Summit Asset Management LLC Reduces Position in FedEx Co. (NYSE:FDX)

Summit Asset Management LLC lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 6.4% in the 4th quarter, Holdings Channel reports. The fund owned 7,845 shares of the shipping service provider’s stock after selling 539 shares during the quarter. Summit Asset Management LLC’s holdings in FedEx were worth $2,207,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. IVC Wealth Advisors LLC increased its holdings in shares of FedEx by 2.0% in the 3rd quarter. IVC Wealth Advisors LLC now owns 1,948 shares of the shipping service provider’s stock valued at $533,000 after purchasing an additional 38 shares in the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of FedEx by 3.0% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 1,308 shares of the shipping service provider’s stock valued at $360,000 after purchasing an additional 38 shares in the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in FedEx by 4.0% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 1,020 shares of the shipping service provider’s stock valued at $279,000 after acquiring an additional 39 shares in the last quarter. Evermay Wealth Management LLC increased its holdings in FedEx by 72.7% during the 3rd quarter. Evermay Wealth Management LLC now owns 95 shares of the shipping service provider’s stock valued at $26,000 after acquiring an additional 40 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in FedEx by 1.5% during the 3rd quarter. Harbour Investments Inc. now owns 2,661 shares of the shipping service provider’s stock valued at $728,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Wells Fargo & Company raised their target price on shares of FedEx from $305.00 to $320.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. StockNews.com upgraded shares of FedEx from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Piper Sandler downgraded shares of FedEx to a “neutral” rating in a report on Monday, February 3rd. Bank of America raised their target price on shares of FedEx from $325.00 to $348.00 and gave the company a “buy” rating in a report on Friday, December 20th. Finally, Loop Capital downgraded shares of FedEx from a “buy” rating to a “hold” rating and lowered their price target for the stock from $365.00 to $283.00 in a report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $321.87.

FedEx Trading Down 5.4 %

Shares of FDX stock opened at $253.97 on Friday. The stock has a market cap of $61.17 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 1.11 and a beta of 1.18. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. FedEx Co. has a fifty-two week low of $239.07 and a fifty-two week high of $313.84. The firm’s 50 day moving average price is $270.75 and its two-hundred day moving average price is $278.13.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, beating analysts’ consensus estimates of $3.88 by $0.17. The firm had revenue of $22 billion for the quarter, compared to analysts’ expectations of $22.14 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. FedEx’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.99 earnings per share. On average, analysts anticipate that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be paid a $1.38 dividend. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a dividend yield of 2.17%. FedEx’s dividend payout ratio (DPR) is presently 35.18%.

Insider Activity

In other news, EVP John W. Dietrich bought 1,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was acquired at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the completion of the purchase, the executive vice president now owns 9,067 shares of the company’s stock, valued at $2,484,176.66. This trade represents a 12.40 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy B. Lane bought 333 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was purchased at an average price of $276.06 per share, with a total value of $91,927.98. Following the completion of the purchase, the director now directly owns 333 shares of the company’s stock, valued at approximately $91,927.98. This trade represents a ? increase in their position. The disclosure for this purchase can be found here. Insiders own 8.87% of the company’s stock.

FedEx 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.