FedEx (NYSE:FDX) Stock Price Down 0.7%

FedEx Co. (NYSE:FDX) dropped 0.7% during trading on Wednesday . The company traded as low as $263.16 and last traded at $264.94. Approximately 1,421,134 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 2,349,459 shares. The stock had previously closed at $266.74.

Analyst Ratings Changes

Several analysts have issued reports on the stock. BNP Paribas reaffirmed an “underperform” rating and issued a $250.00 price target on shares of FedEx in a report on Wednesday, March 27th. Melius upgraded FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. BMO Capital Markets lifted their price objective on FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research report on Friday, March 22nd. Raymond James reduced their target price on FedEx from $279.00 to $275.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 20th. Finally, Bank Of America (Bofa) boosted their target price on shares of FedEx from $330.00 to $334.00 in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $301.33.

FedEx Price Performance

The company has a market cap of $65.20 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.26 and a beta of 1.21. The company’s 50-day moving average price is $257.89 and its two-hundred day moving average price is $254.05. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating the consensus estimate of $3.49 by $0.37. The firm had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. FedEx’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.41 earnings per share. As a group, sell-side analysts expect that FedEx Co. will post 17.67 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were issued a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a yield of 1.90%. FedEx’s dividend payout ratio is currently 29.07%.

FedEx announced that its Board of Directors has authorized a share repurchase program 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction 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 directly owns 14,505,844 shares in the company, valued at $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 related news, VP Guy M. Erwin II sold 2,749 shares of the firm’s stock in a transaction that occurred on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the sale, the vice president now directly owns 486 shares in the company, valued at approximately $140,507.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Frederick W. Smith sold 113,400 shares of the company’s 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 directly owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 136,668 shares of company stock valued at $37,758,773. Insiders own 8.73% of the company’s stock.

Institutional Trading of FedEx

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

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.