FedEx Co. (NYSE:FDX) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its stake in FedEx Co. (NYSE:FDX) by 9.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 117,540 shares of the shipping service provider’s stock after selling 12,439 shares during the quarter. Truist Financial Corp’s holdings in FedEx were worth $29,734,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FDX. Sentry LLC acquired a new stake in shares of FedEx in the fourth quarter valued at approximately $1,811,748,000. Mizuho Markets Americas LLC acquired a new stake in shares of FedEx in the third quarter valued at approximately $496,611,000. FMR LLC increased its holdings in shares of FedEx by 29.1% in the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after purchasing an additional 916,555 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of FedEx by 33,890.5% in the fourth quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock valued at $166,972,000 after purchasing an additional 649,680 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of FedEx by 144.4% in the third quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock valued at $267,135,000 after purchasing an additional 595,628 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Trading Up 0.1 %

NYSE:FDX opened at $265.84 on Monday. The firm has a market cap of $65.42 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 1.25 and a beta of 1.21. The stock has a fifty day moving average price of $262.17 and a 200 day moving average price of $254.48. FedEx Co. has a 12-month low of $213.80 and a 12-month high of $291.27. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last released its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The firm had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. FedEx’s revenue was down 2.1% compared to the same quarter last year. During the same period last year, the business posted $3.41 earnings per share. Sell-side analysts anticipate that FedEx Co. will post 17.69 earnings per share for the current fiscal year.

FedEx announced that its board has approved a share buyback program on Thursday, March 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were paid a $1.26 dividend. This represents a $5.04 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio is presently 29.07%.

Insider Buying and Selling at FedEx

In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the sale, the executive vice president now directly owns 6,294 shares in the company, valued at $1,735,192.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the sale, the executive vice president now directly owns 6,294 shares in the company, valued at $1,735,192.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Guy M. Erwin II sold 2,749 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now owns 486 shares in the company, valued at $140,507.46. The disclosure for this sale can be found here. Insiders have sold a total of 136,668 shares of company stock worth $37,758,773 over the last ninety days. Corporate insiders own 8.73% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on FDX. Evercore ISI increased their price target on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Jefferies Financial Group increased their price objective on FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Melius Research upgraded FedEx from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a research report on Monday, January 8th. Morgan Stanley increased their price objective on FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, March 22nd. Finally, StockNews.com lowered FedEx from a “strong-buy” rating to a “buy” rating in a research report on Sunday, February 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $301.33.

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.