FedEx Co. (NYSE:FDX) Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC trimmed its stake in FedEx Co. (NYSE:FDX) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,104 shares of the shipping service provider’s stock after selling 137 shares during the quarter. RNC Capital Management LLC’s holdings in FedEx were worth $1,291,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of FedEx by 11.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock valued at $35,254,000 after purchasing an additional 13,197 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of FedEx by 2.3% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock valued at $157,660,000 after purchasing an additional 13,642 shares during the period. Skba Capital Management LLC grew its position in shares of FedEx by 0.3% in the third quarter. Skba Capital Management LLC now owns 39,320 shares of the shipping service provider’s stock valued at $10,417,000 after purchasing an additional 100 shares during the period. Vishria Bird Financial Group LLC grew its position in shares of FedEx by 21.2% in the third quarter. Vishria Bird Financial Group LLC now owns 80,348 shares of the shipping service provider’s stock valued at $21,286,000 after purchasing an additional 14,036 shares during the period. Finally, Machina Capital S.A.S. purchased a new stake in FedEx during the third quarter valued at about $1,453,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Susan C. Schwab sold 6,145 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total value of $1,769,882.90. Following the completion of the transaction, the director now directly owns 7,865 shares of the company’s stock, valued at approximately $2,265,277.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other FedEx news, Director Susan C. Schwab sold 6,145 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the completion of the transaction, the director now directly owns 7,865 shares of the company’s stock, valued at approximately $2,265,277.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Guy M. Erwin II sold 2,749 shares of the stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the transaction, the vice president now directly owns 486 shares of the company’s stock, valued at $140,507.46. The disclosure for this sale can be found here. Corporate insiders own 8.73% of the company’s stock.

FedEx Stock Down 0.4 %

NYSE:FDX opened at $287.88 on Thursday. The firm has a market capitalization of $70.84 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.37 and a beta of 1.20. The stock has a 50 day moving average of $248.74 and a 200-day moving average of $252.07. FedEx Co. has a 52 week low of $213.80 and a 52 week high of $291.27. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last posted its earnings results 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. The company had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The business’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $3.41 earnings per share. Analysts predict that FedEx Co. will post 17.6 EPS for the current year.

FedEx declared that its board has initiated a share repurchase plan on Thursday, March 21st that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Monday, March 11th will be issued a $1.26 dividend. This represents a $5.04 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date is Friday, March 8th. FedEx’s dividend payout ratio (DPR) is 29.07%.

Analysts Set New Price Targets

FDX has been the subject of a number of research reports. TD Cowen boosted their price target on FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Stifel Nicolaus lowered their price target on FedEx from $305.00 to $290.00 and set a “buy” rating for the company in a research report on Thursday, March 21st. The Goldman Sachs Group boosted their price objective on FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Bank Of America (Bofa) boosted their price objective on FedEx from $330.00 to $334.00 in a research note on Wednesday, December 20th. Finally, Oppenheimer restated a “market perform” rating on shares of FedEx in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $301.07.

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.