FedEx Co. (NYSE:FDX) Holdings Cut by State of Alaska Department of Revenue

State of Alaska Department of Revenue decreased its stake in FedEx Co. (NYSE:FDX) by 11.2% in the first quarter, Holdings Channel reports. The institutional investor owned 53,449 shares of the shipping service provider’s stock after selling 6,740 shares during the quarter. State of Alaska Department of Revenue’s holdings in FedEx were worth $15,485,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sentry LLC bought a new position in shares of FedEx during the 4th quarter valued at $1,811,748,000. Norges Bank bought a new position in shares of FedEx during the 4th quarter valued at $700,291,000. Capital International Investors raised its holdings in shares of 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 purchasing an additional 880,894 shares in the last quarter. Putnam Investments LLC raised its holdings in shares of FedEx by 38.1% during 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 purchasing an additional 798,084 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of FedEx by 33,890.5% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $275.69, for a total value of $703,009.50. Following the completion of the transaction, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at $1,735,192.86. The sale was disclosed in a legal filing with the SEC, which is available at 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 shares were 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 directly 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 is available at 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 transaction of $703,009.50. Following the completion of the transaction, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at $1,735,192.86. The disclosure for this sale can be found here. Insiders sold 135,864 shares of company stock valued at $37,677,934 in the last ninety days. Insiders own 8.73% of the company’s stock.

FedEx Trading Down 1.5 %

Shares of FDX stock opened at $293.68 on Thursday. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $302.41. The company has a market capitalization of $72.27 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.09 and a beta of 1.18. The firm has a 50-day moving average price of $259.20 and a 200 day moving average price of $256.49. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The firm had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. During the same period last year, the firm posted $4.94 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. Research analysts forecast that FedEx Co. will post 20.67 earnings per share for the current fiscal year.

FedEx announced that its Board of Directors has approved 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 buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be issued a dividend of $1.38 per share. This is an increase from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Monday, June 24th. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on FDX shares. TD Cowen raised their price target on shares of FedEx from $320.00 to $335.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. BNP Paribas reiterated an “underperform” rating and issued a $250.00 target price on shares of FedEx in a research note on Wednesday, March 27th. UBS Group lowered their target price 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. Argus raised their target price on shares of FedEx from $325.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Evercore ISI decreased their price target on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus target price of $314.00.

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.