Wedge Capital Management L L P NC Reduces Stake in FedEx Co. (NYSE:FDX)

Wedge Capital Management L L P NC lowered its position in FedEx Co. (NYSE:FDX) by 3.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,986 shares of the shipping service provider’s stock after selling 1,094 shares during the period. Wedge Capital Management L L P NC’s holdings in FedEx were worth $9,103,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of FDX. Sentry LLC acquired a new position in FedEx in the fourth quarter valued at approximately $1,811,748,000. Mizuho Markets Americas LLC acquired a new position in shares of FedEx during the 3rd quarter worth approximately $496,611,000. FMR LLC raised its stake in shares of FedEx by 29.1% during the 3rd quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after buying an additional 916,555 shares during the period. International Assets Investment Management LLC raised its stake in shares of FedEx by 33,890.5% during the 4th quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock worth $166,972,000 after buying an additional 649,680 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of FedEx by 144.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock worth $267,135,000 after buying an additional 595,628 shares during the period. 84.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other FedEx news, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the sale, the chief executive officer now owns 11,147 shares of the company’s stock, valued at approximately $3,223,600.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Guy M. Erwin II sold 2,749 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total transaction of $794,763.39. Following the sale, the vice president now owns 486 shares of the company’s stock, valued at approximately $140,507.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sriram Krishnasamy sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the transaction, the chief executive officer now owns 11,147 shares in the company, valued at approximately $3,223,600.93. 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. Corporate insiders own 8.73% of the company’s stock.

FedEx Stock Performance

NYSE FDX opened at $271.67 on Wednesday. The stock has a market cap of $66.85 billion, a PE ratio of 15.67, a P/E/G ratio of 1.27 and a beta of 1.21. 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 Co. has a twelve month low of $213.80 and a twelve month high of $291.27. The stock has a fifty day simple moving average of $260.44 and a 200-day simple moving average of $254.28.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping analysts’ consensus estimates of $3.49 by $0.37. The business had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.41 EPS. Equities analysts anticipate that FedEx Co. will post 17.67 earnings per share for the current year.

FedEx declared that its Board of Directors has initiated a stock buyback program on Thursday, March 21st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the shipping service provider to repurchase 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were paid a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a yield of 1.86%. The ex-dividend date was Friday, March 8th. FedEx’s payout ratio is 29.07%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FDX. BNP Paribas reaffirmed an “underperform” rating and set a $250.00 target price on shares of FedEx in a research note on Wednesday, March 27th. Evercore ISI upped their target price on FedEx from $327.00 to $351.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. TD Cowen upped their target price on FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. Melius raised FedEx from a “hold” rating to a “buy” rating in a research note on Monday, January 8th. Finally, Barclays increased their price objective on FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $301.33.

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.