Everett Harris & Co. CA Sells 240 Shares of FedEx Co. (NYSE:FDX)

Everett Harris & Co. CA reduced its holdings in FedEx Co. (NYSE:FDX) by 4.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 5,111 shares of the shipping service provider’s stock after selling 240 shares during the quarter. Everett Harris & Co. CA’s holdings in FedEx were worth $1,481,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FDX. Fortis Group Advisors LLC boosted its position in FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after acquiring an additional 50 shares in the last quarter. Scarborough Advisors LLC bought a new stake in shares of FedEx during the fourth quarter valued at approximately $25,000. Financial Management Professionals Inc. grew its stake in FedEx by 143.2% in the fourth 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 during the period. Private Wealth Management Group LLC bought a new position in FedEx in the fourth quarter worth $28,000. Finally, Rakuten Securities Inc. purchased a new position in FedEx during the fourth quarter valued at $30,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Raymond James decreased their price target on shares of FedEx from $325.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 24th. TD Cowen lifted 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. BNP Paribas reissued an “underperform” rating and issued a $250.00 price target on shares of FedEx in a research report on Wednesday, March 27th. Robert W. Baird lifted their price objective on FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a research note on Wednesday, June 26th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $327.00 target price (up from $303.00) on shares of FedEx in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $314.00.

FedEx Stock Performance

Shares of FDX stock traded down $4.51 on Thursday, reaching $293.71. The stock had a trading volume of 1,274,326 shares, compared to its average volume of 2,457,575. The stock has a market cap of $72.28 billion, a P/E ratio of 17.05, a price-to-earnings-growth ratio of 1.09 and a beta of 1.18. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $302.41. The company has a 50 day simple moving average of $259.75 and a 200 day simple moving average of $256.75.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. During the same period in the previous year, the company posted $4.94 EPS. The business’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts expect that FedEx Co. will post 20.67 EPS for the current year.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be given a $1.38 dividend. The ex-dividend date is Monday, June 24th. This is an increase from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a yield of 1.88%. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

FedEx declared that its Board of Directors has approved a stock buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at FedEx

In related news, EVP Tracy B. Brightman sold 2,550 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the transaction, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $275.69, for a total value of $703,009.50. Following the completion of the sale, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David P. Steiner sold 1,369 shares of FedEx stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $297.71, for a total transaction of $407,564.99. Following the transaction, the director now directly owns 35,183 shares in the company, valued at approximately $10,474,330.93. The disclosure for this sale can be found here. Insiders have sold 135,864 shares of company stock worth $37,677,934 in the last 90 days. 8.73% of the stock is currently owned by insiders.

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.