OLD National Bancorp IN decreased its position in shares of FedEx Co. (NYSE:FDX – Free Report) by 11.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,316 shares of the shipping service provider’s stock after selling 286 shares during the period. OLD National Bancorp IN’s holdings in FedEx were worth $529,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of FedEx by 1.2% during the third quarter. Vanguard Group Inc. now owns 18,835,505 shares of the shipping service provider’s stock valued at $2,796,508,000 after purchasing an additional 220,183 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of FedEx by 3.3% during the third quarter. Primecap Management Co. CA now owns 13,878,717 shares of the shipping service provider’s stock worth $2,060,573,000 after acquiring an additional 445,125 shares during the period. Geode Capital Management LLC raised its holdings in shares of FedEx by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,234,930 shares of the shipping service provider’s stock worth $732,448,000 after acquiring an additional 35,946 shares during the period. Morgan Stanley raised its holdings in shares of FedEx by 19.6% during the fourth quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock worth $591,124,000 after acquiring an additional 559,607 shares during the period. Finally, Norges Bank acquired a new stake in FedEx in the 4th quarter valued at $388,787,000. 73.39% of the stock is owned by institutional investors.
FedEx Stock Down 0.1 %
FDX opened at $247.55 on Tuesday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.37 and a quick ratio of 1.33. The company’s 50-day moving average is $228.84 and its 200 day moving average is $212.59. FedEx Co. has a fifty-two week low of $141.92 and a fifty-two week high of $250.08. The firm has a market capitalization of $62.44 billion, a P/E ratio of 15.97, a PEG ratio of 1.19 and a beta of 1.35.
FedEx Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Monday, June 12th were paid a $1.26 dividend. This is an increase from FedEx’s previous quarterly dividend of $1.15. The ex-dividend date was Friday, June 9th. This represents a $5.04 annualized dividend and a dividend yield of 2.04%. FedEx’s dividend payout ratio (DPR) is presently 32.52%.
Insider Transactions at FedEx
In related news, EVP Robert B. Carter sold 19,270 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $246.00, for a total transaction of $4,740,420.00. Following the completion of the transaction, the executive vice president now owns 58,875 shares of the company’s stock, valued at $14,483,250. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Robert B. Carter sold 19,270 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $246.00, for a total transaction of $4,740,420.00. Following the completion of the transaction, the executive vice president now owns 58,875 shares of the company’s stock, valued at $14,483,250. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Amy B. Lane acquired 830 shares of FedEx stock in a transaction that occurred on Thursday, April 6th. The shares were purchased at an average cost of $232.88 per share, with a total value of $193,290.40. Following the purchase, the director now owns 2,359 shares of the company’s stock, valued at approximately $549,363.92. The disclosure for this purchase can be found here. Insiders sold 176,557 shares of company stock worth $41,318,655 over the last quarter. Corporate insiders own 8.62% of the company’s stock.
Analyst Upgrades and Downgrades
FDX has been the topic of several recent research reports. Citigroup lifted their price target on shares of FedEx from $275.00 to $285.00 and gave the company a “buy” rating in a research note on Thursday, April 6th. StockNews.com downgraded shares of FedEx from a “buy” rating to a “hold” rating in a report on Monday. UBS Group boosted their price objective on shares of FedEx from $260.00 to $272.00 in a report on Wednesday, June 21st. Barclays boosted their price objective on shares of FedEx from $240.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, March 17th. Finally, Atlantic Securities initiated coverage on shares of FedEx in a report on Tuesday, June 6th. They set an “overweight” rating and a $265.00 price target for the company. Ten research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $245.11.
About FedEx
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border enablement, technology, and e-commerce transportation solutions.
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