Cary Street Partners Investment Advisory LLC Reduces Stock Position in FedEx Co. (NYSE:FDX)

Cary Street Partners Investment Advisory LLC lowered its stake in shares of FedEx Co. (NYSE:FDX) by 73.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,033 shares of the shipping service provider’s stock after selling 27,698 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in FedEx were worth $2,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Management Professionals Inc. lifted its holdings in 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 buying an additional 63 shares during the last quarter. 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 acquired a new stake in FedEx during the fourth quarter worth about $31,000. Planned Solutions Inc. bought a new position in FedEx in the fourth quarter worth about $32,000. Finally, Valley National Advisers Inc. grew its holdings in shares of FedEx by 123.3% during the fourth 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 last quarter. Institutional investors own 84.47% of the company’s stock.

Analyst Upgrades and Downgrades

FDX has been the subject of a number of analyst reports. BNP Paribas restated an “underperform” rating and set a $250.00 price objective on shares of FedEx in a research report on Wednesday, March 27th. TD Cowen upped their price target on shares of FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Stifel Nicolaus cut their price objective on shares of FedEx from $306.00 to $303.00 and set a “buy” rating on the stock in a research report on Wednesday, April 3rd. Morgan Stanley upped their target price on shares of FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, March 22nd. Finally, StockNews.com downgraded FedEx from a “strong-buy” rating to a “buy” rating in a research report on Sunday, February 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $301.33.

FedEx Stock Down 1.3 %

FDX traded down $3.53 during trading on Tuesday, hitting $262.33. The company had a trading volume of 268,880 shares, compared to its average volume of 1,991,790. 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 company has a market capitalization of $64.55 billion, a PE ratio of 15.33, a PEG ratio of 1.25 and a beta of 1.21. The firm’s 50-day moving average price is $262.74 and its 200 day moving average price is $254.58. FedEx Co. has a one year low of $213.80 and a one year high of $291.27.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating the consensus estimate of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company had revenue of $21.70 billion during the quarter, compared to the consensus estimate of $21.95 billion. During the same quarter in the prior year, the firm posted $3.41 EPS. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities analysts expect that FedEx Co. will post 17.69 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were given a $1.26 dividend. The ex-dividend date of this dividend was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.92%. FedEx’s payout ratio is 29.07%.

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

Insider Activity

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark R. Allen sold 10,145 shares of FedEx stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $287.28, for a total value of $2,914,455.60. Following the completion of the sale, the executive vice president now owns 36,853 shares of the company’s stock, valued at $10,587,129.84. The disclosure for this sale can be found here. In the last three months, insiders sold 136,668 shares of company stock worth $37,758,773. 8.73% of the stock is currently owned by company 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.