Investment Management Corp of Ontario Acquires 1,437 Shares of FedEx Co. (NYSE:FDX)

Investment Management Corp of Ontario grew its holdings in FedEx Co. (NYSE:FDX) by 16.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,287 shares of the shipping service provider’s stock after purchasing an additional 1,437 shares during the quarter. Investment Management Corp of Ontario’s holdings in FedEx were worth $2,894,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Transce3nd LLC bought a new position in FedEx during the 4th quarter worth approximately $26,000. Peoples Financial Services CORP. bought a new position in FedEx during the 4th quarter worth approximately $28,000. City Holding Co. bought a new position in FedEx during the 4th quarter worth approximately $28,000. Kentucky Trust Co bought a new position in FedEx during the 4th quarter worth approximately $28,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in FedEx during the 4th quarter worth approximately $28,000. Institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling

In other FedEx news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total value of $1,499,050.25. Following the transaction, the chief operating officer now directly owns 23,347 shares in the company, valued at $5,686,161.85. The trade was a 20.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.87% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Piper Sandler lowered shares of FedEx to a “neutral” rating in a research note on Monday, February 3rd. Stifel Nicolaus reduced their price objective on shares of FedEx from $364.00 to $354.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. UBS Group cut their price target on shares of FedEx from $350.00 to $331.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Barclays cut their price target on shares of FedEx from $365.00 to $350.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Finally, Wells Fargo & Company cut their price target on shares of FedEx from $260.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $297.71.

FedEx Price Performance

Shares of FDX opened at $217.67 on Monday. The company has a market cap of $52.15 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.11 and a beta of 1.36. FedEx Co. has a 1-year low of $194.30 and a 1-year high of $313.84. The company’s fifty day simple moving average is $224.70 and its 200 day simple moving average is $257.92. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The firm had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. FedEx’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.86 earnings per share. On average, research analysts forecast that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Monday, March 10th were issued a dividend of $1.38 per share. The ex-dividend date of this dividend was Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a yield of 2.54%. FedEx’s payout ratio is 34.63%.

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.