.00 to $278.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of FedEx from $240.00 to $282.00 in a research note on Thursday, May 18th. Finally, Stephens reissued an “overweight” rating and set a $290.00 price target on shares of FedEx in a research report on Friday, August 11th. Nine analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $251.82.

Insider Buying and Selling

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

FedEx Stock Performance

Shares of NYSE FDX traded up $0.37 during midday trading on Friday, reaching $257.40. 231,415 shares of the company traded hands, compared to its average volume of 1,940,981. 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 stock has a 50-day moving average price of $260.76 and a 200 day moving average price of $237.35. FedEx Co. has a 52 week low of $141.92 and a 52 week high of $270.95. The company has a market cap of $64.74 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 1.21 and a beta of 1.36.

FedEx (NYSE:FDX) last issued its quarterly 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 analysts’ expectations of $22.55 billion. FedEx had a net margin of 4.41% and a return on equity of 15.32%. FedEx’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $6.87 earnings per share. Sell-side analysts anticipate that FedEx Co. will post 17.37 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Monday, September 11th will be paid a $1.26 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $5.04 dividend on an annualized basis and a yield of 1.96%. FedEx’s dividend payout ratio is currently 32.52%.

FedEx 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.