Metropolitan Life Insurance Co NY Lowers Holdings in FedEx Co. (NYSE:FDX)

Metropolitan Life Insurance Co NY reduced its stake in shares of FedEx Co. (NYSE:FDX) by 3.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 10,078 shares of the shipping service provider’s stock after selling 308 shares during the period. Metropolitan Life Insurance Co NY’s holdings in FedEx were worth $2,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. RB Capital Management LLC increased its holdings in shares of FedEx by 3.3% in the first quarter. RB Capital Management LLC now owns 1,951 shares of the shipping service provider’s stock worth $451,000 after purchasing an additional 63 shares during the last quarter. AMI Investment Management Inc. grew its holdings in FedEx by 43.9% during the 1st quarter. AMI Investment Management Inc. now owns 15,385 shares of the shipping service provider’s stock valued at $3,560,000 after buying an additional 4,693 shares in the last quarter. Moors & Cabot Inc. increased its stake in FedEx by 101.5% in the 1st quarter. Moors & Cabot Inc. now owns 4,274 shares of the shipping service provider’s stock worth $989,000 after acquiring an additional 2,153 shares during the last quarter. Baird Financial Group Inc. raised its holdings in shares of FedEx by 7.8% during the 1st quarter. Baird Financial Group Inc. now owns 148,735 shares of the shipping service provider’s stock worth $34,408,000 after acquiring an additional 10,731 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in shares of FedEx by 553.3% during the 1st quarter. Loomis Sayles & Co. L P now owns 392 shares of the shipping service provider’s stock valued at $91,000 after acquiring an additional 332 shares during the last quarter. Institutional investors own 73.61% of the company’s stock.

Insider Activity

In related news, VP Jennifer L. Johnson sold 13,348 shares of the company’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $258.25, for a total value of $3,447,121.00. Following the completion of the sale, the vice president now directly owns 3,428 shares of the company’s stock, valued at $885,281. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 8.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FDX. Susquehanna upgraded shares of FedEx from a “neutral” rating to a “positive” rating and boosted their price target for the stock from $225.00 to $315.00 in a research report on Monday, October 2nd. Morgan Stanley increased their price target on shares of FedEx from $200.00 to $205.00 and gave the company an “equal weight” rating in a report on Thursday, September 21st. Jefferies Financial Group lifted their price target on FedEx from $245.00 to $265.00 and gave the stock a “hold” rating in a research report on Thursday, September 21st. Citigroup upped their price objective on FedEx from $295.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. Finally, UBS Group lifted their target price on FedEx from $312.00 to $323.00 and gave the stock a “buy” rating in a report on Thursday, September 21st. Seven equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus target price of $282.54.

FedEx Price Performance

FedEx stock opened at $255.54 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.37 and a quick ratio of 1.32. The stock has a market cap of $64.25 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 1.18 and a beta of 1.34. The firm has a 50-day moving average of $250.57 and a two-hundred day moving average of $247.78. FedEx Co. has a 1 year low of $162.61 and a 1 year high of $270.95.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Wednesday, September 20th. The shipping service provider reported $4.55 earnings per share for the quarter, beating the consensus estimate of $3.71 by $0.84. FedEx had a net margin of 4.71% and a return on equity of 16.14%. The firm had revenue of $21.68 billion during the quarter, compared to the consensus estimate of $21.74 billion. During the same quarter in the previous year, the firm posted $3.44 earnings per share. The company’s revenue was down 6.5% on a year-over-year basis. On average, research analysts forecast that FedEx Co. will post 18.14 earnings per share for the current year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 11th will be given a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Friday, December 8th. FedEx’s payout ratio is 30.73%.

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.