SteelPeak Wealth LLC Acquires 955 Shares of FedEx Co. (NYSE:FDX)

SteelPeak Wealth LLC increased its holdings in FedEx Co. (NYSE:FDX) by 19.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,994 shares of the shipping service provider’s stock after buying an additional 955 shares during the period. SteelPeak Wealth LLC’s holdings in FedEx were worth $1,744,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FDX. Fortis Group Advisors LLC lifted its holdings in FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after purchasing an additional 50 shares in the last quarter. Scarborough Advisors LLC bought a new position in shares of FedEx in the fourth quarter valued at approximately $25,000. Financial Management Professionals Inc. grew its stake in 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 in the last quarter. Private Wealth Management Group LLC bought a new stake in FedEx during the 4th quarter worth approximately $28,000. Finally, Rakuten Securities Inc. purchased a new stake in FedEx in the 4th quarter worth approximately $30,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at FedEx

In related news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were 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 directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $275.69, for a total transaction of $703,009.50. Following the sale, the executive vice president now owns 6,294 shares in the company, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,810 shares of company stock valued at $32,924,413. Corporate insiders own 8.73% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on FDX shares. Morgan Stanley boosted their price target on shares of FedEx from $210.00 to $215.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 26th. Bank of America upped their target price on FedEx from $340.00 to $347.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. BNP Paribas reissued an “underperform” rating and set a $250.00 price objective on shares of FedEx in a report on Wednesday, March 27th. Evercore ISI lowered their target price on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. Finally, Argus increased their price target on shares of FedEx from $325.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Trading Up 1.5 %

FDX opened at $299.84 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. FedEx Co. has a 52 week low of $224.69 and a 52 week high of $302.41. The stock has a market cap of $73.78 billion, a PE ratio of 17.40, a PEG ratio of 1.10 and a beta of 1.18. The business has a 50 day moving average of $258.10 and a 200-day moving average of $256.24.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $4.94 earnings per share. Equities research analysts predict that FedEx Co. will post 20.67 earnings per share for the current fiscal year.

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

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Monday, June 24th. This is a boost from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio is 32.04%.

FedEx Company 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.