Procyon Advisors LLC Has $4.46 Million Stock Position in FedEx Co. (NYSE:FDX)

Procyon Advisors LLC grew its position in FedEx Co. (NYSE:FDX) by 5.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,637 shares of the shipping service provider’s stock after buying an additional 931 shares during the quarter. Procyon Advisors LLC’s holdings in FedEx were worth $4,462,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Management Professionals Inc. raised its stake in shares of FedEx by 143.2% during the 4th quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock worth $27,000 after purchasing an additional 63 shares in the last quarter. Planned Solutions Inc. bought a new stake in shares of FedEx in the fourth quarter valued at approximately $32,000. Baystate Wealth Management LLC raised its stake in FedEx by 60.2% during the 2nd quarter. Baystate Wealth Management LLC now owns 133 shares of the shipping service provider’s stock valued at $33,000 after purchasing an additional 50 shares during the last quarter. Global Wealth Management Investment Advisory Inc. acquired a new position in FedEx during the 1st quarter valued at $35,000. Finally, RVW Wealth LLC bought a new stake in shares of FedEx in the 3rd quarter worth approximately $40,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Stock Up 0.3 %

Shares of FDX traded up $0.95 on Thursday, hitting $288.83. The company’s stock had a trading volume of 217,151 shares, compared to its average volume of 2,155,262. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $71.08 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 1.37 and a beta of 1.20. The firm’s fifty day moving average price is $248.74 and its 200-day moving average price is $252.07. FedEx Co. has a fifty-two week low of $213.80 and a fifty-two week high of $291.27.

FedEx (NYSE:FDX) last released its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.49 by $0.37. The firm had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company’s revenue was down 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.41 EPS. On average, equities research analysts expect that FedEx Co. will post 17.6 EPS for the current year.

FedEx announced that its Board of Directors has approved a share repurchase plan on Thursday, March 21st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the shipping service provider to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Monday, March 11th will be issued a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, March 8th. FedEx’s dividend payout ratio (DPR) is presently 29.07%.

Insider Activity

In other news, Director Susan C. Schwab sold 6,145 shares of FedEx stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total value of $1,769,882.90. Following the sale, the director now directly owns 7,865 shares in the company, valued at $2,265,277.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Susan C. Schwab sold 6,145 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the sale, the director now owns 7,865 shares in the company, valued at $2,265,277.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Guy M. Erwin II sold 2,749 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the sale, the vice president now owns 486 shares in the company, valued at approximately $140,507.46. The disclosure for this sale can be found here. 8.73% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. BNP Paribas reiterated an “underperform” rating and set a $250.00 target price on shares of FedEx in a research report on Wednesday. Melius Research upgraded FedEx from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a research report on Monday, January 8th. Barclays raised their price objective on shares of FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, March 22nd. Raymond James dropped their price objective on shares of FedEx from $279.00 to $275.00 and set an “outperform” rating for the company in a report on Wednesday, December 20th. Finally, Stephens dropped their price objective on shares of FedEx from $330.00 to $320.00 and set an “overweight” rating for the company in a report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $301.07.

About FedEx

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.