Mackenzie Financial Corp Sells 13,006 Shares of FedEx Co. (NYSE:FDX)

Mackenzie Financial Corp decreased its holdings in FedEx Co. (NYSE:FDX) by 5.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 208,732 shares of the shipping service provider’s stock after selling 13,006 shares during the period. Mackenzie Financial Corp’s holdings in FedEx were worth $62,586,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in FedEx by 5.6% in the first quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock worth $5,756,602,000 after purchasing an additional 1,056,061 shares in the last quarter. 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 purchasing an additional 2,163,622 shares in the last quarter. Putnam Investments LLC lifted its position 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 worth $732,040,000 after purchasing an additional 798,084 shares during the period. Mawer Investment Management Ltd. boosted its stake in shares of FedEx by 43.5% during the first quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock valued at $654,401,000 after purchasing an additional 684,679 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in FedEx by 34.6% during the second quarter. Ameriprise Financial Inc. now owns 2,248,137 shares of the shipping service provider’s stock worth $674,336,000 after buying an additional 578,350 shares during the period. 84.47% of the stock is currently owned by institutional investors.

Insider Activity at FedEx

In other 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 completion of the sale, the director now owns 35,183 shares of the company’s stock, valued at $10,474,330.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other FedEx news, Director David P. Steiner sold 1,369 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was 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 in the company, valued at approximately $10,474,330.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the completion of 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 in the last 90 days. Corporate insiders own 8.73% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on FDX shares. BMO Capital Markets reduced their price target on FedEx from $325.00 to $300.00 and set a “market perform” rating for the company in a research report on Friday, September 20th. UBS Group reduced their target price on shares of FedEx from $333.00 to $311.00 and set a “buy” rating for the company in a report on Friday, September 20th. TD Cowen lowered their price target on shares of FedEx from $334.00 to $328.00 and set a “buy” rating on the stock in a report on Friday, September 20th. StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Daiwa America lowered shares of FedEx from a “moderate buy” rating to a “hold” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $314.74.

FedEx Stock Performance

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

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The company had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. During the same quarter in the prior year, the business posted $4.55 earnings per share. The firm’s revenue was down .5% compared to the same quarter last year. On average, equities analysts forecast that FedEx Co. will post 19.66 earnings per share for the current year.

FedEx Announces Dividend

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 dividend of $1.38 per share. This represents a $5.52 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Monday, September 9th. FedEx’s payout ratio is currently 32.04%.

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.