Fortis Advisors LLC Cuts Position in FedEx Co. (NYSE:FDX)

Fortis Advisors LLC decreased its position in shares of FedEx Co. (NYSE:FDX) by 30.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,050 shares of the shipping service provider’s stock after selling 458 shares during the period. Fortis Advisors LLC’s holdings in FedEx were worth $256,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FDX. Transce3nd LLC purchased a new stake in FedEx in the fourth quarter worth approximately $26,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of FedEx in the 4th quarter valued at $28,000. Runnymede Capital Advisors Inc. bought a new position in shares of FedEx during the 4th quarter valued at $32,000. Accredited Wealth Management LLC purchased a new position in FedEx in the 4th quarter worth $35,000. Finally, Optiver Holding B.V. purchased a new position in FedEx in the 4th quarter worth $39,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

FDX stock opened at $223.95 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. FedEx Co. has a 1 year low of $194.30 and a 1 year high of $313.84. The firm has a 50-day moving average of $216.82 and a 200 day moving average of $246.98. The company has a market cap of $53.66 billion, a P/E ratio of 14.27, a PEG ratio of 1.11 and a beta of 1.35.

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

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Monday, June 23rd will be paid a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 2.59%. This is a positive change from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date is Monday, June 23rd. FedEx’s dividend payout ratio (DPR) is presently 36.39%.

Insider Activity at FedEx

In related news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 23,347 shares in the company, valued at $5,686,161.85. This represents a 20.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 8.87% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FDX shares. TD Cowen reduced their price objective on FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Cfra Research upgraded FedEx to a “hold” rating in a report on Thursday, March 20th. Barclays reduced their price target on FedEx from $350.00 to $330.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 3rd. Raymond James lowered their price objective on FedEx from $320.00 to $290.00 and set an “outperform” rating for the company in a research report on Friday, March 21st. Finally, Wall Street Zen lowered FedEx from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.54.

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.