FedEx Co. (NYSE:FDX) is New Vernon Investment Management LLC’s 9th Largest Position

New Vernon Investment Management LLC lifted its stake in shares of FedEx Co. (NYSE:FDX) by 1,238.9% during the fourth quarter, Holdings Channel reports. The fund owned 21,422 shares of the shipping service provider’s stock after acquiring an additional 19,822 shares during the period. FedEx comprises 3.6% of New Vernon Investment Management LLC’s investment portfolio, making the stock its 9th largest position. New Vernon Investment Management LLC’s holdings in FedEx were worth $6,027,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Fortitude Family Office LLC increased its holdings in FedEx by 144.4% during the 4th quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock worth $25,000 after purchasing an additional 52 shares during the period. Transce3nd LLC purchased a new position in FedEx in the fourth quarter worth approximately $26,000. Peoples Financial Services CORP. acquired a new position in FedEx during the 4th quarter worth approximately $28,000. City Holding Co. purchased a new stake in shares of FedEx in the 4th quarter valued at approximately $28,000. Finally, Kentucky Trust Co purchased a new stake in shares of FedEx in the 4th quarter valued at approximately $28,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO John Alan Smith sold 6,155 shares of FedEx stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the sale, the chief operating officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.87% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. TD Cowen lowered their target price on shares of FedEx from $337.00 to $310.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Stephens cut their target price on FedEx from $320.00 to $300.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. JPMorgan Chase & Co. lowered their price target on FedEx from $323.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Citigroup cut their price objective on shares of FedEx from $305.00 to $267.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of FedEx in a report on Friday, March 7th. They issued a “buy” rating and a $337.00 target price for the company. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $297.71.

FedEx Stock Performance

NYSE FDX opened at $215.74 on Friday. The stock has a market capitalization of $51.69 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 1.11 and a beta of 1.24. The business’s 50 day moving average is $234.59 and its two-hundred day moving average is $262.17. FedEx Co. has a 12-month low of $194.30 and a 12-month high of $313.84. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last announced its quarterly earnings data 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 business 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 company earned $3.86 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Research analysts expect that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Monday, March 10th. FedEx’s dividend payout ratio (DPR) is 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.