Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 183 Shares of FedEx Co. (NYSE:FDX)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in shares of FedEx Co. (NYSE:FDX) by 0.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,470 shares of the shipping service provider’s stock after selling 183 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in FedEx were worth $14,623,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FDX. Crossmark Global Holdings Inc. grew its position in FedEx by 20.9% during 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 period. Western Wealth Management LLC lifted its holdings in FedEx by 10.0% during the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after purchasing an additional 333 shares in the last quarter. Trust Point Inc. purchased a new position in shares of FedEx in the fourth quarter worth $282,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of FedEx in the first quarter worth $1,667,000. Finally, Allegheny Financial Group LTD purchased a new position in shares of FedEx in the first quarter worth $203,000. 84.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on FDX. Bank of America boosted their target price on shares of FedEx from $340.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Raymond James cut their price objective on shares of FedEx from $325.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 24th. Jefferies Financial Group boosted their price objective on shares of FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. BMO Capital Markets upped their price target on shares of FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd. Finally, Morgan Stanley upped their price target on shares of FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 26th. One research 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $314.00.

Insider Activity at FedEx

In other FedEx news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now owns 59,884 shares in the company, valued at approximately $17,634,640.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Robert B. Carter sold 16,010 shares of FedEx 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 in the company, valued at approximately $17,634,640.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Marvin R. Ellison sold 2,535 shares of the firm’s 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 of the company’s stock, valued at $2,081,909.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,565 shares of company stock valued at $6,662,844. 8.73% of the stock is owned by company insiders.

FedEx Stock Performance

Shares of FedEx stock traded down $2.29 during midday trading on Wednesday, hitting $311.23. The company had a trading volume of 1,073,744 shares, compared to its average volume of 1,931,913. The stock has a market cap of $76.59 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 1.10 and a beta of 1.18. 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 company has a fifty day simple moving average of $266.24 and a 200 day simple moving average of $259.45. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84.

FedEx (NYSE:FDX) last issued its quarterly earnings results 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 net margin of 4.94% and a return on equity of 16.70%. The company had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter in the prior year, the company earned $4.94 EPS. FedEx’s quarterly revenue was up .8% on a year-over-year basis. As a group, analysts predict that FedEx Co. will post 20.94 earnings per share for the current fiscal year.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 24th were paid a $1.38 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a yield of 1.77%. This is a boost from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

FedEx announced that its board has authorized a stock repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

FedEx Company 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.