FedEx Co. (NYSE:FDX) Shares Purchased by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its holdings in shares of FedEx Co. (NYSE:FDX) by 31.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,749 shares of the shipping service provider’s stock after buying an additional 21,495 shares during the period. Handelsbanken Fonder AB’s holdings in FedEx were worth $22,704,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FDX. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of FedEx by 11.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock worth $35,254,000 after purchasing an additional 13,197 shares in the last quarter. Western Wealth Management LLC lifted its position in shares of FedEx by 10.0% during the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock worth $925,000 after purchasing an additional 333 shares in the last quarter. Trust Point Inc. acquired a new position in shares of FedEx during the fourth quarter worth $282,000. Planned Solutions Inc. acquired a new position in shares of FedEx during the fourth quarter worth $32,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of FedEx by 2.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock worth $157,660,000 after purchasing an additional 13,642 shares in the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FDX has been the topic of a number of recent research reports. Melius Research raised shares of FedEx from a “hold” rating to a “buy” rating and set a $310.00 target price on the stock in a research report on Monday, January 8th. Bank of America dropped their price target on shares of FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. The Goldman Sachs Group lifted their price target on shares of FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Robert W. Baird lifted their price target on shares of FedEx from $315.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. Finally, BMO Capital Markets lifted their price target on shares of FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $301.33.

FedEx Stock Performance

FDX stock opened at $270.15 on Tuesday. The company has a market capitalization of $66.48 billion, a P/E ratio of 15.58, a PEG ratio of 1.26 and a beta of 1.21. The company has a 50-day simple moving average of $259.74 and a 200 day simple moving average of $254.18. FedEx Co. has a fifty-two week low of $213.80 and a fifty-two week high of $291.27. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The company had revenue of $21.70 billion during the quarter, compared to the consensus estimate of $21.95 billion. During the same period in the prior year, the company earned $3.41 EPS. FedEx’s revenue was down 2.1% on a year-over-year basis. Sell-side analysts predict that FedEx Co. will post 17.67 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were issued a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.87%. FedEx’s dividend payout ratio is 29.07%.

FedEx announced that its Board of Directors has initiated a share repurchase program on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Mark R. Allen sold 10,145 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $287.28, for a total value of $2,914,455.60. Following the transaction, the executive vice president now owns 36,853 shares in the company, valued at $10,587,129.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. Insiders have sold 136,668 shares of company stock worth $37,758,773 in the last 90 days. Company insiders own 8.73% of the company’s stock.

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.