State of Tennessee Treasury Department Cuts Stake in FedEx Co. (NYSE:FDX)

State of Tennessee Treasury Department trimmed its position in shares of FedEx Co. (NYSE:FDXFree Report) by 19.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 95,937 shares of the shipping service provider’s stock after selling 23,738 shares during the quarter. State of Tennessee Treasury Department’s holdings in FedEx were worth $24,269,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FDX. Sentry LLC bought a new position in FedEx during the 4th quarter valued at about $1,811,748,000. Norges Bank bought a new position in FedEx during the 4th quarter valued at about $700,291,000. Mizuho Markets Americas LLC bought a new position in FedEx during the 3rd quarter valued at about $496,611,000. FMR LLC lifted its stake in FedEx by 29.1% during the 3rd quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after acquiring an additional 916,555 shares during the period. Finally, Capital International Investors lifted its stake in FedEx by 15.2% during the 4th quarter. Capital International Investors now owns 6,667,462 shares of the shipping service provider’s stock valued at $1,686,738,000 after acquiring an additional 880,894 shares during the period. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total transaction of $794,763.39. Following the completion of the transaction, the vice president now directly owns 486 shares of the company’s stock, valued at $140,507.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total transaction of $794,763.39. Following the completion of the transaction, the vice president now directly owns 486 shares of the company’s stock, valued at $140,507.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction 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 sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold 136,668 shares of company stock valued at $37,758,773 over the last three months. 8.73% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on FDX. Barclays upped their target price on shares of FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd. Stifel Nicolaus lowered their price objective on shares of FedEx from $306.00 to $303.00 and set a “buy” rating on the stock in a research note on Wednesday, April 3rd. Bank of America lowered their price objective on shares of FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. UBS Group lowered their price objective on shares of FedEx from $340.00 to $333.00 and set a “buy” rating on the stock in a research note on Tuesday, May 21st. Finally, BNP Paribas reiterated an “underperform” rating and issued a $250.00 price objective on shares of FedEx in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $301.92.

Get Our Latest Report on FDX

FedEx Trading Up 2.4 %

FDX stock opened at $253.70 on Tuesday. The firm has a fifty day moving average price of $260.83 and a 200 day moving average price of $256.56. FedEx Co. has a fifty-two week low of $222.01 and a fifty-two week high of $291.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. The firm has a market cap of $62.43 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.90 and a beta of 1.16.

FedEx (NYSE:FDXGet Free Report) last posted its 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 firm had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. During the same period last year, the firm posted $3.41 earnings per share. FedEx’s revenue for the quarter was down 2.1% compared to the same quarter last year. Sell-side analysts anticipate that FedEx Co. will post 17.76 earnings per share for the current fiscal year.

FedEx announced that its board has authorized a stock repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be paid a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 2.18%. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s payout ratio is presently 29.07%.

About FedEx

(Free Report)

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.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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