David P. Steiner Sells 1,369 Shares of FedEx Co. (NYSE:FDX) Stock

FedEx Co. (NYSE:FDX) Director David P. Steiner sold 1,369 shares of FedEx stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $297.71, for a total value of $407,564.99. Following the sale, the director now directly owns 35,183 shares of the company’s stock, valued at approximately $10,474,330.93. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

FedEx Stock Down 1.5 %

NYSE:FDX opened at $293.68 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock’s fifty day moving average is $259.20 and its two-hundred day moving average is $256.49. FedEx Co. has a 52 week low of $224.69 and a 52 week high of $302.41. The stock has a market capitalization of $72.27 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 1.10 and a beta of 1.18.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. The company had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.94 earnings per share. Research analysts anticipate that FedEx Co. will post 20.67 EPS for the current year.

FedEx Increases Dividend

The business 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 is a boost from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, June 24th. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on FDX shares. Morgan Stanley boosted their price objective on FedEx from $210.00 to $215.00 and gave the company an “equal weight” rating in a report on Wednesday, June 26th. TD Cowen boosted their price objective on FedEx from $320.00 to $335.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. UBS Group decreased their price objective on FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a report on Tuesday, May 21st. Oppenheimer reissued a “market perform” rating on shares of FedEx in a report on Wednesday, June 26th. Finally, Wells Fargo & Company boosted their price objective on FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and an average target price of $314.00.

Institutional Trading of FedEx

Several hedge funds have recently modified their holdings of the stock. Crossmark Global Holdings Inc. increased its holdings in FedEx by 20.9% in the fourth quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock valued at $7,398,000 after buying an additional 5,055 shares during the last quarter. Western Wealth Management LLC increased its holdings in FedEx by 10.0% in the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after buying an additional 333 shares during the last quarter. Trust Point Inc. purchased a new position in FedEx in the fourth quarter valued at $282,000. Planned Solutions Inc. purchased a new position in FedEx in the fourth quarter valued at $32,000. Finally, EFG Asset Management North America Corp. increased its holdings in FedEx by 173.2% in the fourth quarter. EFG Asset Management North America Corp. now owns 7,620 shares of the shipping service provider’s stock valued at $1,928,000 after buying an additional 4,831 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

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.