California Public Employees Retirement System Sells 32,025 Shares of FedEx Co. (NYSE:FDX)

California Public Employees Retirement System cut its holdings in shares of FedEx Co. (NYSE:FDX) by 7.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 372,299 shares of the shipping service provider’s stock after selling 32,025 shares during the period. California Public Employees Retirement System owned approximately 0.15% of FedEx worth $104,739,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. United Bank bought a new stake in shares of FedEx in the third quarter valued at about $615,000. Townsquare Capital LLC lifted its stake in FedEx by 19.5% in the 3rd quarter. Townsquare Capital LLC now owns 1,764 shares of the shipping service provider’s stock valued at $483,000 after acquiring an additional 288 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in FedEx by 117.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 77,974 shares of the shipping service provider’s stock worth $21,343,000 after acquiring an additional 42,034 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of FedEx in the third quarter valued at approximately $7,177,000. Finally, Paloma Partners Management Co lifted its position in shares of FedEx by 18.2% in the third quarter. Paloma Partners Management Co now owns 4,609 shares of the shipping service provider’s stock worth $1,261,000 after purchasing an additional 709 shares in the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FDX. Wells Fargo & Company decreased their target price on shares of FedEx from $275.00 to $260.00 and set an “equal weight” rating for the company in a research report on Friday, March 21st. Cfra Research raised FedEx to a “hold” rating in a research report on Thursday, March 20th. Bank of America dropped their target price on FedEx from $295.00 to $272.00 and set a “buy” rating on the stock in a report on Friday, March 21st. TD Cowen lowered their price target on FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Finally, JPMorgan Chase & Co. cut their price objective on FedEx from $323.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $302.71.

Insider Activity

In other news, COO John Alan Smith sold 6,155 shares of FedEx stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total value of $1,499,050.25. Following the transaction, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. This trade represents a 20.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan C. Schwab sold 3,980 shares of the company’s stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total value of $1,100,271.00. Following the sale, the director now owns 8,904 shares of the company’s stock, valued at approximately $2,461,510.80. This represents a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 12,711 shares of company stock worth $3,312,693. 8.87% of the stock is currently owned by company insiders.

FedEx Stock Performance

NYSE:FDX opened at $244.07 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The stock has a 50 day simple moving average of $255.97 and a 200 day simple moving average of $270.59. FedEx Co. has a 1-year low of $217.22 and a 1-year high of $313.84. The stock has a market cap of $58.48 billion, a P/E ratio of 15.56, a PEG ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last posted its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a return on equity of 15.59% and a net margin of 4.45%. The firm had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. During the same period in the prior year, the business posted $3.86 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Research analysts anticipate that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.38 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 annualized dividend and a yield of 2.26%. FedEx’s dividend payout ratio is presently 34.63%.

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.