FedEx Co. (NYSE:FDX) Director David P. Steiner Sells 1,369 Shares

FedEx Co. (NYSE:FDX) Director David P. Steiner sold 1,369 shares of FedEx stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $297.71, for a total value of $407,564.99. Following the transaction, the director now owns 35,183 shares of the company’s stock, valued at $10,474,330.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

FedEx Stock Performance

NYSE FDX opened at $298.35 on Wednesday. The stock’s fifty day moving average is $258.67 and its two-hundred day moving average is $256.37. The firm has a market capitalization of $73.42 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 1.10 and a beta of 1.18. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a fifty-two week low of $224.69 and a fifty-two week high of $302.41.

FedEx (NYSE:FDX) last released its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. The company had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.94 earnings per share. On average, research analysts anticipate that FedEx Co. will post 20.67 earnings per share for the current year.

FedEx declared that its Board of Directors has approved a stock buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th will be paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Monday, June 24th. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio is 32.04%.

Wall Street Analyst Weigh In

FDX has been the subject of several recent research reports. Jefferies Financial Group lifted their price target on FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. upgraded FedEx from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $296.00 to $359.00 in a research report on Wednesday, June 26th. Oppenheimer restated a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. Robert W. Baird boosted their price objective on FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday, June 26th. Finally, Barclays boosted their price objective on FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, FedEx has a consensus rating of “Moderate Buy” and a consensus price target of $314.00.

Hedge Funds Weigh In On FedEx

Several large investors have recently modified their holdings of FDX. Sentry LLC acquired a new position in shares of FedEx in the 4th quarter valued at $1,811,748,000. Norges Bank purchased a new stake in shares of FedEx in the 4th quarter valued at $700,291,000. Capital International Investors raised its holdings in shares of FedEx by 32.5% in the 1st quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after buying an additional 2,163,622 shares during the period. Vanguard Group Inc. raised its holdings in shares of FedEx by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after buying an additional 1,056,061 shares during the period. Finally, Putnam Investments LLC raised its holdings in shares of FedEx by 38.1% in the 4th quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after buying an additional 798,084 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

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.