OLD National Bancorp IN Acquires 120 Shares of FedEx Co. (NYSE:FDX)

OLD National Bancorp IN increased its holdings in FedEx Co. (NYSE:FDX) by 3.7% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 3,353 shares of the shipping service provider’s stock after buying an additional 120 shares during the quarter. OLD National Bancorp IN’s holdings in FedEx were worth $848,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Financial Management Professionals Inc. grew 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 valued at $27,000 after purchasing an additional 63 shares during the period. Rakuten Securities Inc. bought a new stake in shares of FedEx during the 4th quarter valued at about $30,000. Tennessee Valley Asset Management Partners bought a new stake in shares of FedEx during the 4th quarter valued at about $31,000. Planned Solutions Inc. bought a new stake in shares of FedEx during the 4th quarter valued at about $32,000. Finally, Valley National Advisers Inc. grew its stake in shares of FedEx by 123.3% during the 4th quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider’s stock valued at $33,000 after purchasing an additional 74 shares during the period. 84.47% of the stock is currently owned by institutional investors.

FedEx Price Performance

Shares of FDX stock opened at $271.67 on Wednesday. FedEx Co. has a 1-year low of $213.80 and a 1-year high of $291.27. The stock’s 50-day moving average is $260.44 and its 200 day moving average is $254.28. The company has a market cap of $66.85 billion, a P/E ratio of 15.67, a PEG ratio of 1.27 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.41 earnings per share. Research analysts predict that FedEx Co. will post 17.67 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were paid a $1.26 dividend. This represents a $5.04 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Friday, March 8th. FedEx’s payout ratio is 29.07%.

FedEx announced that its Board of Directors has initiated a share buyback program on Thursday, March 21st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on FDX. TD Cowen lifted their price objective on FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Melius raised FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Melius Research raised FedEx from a “hold” rating to a “buy” rating and set a $310.00 price target on the stock in a report on Monday, January 8th. The Goldman Sachs Group boosted their price target on FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Morgan Stanley boosted their price target on FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, FedEx has an average rating of “Moderate Buy” and an average target price of $301.33.

Insider Transactions at FedEx

In related news, CEO Sriram Krishnasamy sold 354 shares of FedEx stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total transaction of $102,373.26. Following the completion of the transaction, the chief executive officer now directly owns 11,147 shares in the company, valued at $3,223,600.93. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Sriram Krishnasamy sold 354 shares of FedEx stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total transaction of $102,373.26. Following the completion of the transaction, the chief executive officer now directly owns 11,147 shares in the company, valued at $3,223,600.93. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold a total of 136,668 shares of company stock worth $37,758,773 over the last three months. 8.73% of the stock is currently owned by insiders.

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.