The Manufacturers Life Insurance Company Sells 1,678 Shares of FedEx Co. (NYSE:FDX)

The Manufacturers Life Insurance Company trimmed its position in shares of FedEx Co. (NYSE:FDX) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 138,073 shares of the shipping service provider’s stock after selling 1,678 shares during the period. The Manufacturers Life Insurance Company’s holdings in FedEx were worth $41,400,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fortis Group Advisors LLC raised its position in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Scarborough Advisors LLC bought a new stake in shares of FedEx during the 4th quarter valued at $25,000. Central Valley Advisors LLC bought a new stake in shares of FedEx during the 2nd quarter valued at $39,000. Security National Bank bought a new stake in shares of FedEx during the 4th quarter valued at $44,000. Finally, Abound Wealth Management raised its position in shares of FedEx by 175.9% during the 2nd quarter. Abound Wealth Management now owns 149 shares of the shipping service provider’s stock valued at $45,000 after purchasing an additional 95 shares during the period. 84.47% of the stock is currently owned by institutional investors.

Insider Activity at FedEx

In related news, CAO Guy M. Erwin II sold 116 shares of FedEx 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 in the company, valued at approximately $278,293.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Guy M. Erwin II sold 116 shares of the company’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brie Carere sold 1,958 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the sale, the executive vice president now directly owns 19,937 shares of the company’s stock, valued at approximately $6,189,042.91. The disclosure for this sale can be found here. Insiders sold 14,399 shares of company stock worth $4,420,615 in the last 90 days. 8.73% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FDX shares. TD Cowen cut their target price on shares of FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a research note on Friday, September 20th. The Goldman Sachs Group cut their target price on shares of FedEx from $333.00 to $332.00 in a research note on Friday, September 20th. Bank of America cut their target price on shares of FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. HSBC cut shares of FedEx from a “buy” rating to a “hold” rating and set a $300.00 target price for the company. in a research note on Friday, September 20th. Finally, BMO Capital Markets cut their target price on shares of FedEx from $325.00 to $300.00 and set a “market perform” rating for the company in a research note on Friday, September 20th. Two 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, FedEx presently has a consensus rating of “Moderate Buy” and a consensus price target of $314.74.

FedEx Price Performance

FDX stock opened at $267.55 on Monday. FedEx Co. has a 12 month low of $224.69 and a 12 month high of $313.84. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $288.06 and a 200 day moving average price of $275.67. The stock has a market cap of $65.84 billion, a PE ratio of 15.53, a P/E/G ratio of 1.04 and a beta of 1.17.

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

FedEx Announces Dividend

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

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.