US Bancorp DE Acquires 1,005 Shares of FedEx Co. (NYSE:FDX)

US Bancorp DE raised its holdings in FedEx Co. (NYSE:FDX) by 0.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,783 shares of the shipping service provider’s stock after buying an additional 1,005 shares during the period. US Bancorp DE’s holdings in FedEx were worth $33,257,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in FDX. Crossmark Global Holdings Inc. raised its holdings in shares of FedEx by 20.9% in 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 purchasing an additional 5,055 shares during the last quarter. Western Wealth Management LLC raised its holdings in shares of FedEx by 10.0% in 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 during the last quarter. Trust Point Inc. purchased a new stake in shares of FedEx in the fourth quarter valued at about $282,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of FedEx in the first quarter valued at about $1,667,000. Finally, Allegheny Financial Group LTD purchased a new stake in shares of FedEx in the first quarter valued at about $203,000. 84.47% of the stock is owned by institutional investors.

FedEx Price Performance

Shares of FDX stock traded up $8.50 during trading hours on Tuesday, hitting $313.52. 2,769,234 shares of the company’s stock were exchanged, compared to its average volume of 1,938,263. The company has a market capitalization of $77.15 billion, a PE ratio of 18.14, a PEG 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 business’s 50 day simple moving average is $265.16 and its 200-day simple moving average is $259.02. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping the consensus estimate of $5.34 by $0.07. The firm 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 business’s revenue was up .8% compared to the same quarter last year. During the same period last year, the firm posted $4.94 earnings per share. On average, equities research analysts anticipate that FedEx Co. will post 20.94 earnings per share for the current year.

FedEx Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 24th were paid a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 1.76%. This is an increase from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date was Monday, June 24th. FedEx’s payout ratio is presently 32.04%.

FedEx declared that its board has initiated a stock buyback plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently commented on FDX. The Goldman Sachs Group increased their target price on shares of FedEx from $316.00 to $333.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. TD Cowen increased their target price on shares of FedEx from $320.00 to $335.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. BMO Capital Markets raised their price objective 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. Morgan Stanley raised their price objective 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. Finally, Bank of America raised their price objective on shares of FedEx from $340.00 to $347.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and an average price target of $314.00.

Insider Buying and Selling

In related news, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction on Friday, June 28th. The shares were 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 directly owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Paul S. Walsh sold 2,535 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $294.72, for a total transaction of $747,115.20. Following the sale, the director now owns 14,745 shares in the company, valued at approximately $4,345,646.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the sale, the executive vice president now owns 59,884 shares in the company, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. Insiders have sold a total of 22,565 shares of company stock valued at $6,662,844 over the last three months. 8.73% of the stock is owned by company insiders.

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.