Capital Investment Counsel Inc Sells 14,190 Shares of FedEx Co. (NYSE:FDX)

Capital Investment Counsel Inc cut its stake in shares of FedEx Co. (NYSE:FDX) by 36.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,257 shares of the shipping service provider’s stock after selling 14,190 shares during the quarter. FedEx accounts for about 1.1% of Capital Investment Counsel Inc’s holdings, making the stock its 15th biggest holding. Capital Investment Counsel Inc’s holdings in FedEx were worth $7,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of FDX. Sentry LLC bought a new position in FedEx during the 4th quarter worth approximately $1,811,748,000. Norges Bank bought a new position in FedEx in the fourth quarter worth about $700,291,000. Capital International Investors lifted its holdings in FedEx by 32.5% in the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock worth $2,558,718,000 after buying an additional 2,163,622 shares during the period. Vanguard Group Inc. boosted its position in FedEx by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after acquiring an additional 1,056,061 shares in the last quarter. Finally, Putnam Investments LLC grew its stake in FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after purchasing an additional 798,084 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of FDX stock traded up $0.02 during trading hours on Tuesday, reaching $288.44. 575,887 shares of the company traded hands, compared to its average volume of 1,852,868. The firm has a 50-day moving average price of $285.87 and a 200 day moving average price of $267.36. The company has a market cap of $70.98 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.08 and a beta of 1.18. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32.

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, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.94 earnings per share. As a group, sell-side analysts predict that FedEx Co. will post 20.94 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th will be paid a $1.38 dividend. The ex-dividend date is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a yield of 1.91%. FedEx’s payout ratio is presently 32.04%.

Insider Activity

In related news, CAO Guy M. Erwin II sold 116 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the completion of the sale, the chief accounting officer now owns 930 shares in the company, valued at $278,293.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other FedEx news, Director Paul S. Walsh sold 2,535 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $294.72, for a total transaction of $747,115.20. Following the completion of the transaction, the director now owns 14,745 shares of the company’s stock, valued at approximately $4,345,646.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Guy M. Erwin II sold 116 shares of FedEx stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the sale, the chief accounting officer now directly owns 930 shares in the company, valued at $278,293.20. The disclosure for this sale can be found here. Insiders have sold 32,944 shares of company stock worth $9,882,355 over the last ninety days. Corporate insiders own 8.73% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on FDX. Wells Fargo & Company raised their target price on shares of FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. Robert W. Baird lifted their price target on FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 26th. Stephens reissued an “overweight” rating and set a $325.00 price objective on shares of FedEx in a research report on Wednesday, June 26th. UBS Group decreased their target price on shares of FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a report on Tuesday, May 21st. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $327.00 price target (up previously from $303.00) on shares of FedEx in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $314.00.

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.