First Trust Direct Indexing L.P. Has $2.01 Million Stock Holdings in FedEx Co. (NYSE:FDX)

First Trust Direct Indexing L.P. increased its stake in FedEx Co. (NYSE:FDX) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,933 shares of the shipping service provider’s stock after acquiring an additional 254 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in FedEx were worth $2,009,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Lake Street Private Wealth LLC lifted its holdings in FedEx by 11.2% in the first quarter. Lake Street Private Wealth LLC now owns 13,788 shares of the shipping service provider’s stock valued at $3,995,000 after buying an additional 1,388 shares during the period. IVC Wealth Advisors LLC lifted its stake in shares of FedEx by 7.4% in the 1st quarter. IVC Wealth Advisors LLC now owns 1,933 shares of the shipping service provider’s stock valued at $560,000 after purchasing an additional 134 shares during the period. Olstein Capital Management L.P. boosted its position in shares of FedEx by 20.0% during the 1st quarter. Olstein Capital Management L.P. now owns 27,000 shares of the shipping service provider’s stock valued at $7,823,000 after purchasing an additional 4,500 shares in the last quarter. Carret Asset Management LLC grew its stake in FedEx by 3.0% during the first quarter. Carret Asset Management LLC now owns 29,488 shares of the shipping service provider’s stock worth $8,544,000 after purchasing an additional 847 shares during the period. Finally, MBM Wealth Consultants LLC grew its stake in FedEx by 10.6% during the first quarter. MBM Wealth Consultants LLC now owns 4,252 shares of the shipping service provider’s stock worth $1,237,000 after purchasing an additional 409 shares during the period. 84.47% of the stock is currently owned by institutional investors.

FedEx Price Performance

FDX opened at $293.71 on Friday. The firm has a 50-day moving average price of $260.32 and a 200-day moving average price of $257.01. FedEx Co. has a twelve month low of $224.69 and a twelve month high of $302.41. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $72.28 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 1.06 and a beta of 1.18.

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, beating analysts’ consensus estimates of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. FedEx’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $4.94 EPS. Equities analysts expect that FedEx Co. will post 20.94 EPS for the current year.

FedEx Increases Dividend

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

FedEx announced that its Board of Directors has authorized a stock repurchase plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FDX. Oppenheimer restated a “market perform” rating on shares of FedEx in a report on Wednesday, June 26th. Jefferies Financial Group boosted their target price on shares of FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. Wells Fargo & Company raised their price target on shares of FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 26th. The Goldman Sachs Group upped their price objective on shares of FedEx from $316.00 to $333.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $327.00 target price (up from $303.00) on shares of FedEx in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $314.00.

Insider Buying and Selling at FedEx

In other news, Director David P. Steiner sold 1,369 shares of the firm’s 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 completion of the transaction, the director now directly owns 35,183 shares in the company, valued at $10,474,330.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction that occurred on 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 owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David P. Steiner sold 1,369 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $297.71, for a total value of $407,564.99. Following the sale, the director now owns 35,183 shares in the company, valued at approximately $10,474,330.93. 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 quarter. 8.73% of the stock is currently owned by corporate insiders.

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.