Public Sector Pension Investment Board Decreases Stock Holdings in FedEx Co. (NYSE:FDX)

Public Sector Pension Investment Board trimmed its holdings in shares of FedEx Co. (NYSE:FDXFree Report) by 18.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 272,170 shares of the shipping service provider’s stock after selling 60,826 shares during the period. Public Sector Pension Investment Board’s holdings in FedEx were worth $68,851,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of FDX. Financial Management Professionals Inc. increased its position in shares of FedEx by 143.2% during the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock valued at $27,000 after acquiring an additional 63 shares during the last quarter. Private Wealth Management Group LLC purchased a new stake in FedEx in the fourth quarter worth $28,000. Rakuten Securities Inc. purchased a new stake in FedEx in the fourth quarter worth $30,000. Tennessee Valley Asset Management Partners purchased a new stake in FedEx in the fourth quarter worth $31,000. Finally, Planned Solutions Inc. purchased a new stake in FedEx in the fourth quarter worth $32,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Guy M. Erwin II sold 2,749 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now directly owns 486 shares of the company’s stock, valued at approximately $140,507.46. The disclosure for this sale can be found here. Insiders sold a total of 136,668 shares of company stock valued at $37,758,773 over the last 90 days. Insiders own 8.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FDX shares. Bank of America decreased their target price on FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a research report on Tuesday, April 2nd. Jefferies Financial Group raised their target price on FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. reduced their price target on FedEx from $301.00 to $296.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Evercore ISI lifted their price target on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley lifted their price target on FedEx from $195.00 to $210.00 and gave the company an “equal weight” rating in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $301.92.

View Our Latest Stock Analysis on FedEx

FedEx Price Performance

FDX stock remained flat at $248.60 during mid-day trading on Thursday. The company’s stock had a trading volume of 1,014,263 shares, compared to its average volume of 1,806,373. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26. The firm’s 50 day simple moving average is $259.24 and its two-hundred day simple moving average is $256.41. FedEx Co. has a 52-week low of $223.24 and a 52-week high of $291.27. The company has a market cap of $61.18 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 0.92 and a beta of 1.16.

FedEx (NYSE:FDXGet Free Report) last issued its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The firm had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. During the same quarter in the previous year, the company posted $3.41 earnings per share. The company’s revenue was down 2.1% compared to the same quarter last year. As a group, equities analysts forecast that FedEx Co. will post 17.76 EPS for the current fiscal year.

FedEx announced that its board has authorized a share repurchase plan on Thursday, March 21st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be paid a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, June 24th. This represents a $5.52 annualized dividend and a yield of 2.22%. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s payout ratio is 31.83%.

FedEx Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Co. (NYSE:FDXFree Report).

Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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