Allspring Global Investments Holdings LLC Has $47.63 Million Stock Holdings in FedEx Co. (NYSE:FDX)

Allspring Global Investments Holdings LLC trimmed its position in FedEx Co. (NYSE:FDX) by 19.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 164,372 shares of the shipping service provider’s stock after selling 39,821 shares during the period. Allspring Global Investments Holdings LLC owned about 0.07% of FedEx worth $47,625,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in FedEx by 0.3% in the third quarter. Vanguard Group Inc. now owns 18,729,110 shares of the shipping service provider’s stock worth $4,961,716,000 after purchasing an additional 59,161 shares during the period. Sentry LLC acquired a new stake in shares of FedEx during the 4th quarter worth approximately $1,811,748,000. Capital International Investors raised its stake in shares of FedEx by 15.2% during the fourth quarter. Capital International Investors now owns 6,667,462 shares of the shipping service provider’s stock worth $1,686,738,000 after buying an additional 880,894 shares during the last quarter. Morgan Stanley lifted its holdings in FedEx by 1.1% in the third quarter. Morgan Stanley now owns 3,238,185 shares of the shipping service provider’s stock valued at $857,860,000 after buying an additional 35,085 shares during the period. Finally, Putnam Investments LLC lifted its holdings in FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after buying an additional 798,084 shares during the period. 84.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the sale, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other FedEx 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 $3,978,953,009.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 value of $407,564.99. Following the transaction, the director now owns 35,183 shares of the company’s stock, valued at $10,474,330.93. The disclosure for this sale can be found here. Insiders sold a total of 135,864 shares of company stock valued at $37,677,934 in the last quarter. Company insiders own 8.73% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the subject of several recent research reports. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. Evercore ISI dropped their price objective on FedEx from $351.00 to $318.00 and set an “outperform” rating for the company in a report on Monday, June 24th. Robert W. Baird upped their price target on FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Bank of America increased their price target on shares of FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group lifted their price objective on shares of FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Trading Down 1.5 %

FedEx stock opened at $293.68 on Thursday. The company has a market cap of $72.27 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 1.10 and a beta of 1.18. The firm has a 50-day moving average of $259.20 and a 200-day moving average of $256.49. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. FedEx Co. has a one year low of $224.69 and a one year high of $302.41.

FedEx (NYSE:FDX) last issued its quarterly earnings results 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. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. During the same period in the prior year, the firm posted $4.94 earnings per share. The business’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts expect that FedEx Co. will post 20.67 earnings per share for the current fiscal year.

FedEx announced that its Board of Directors 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board 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 $1.38 dividend. The ex-dividend date of this dividend is Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a yield of 1.88%. This is a boost from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio (DPR) is currently 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.