Burke & Herbert Bank & Trust Co. Trims Holdings in FedEx Co. (NYSE:FDX)

Burke & Herbert Bank & Trust Co. reduced its holdings in shares of FedEx Co. (NYSE:FDX) by 15.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 953 shares of the shipping service provider’s stock after selling 174 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in FedEx were worth $236,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FDX. Norges Bank bought a new position in FedEx during the fourth quarter worth $388,787,000. Mizuho Markets Americas LLC bought a new stake in FedEx in the first quarter valued at $314,712,000. Mizuho Markets Cayman LP lifted its stake in FedEx by 64,686.3% in 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 buying an additional 1,375,230 shares during the last quarter. Morgan Stanley lifted its stake in FedEx by 19.6% in the fourth quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock valued at $591,124,000 after buying an additional 559,607 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in FedEx by 34.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,951,974 shares of the shipping service provider’s stock valued at $338,082,000 after buying an additional 500,361 shares during the last quarter. 73.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

FedEx Stock Down 1.1 %

NYSE FDX traded down $2.68 during trading on Monday, reaching $251.40. 623,426 shares of the company’s stock were exchanged, compared to its average volume of 1,943,776. FedEx Co. has a fifty-two week low of $141.92 and a fifty-two week high of $270.95. The firm has a market capitalization of $63.23 billion, a PE ratio of 16.33, a P/E/G ratio of 1.23 and a beta of 1.36. The company has a current ratio of 1.37, a quick ratio of 1.33 and a debt-to-equity ratio of 0.78. The company’s fifty day simple moving average is $261.00 and its 200-day simple moving average is $238.32.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 20th. The shipping service provider reported $4.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.09. The business had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.55 billion. FedEx had a return on equity of 15.32% and a net margin of 4.41%. The firm’s revenue was down 10.1% on a year-over-year basis. During the same period in the previous year, the company earned $6.87 EPS. Sell-side analysts predict that FedEx Co. will post 17.37 EPS for the current year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Monday, September 11th will be issued a dividend of $1.26 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $5.04 annualized dividend and a dividend yield of 2.00%. FedEx’s dividend payout ratio is 32.52%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Atlantic Securities assumed coverage on FedEx in a report on Tuesday, June 6th. They set an “overweight” rating and a $265.00 price target on the stock. JPMorgan Chase & Co. raised their price target on FedEx from $228.00 to $251.00 in a report on Wednesday, June 21st. Argus raised their price target on FedEx from $240.00 to $260.00 in a report on Monday, June 26th. The Goldman Sachs Group raised their price target on FedEx from $269.00 to $278.00 in a report on Wednesday, September 13th. Finally, Robert W. Baird reissued an “outperform” rating and set a $300.00 price target on shares of FedEx in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and a consensus target price of $254.30.

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.