Legal & General Group Plc Sells 2,204 Shares of FedEx Co. (NYSE:FDX)

Legal & General Group Plc cut its stake in shares of FedEx Co. (NYSE:FDX) by 0.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,972,274 shares of the shipping service provider’s stock after selling 2,204 shares during the period. Legal & General Group Plc owned about 0.80% of FedEx worth $591,367,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Precision Wealth Strategies LLC bought a new stake in shares of FedEx during the fourth quarter worth about $324,000. Steward Partners Investment Advisory LLC increased its position in FedEx by 42.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 12,865 shares of the shipping service provider’s stock valued at $3,254,000 after acquiring an additional 3,861 shares during the period. TD Asset Management Inc raised its stake in shares of FedEx by 6.7% during the fourth quarter. TD Asset Management Inc now owns 85,373 shares of the shipping service provider’s stock valued at $21,597,000 after acquiring an additional 5,350 shares during the last quarter. Fiduciary Trust Co lifted its holdings in shares of FedEx by 2.8% during the fourth quarter. Fiduciary Trust Co now owns 2,381 shares of the shipping service provider’s stock worth $602,000 after purchasing an additional 65 shares during the period. Finally, Avestar Capital LLC bought a new stake in shares of FedEx in the fourth quarter worth $219,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FDX shares. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a report on Wednesday, June 26th. Morgan Stanley cut FedEx from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $215.00 to $200.00 in a report on Friday, September 20th. UBS Group decreased their target price on shares of FedEx from $333.00 to $311.00 and set a “buy” rating for the company in a research report on Friday, September 20th. Hsbc Global Res downgraded shares of FedEx from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 20th. Finally, The Goldman Sachs Group decreased their price objective on shares of FedEx from $333.00 to $332.00 in a research report on Friday, September 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $314.74.

FedEx Trading Up 0.5 %

FDX opened at $267.54 on Friday. FedEx Co. has a fifty-two week low of $224.69 and a fifty-two week high of $313.84. The firm has a market capitalization of $65.84 billion, a PE ratio of 15.53, a P/E/G ratio of 1.04 and a beta of 1.17. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.28 and a quick ratio of 1.24. The company’s 50-day moving average is $288.06 and its 200 day moving average is $275.38.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 EPS for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The company had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. During the same period last year, the company earned $4.55 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, research analysts predict that FedEx Co. will post 19.66 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be paid a $1.38 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $5.52 annualized dividend and a dividend yield of 2.06%. FedEx’s payout ratio is 32.04%.

Insider Activity

In related news, Director David P. Steiner sold 1,369 shares of the business’s stock in a transaction dated 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 directly owns 35,183 shares in the company, valued at $10,474,330.93. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director David P. Steiner sold 1,369 shares of FedEx stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $297.71, for a total transaction of $407,564.99. Following the sale, the director now directly owns 35,183 shares in the company, valued at approximately $10,474,330.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the sale, the chief accounting officer now owns 930 shares of the company’s stock, valued at approximately $278,293.20. The disclosure for this sale can be found here. Insiders sold a total of 14,399 shares of company stock worth $4,420,615 over the last quarter. Insiders own 8.73% 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.