FedEx Co. (NYSE:FDX) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its position in FedEx Co. (NYSE:FDX) by 0.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,167 shares of the shipping service provider’s stock after selling 300 shares during the quarter. State of Michigan Retirement System’s holdings in FedEx were worth $20,910,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FDX. Glenmede Trust Co. NA lifted its holdings in FedEx by 14.5% in the third quarter. Glenmede Trust Co. NA now owns 52,313 shares of the shipping service provider’s stock valued at $13,859,000 after acquiring an additional 6,634 shares during the period. Axxcess Wealth Management LLC acquired a new position in FedEx during the third quarter worth about $240,000. Ameriprise Financial Inc. increased its holdings in FedEx by 144.4% in the third quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock valued at $267,135,000 after buying an additional 595,628 shares in the last quarter. Element Capital Management LLC purchased a new stake in shares of FedEx during the 3rd quarter worth approximately $621,000. Finally, LaSalle St. Investment Advisors LLC acquired a new stake in shares of FedEx in the 3rd quarter worth approximately $205,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Richard W. Smith sold 1,325 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $278.24, for a total value of $368,668.00. Following the sale, the chief executive officer now directly owns 84,614 shares in the company, valued at approximately $23,542,999.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Richard W. Smith sold 1,325 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $278.24, for a total transaction of $368,668.00. Following the sale, the chief executive officer now owns 84,614 shares in the company, valued at $23,542,999.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David P. Steiner sold 1,369 shares of FedEx stock in a transaction that occurred 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 transaction, the director now owns 35,183 shares in the company, valued at $10,474,330.93. The disclosure for this sale can be found here. Insiders sold a total of 137,189 shares of company stock worth $38,046,602 over the last 90 days. 8.73% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FDX shares. Jefferies Financial Group boosted 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. Wells Fargo & Company increased their price objective on shares of FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. Morgan Stanley lifted their target price on shares of FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. upgraded shares of FedEx from a “neutral” rating to an “overweight” rating and increased their price target for the company from $296.00 to $359.00 in a research report on Wednesday, June 26th. Finally, Bank of America upped their target price on FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Price Performance

Shares of NYSE FDX opened at $298.35 on Wednesday. The stock has a market cap of $73.42 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.10 and a beta of 1.18. The firm’s 50-day simple moving average is $258.67 and its 200 day simple moving average is $256.37. FedEx Co. has a fifty-two week low of $224.69 and a fifty-two week high of $302.41. 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 (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. During the same period in the prior year, the business posted $4.94 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Equities analysts expect that FedEx Co. will post 20.67 EPS for the current year.

FedEx announced that its board has approved a stock repurchase program on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th will be paid a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Monday, June 24th. This is an increase from FedEx’s previous quarterly dividend of $1.26. 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.