AIA Group Ltd Lowers Stake in FedEx Co. (NYSE:FDX)

AIA Group Ltd cut its holdings in shares of FedEx Co. (NYSE:FDX) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,965 shares of the shipping service provider’s stock after selling 1,477 shares during the period. AIA Group Ltd’s holdings in FedEx were worth $3,177,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its position in shares of FedEx by 8.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 17,780 shares of the shipping service provider’s stock valued at $5,152,000 after acquiring an additional 1,441 shares during the period. Empirical Finance LLC increased its holdings in FedEx by 3.4% in the 1st quarter. Empirical Finance LLC now owns 8,512 shares of the shipping service provider’s stock valued at $2,466,000 after purchasing an additional 277 shares during the last quarter. Mawer Investment Management Ltd. increased its holdings in FedEx by 43.5% in the 1st quarter. Mawer Investment Management Ltd. now owns 2,258,579 shares of the shipping service provider’s stock valued at $654,401,000 after purchasing an additional 684,679 shares during the last quarter. Staley Capital Advisers Inc. boosted its position in FedEx by 12.1% in the 1st quarter. Staley Capital Advisers Inc. now owns 240,913 shares of the shipping service provider’s stock valued at $69,802,000 after buying an additional 25,943 shares during the period. Finally, Manchester Capital Management LLC lifted its position in shares of FedEx by 15.1% during the 1st quarter. Manchester Capital Management LLC now owns 603 shares of the shipping service provider’s stock worth $175,000 after purchasing an additional 79 shares during the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Marvin R. Ellison sold 2,535 shares of FedEx stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $299.34, for a total value of $758,826.90. Following the completion of the transaction, the director now directly owns 6,955 shares of the company’s stock, valued at approximately $2,081,909.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other FedEx news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Marvin R. Ellison sold 2,535 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $299.34, for a total transaction of $758,826.90. Following the sale, the director now owns 6,955 shares in the company, valued at $2,081,909.70. The disclosure for this sale can be found here. In the last three months, insiders sold 22,565 shares of company stock valued at $6,662,844. Company insiders own 8.73% of the company’s stock.

Analyst Ratings Changes

FDX has been the topic of a number of recent research reports. Morgan Stanley lifted their price objective on shares of FedEx from $210.00 to $215.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 26th. Evercore ISI dropped their target price on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating for the company in a report on Monday, June 24th. Robert W. Baird increased their target price on shares of FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. raised shares of FedEx from a “neutral” rating to an “overweight” rating and increased their target price for the company from $296.00 to $359.00 in a report on Wednesday, June 26th. Finally, TD Cowen increased their price target on shares of FedEx from $320.00 to $335.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $314.00.

FedEx Stock Down 0.2 %

FDX stock traded down $0.52 during mid-day trading on Friday, hitting $299.02. 1,445,297 shares of the company were exchanged, compared to its average volume of 1,930,710. The company has a market capitalization of $73.58 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 1.06 and a beta of 1.18. 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 Co. has a twelve month low of $224.69 and a twelve month high of $302.41. The firm has a fifty day simple moving average of $264.27 and a 200 day simple moving average of $258.56.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping the consensus estimate of $5.34 by $0.07. The company had revenue of $22.11 billion during the quarter, compared to analyst estimates of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the business earned $4.94 EPS. On average, research analysts forecast that FedEx Co. will post 20.94 earnings per share for the current fiscal year.

FedEx announced that its board has approved a share repurchase program 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 repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th were issued a $1.38 dividend. The ex-dividend date of this dividend was Monday, June 24th. This is a positive change from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a dividend yield of 1.85%. FedEx’s payout ratio is 32.04%.

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.