Mirae Asset Global Investments Co. Ltd. Lowers Stake in FedEx Co. (NYSE:FDX)

Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of FedEx Co. (NYSE:FDX) by 16.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,149 shares of the shipping service provider’s stock after selling 7,292 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in FedEx were worth $10,474,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Crossmark Global Holdings Inc. increased its stake in FedEx by 20.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock valued at $7,398,000 after purchasing an additional 5,055 shares in the last quarter. Western Wealth Management LLC grew its stake in shares of FedEx by 10.0% in the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock worth $925,000 after acquiring an additional 333 shares during the period. Trust Point Inc. bought a new stake in shares of FedEx in the fourth quarter worth approximately $282,000. Planned Solutions Inc. bought a new stake in shares of FedEx in the fourth quarter worth approximately $32,000. Finally, EFG Asset Management North America Corp. grew its stake in shares of FedEx by 173.2% in the fourth quarter. EFG Asset Management North America Corp. now owns 7,620 shares of the shipping service provider’s stock worth $1,928,000 after acquiring an additional 4,831 shares during the period. 84.47% of the stock is currently owned by institutional investors.

FedEx Price Performance

FDX stock opened at $295.53 on Tuesday. FedEx Co. has a one year low of $224.69 and a one year high of $302.41. The company’s fifty day moving average price is $261.47 and its 200-day moving average price is $257.35. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. The company has a market capitalization of $72.72 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 1.06 and a beta of 1.18.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter in the previous year, the firm earned $4.94 earnings per share. The company’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts anticipate that FedEx Co. will post 20.94 EPS for the current fiscal year.

FedEx declared that its board has authorized a share buyback plan on Thursday, March 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the shipping service provider to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are usually a sign 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. Investors of record on Monday, June 24th will be given a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Monday, June 24th. This is a boost from FedEx’s previous quarterly dividend of $1.26. FedEx’s payout ratio is currently 32.04%.

Insider Buying and Selling

In related news, Director David P. Steiner sold 1,369 shares of the business’s stock in a transaction 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 sale, the director now owns 35,183 shares in the company, valued at $10,474,330.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other FedEx news, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the transaction, the chief accounting officer now owns 930 shares in the company, valued at $278,293.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David P. Steiner sold 1,369 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $297.71, for a total transaction of $407,564.99. Following the transaction, 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. Over the last 90 days, insiders have sold 20,030 shares of company stock worth $5,904,017. Insiders own 8.73% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the subject of a number of research analyst reports. Argus lifted their price target on shares of FedEx from $325.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. The Goldman Sachs Group lifted their price target on shares of FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. JPMorgan Chase & Co. upgraded shares of FedEx from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $296.00 to $359.00 in a research note on Wednesday, June 26th. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. Finally, TD Cowen lifted their price target on shares of FedEx from $320.00 to $335.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given 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 $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.