Grandfield & Dodd LLC Has $2.18 Million Stock Position in FedEx Co. (NYSE:FDX)

Grandfield & Dodd LLC reduced its stake in FedEx Co. (NYSE:FDX) by 33.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,522 shares of the shipping service provider’s stock after selling 3,845 shares during the quarter. Grandfield & Dodd LLC’s holdings in FedEx were worth $2,180,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cohen Capital Management Inc. lifted its stake in shares of FedEx by 1.0% in the first quarter. Cohen Capital Management Inc. now owns 10,334 shares of the shipping service provider’s stock worth $2,994,000 after acquiring an additional 102 shares during the period. 9258 Wealth Management LLC bought a new stake in FedEx in the first quarter worth approximately $213,000. Team Hewins LLC increased its holdings in FedEx by 4.9% in the first quarter. Team Hewins LLC now owns 972 shares of the shipping service provider’s stock worth $283,000 after purchasing an additional 45 shares in the last quarter. Csenge Advisory Group increased its holdings in FedEx by 14.9% in the first quarter. Csenge Advisory Group now owns 2,297 shares of the shipping service provider’s stock worth $666,000 after purchasing an additional 298 shares in the last quarter. Finally, Wittenberg Investment Management Inc. bought a new stake in FedEx in the first quarter worth approximately $203,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Evercore ISI lowered their target price on FedEx from $351.00 to $318.00 and set an “outperform” rating for the company in a report on Monday, June 24th. TD Cowen lifted their target price on FedEx from $320.00 to $335.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Barclays lifted their target price on FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. upgraded FedEx from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $296.00 to $359.00 in a report on Wednesday, June 26th. Finally, BNP Paribas restated an “underperform” rating and set a $250.00 price objective on shares of FedEx in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Stock Performance

FDX stock traded up $6.33 during midday trading on Thursday, hitting $299.60. The company’s stock had a trading volume of 1,860,045 shares, compared to its average volume of 1,934,385. The stock’s 50-day moving average price is $263.50 and its 200 day moving average price is $258.20. 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 Co. has a 1 year low of $224.69 and a 1 year high of $302.41. The stock has a market cap of $73.73 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 1.07 and a beta of 1.18.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping 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 business had revenue of $22.11 billion for the quarter, compared to analysts’ expectations of $22.04 billion. During the same quarter in the previous year, the firm earned $4.94 earnings per share. The business’s revenue was up .8% on a year-over-year basis. On average, equities analysts forecast that FedEx Co. will post 20.94 EPS for the current year.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th were given a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Monday, June 24th. This is a boost from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio is currently 32.04%.

FedEx announced that its Board of Directors has initiated 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 buy up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Robert B. Carter sold 16,010 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marvin R. Ellison sold 2,535 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $299.34, for a total value of $758,826.90. Following the sale, the director now directly owns 6,955 shares in the company, valued at approximately $2,081,909.70. The disclosure for this sale can be found here. Insiders have sold 22,565 shares of company stock valued at $6,662,844 in the last 90 days. Insiders own 8.73% of the company’s stock.

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.