Adirondack Trust Co. Has $225,000 Holdings in FedEx Co. (NYSE:FDX)

Adirondack Trust Co. cut its holdings in FedEx Co. (NYSE:FDX) by 6.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 902 shares of the shipping service provider’s stock after selling 62 shares during the period. Adirondack Trust Co.’s holdings in FedEx were worth $225,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Rafferty Asset Management LLC increased its holdings in FedEx by 0.9% during the third quarter. Rafferty Asset Management LLC now owns 21,303 shares of the shipping service provider’s stock worth $5,644,000 after buying an additional 199 shares during the last quarter. QRG Capital Management Inc. acquired a new position in FedEx during the third quarter worth $3,169,000. Envestnet Portfolio Solutions Inc. acquired a new position in FedEx during the third quarter worth $3,881,000. Envestnet Asset Management Inc. increased its holdings in FedEx by 25.2% during the third quarter. Envestnet Asset Management Inc. now owns 329,502 shares of the shipping service provider’s stock worth $87,292,000 after buying an additional 66,336 shares during the last quarter. Finally, FMR LLC increased its holdings in FedEx by 29.1% during the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after buying an additional 916,555 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the transaction, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 136,668 shares of company stock valued at $37,758,773. 8.73% of the stock is currently owned by corporate insiders.

FedEx Trading Down 0.8 %

FDX opened at $248.09 on Wednesday. FedEx Co. has a twelve month low of $223.24 and a twelve month high of $291.27. The company has a 50-day simple moving average of $257.62 and a 200 day simple moving average of $256.22. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $61.05 billion, a price-to-earnings ratio of 14.31, a P/E/G ratio of 0.91 and a beta of 1.16.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The business had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same quarter in the prior year, the business posted $3.41 earnings per share. FedEx’s revenue was down 2.1% compared to the same quarter last year. Analysts predict that FedEx Co. will post 17.76 EPS for the current fiscal year.

FedEx declared that its board has initiated a stock buyback plan on Thursday, March 21st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be given a dividend of $1.38 per share. This is a boost from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date is Monday, June 24th. This represents a $5.52 annualized dividend and a yield of 2.22%. FedEx’s dividend payout ratio is currently 29.07%.

Wall Street Analyst Weigh In

FDX has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, March 22nd. UBS Group reduced their price objective on shares of FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a research report on Tuesday, May 21st. Bank of America reduced their price objective on shares of FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a research report on Tuesday, April 2nd. Stifel Nicolaus reduced their price objective on shares of FedEx from $306.00 to $303.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. Finally, TD Cowen lifted their price objective on shares of FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. One research 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. Based on data from MarketBeat.com, FedEx currently has an average rating of “Moderate Buy” and a consensus target price of $301.92.

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.