Glenmede Trust Co. NA Lowers Stake in FedEx Corporation $FDX

Glenmede Trust Co. NA cut its stake in FedEx Corporation (NYSE:FDX) by 13.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,724 shares of the shipping service provider’s stock after selling 9,096 shares during the quarter. Glenmede Trust Co. NA’s holdings in FedEx were worth $21,629,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FDX. Sivia Capital Partners LLC bought a new position in FedEx in the second quarter worth about $586,000. CWM LLC boosted its holdings in shares of FedEx by 32.2% in the 4th quarter. CWM LLC now owns 108,031 shares of the shipping service provider’s stock valued at $31,206,000 after buying an additional 26,322 shares in the last quarter. Canada Post Corp Registered Pension Plan boosted its holdings in shares of FedEx by 85.9% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after buying an additional 3,138 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of FedEx by 19.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock worth $12,081,000 after buying an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board purchased a new position in shares of FedEx in the 4th quarter worth approximately $2,122,000. 84.47% of the stock is owned by institutional investors.

FedEx Stock Down 0.4%

FDX stock opened at $307.41 on Friday. The stock has a market capitalization of $72.73 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.58 and a beta of 1.29. FedEx Corporation has a 52 week low of $172.88 and a 52 week high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The firm has a 50 day moving average of $328.67 and a 200 day moving average of $350.16.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The business had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. Sell-side analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were issued a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. FedEx’s payout ratio is 26.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. HSBC decreased their target price on shares of FedEx from $360.00 to $289.89 and set a “hold” rating for the company in a research report on Monday, June 1st. The Goldman Sachs Group cut their price target on shares of FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a report on Monday, June 1st. Sanford C. Bernstein set a $397.00 price target on FedEx in a research report on Wednesday, June 24th. Barclays decreased their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Wednesday, June 17th. Finally, BNP Paribas Exane lowered their price objective on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $350.54.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the transaction, the director directly owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is currently owned by insiders.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.