FedEx Co. (NYSE:FDX) Stake Boosted by Picton Mahoney Asset Management

Picton Mahoney Asset Management grew its holdings in shares of FedEx Co. (NYSE:FDX) by 10.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,620 shares of the shipping service provider’s stock after purchasing an additional 1,015 shares during the period. Picton Mahoney Asset Management’s holdings in FedEx were worth $2,687,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Financial Management Professionals Inc. lifted its holdings in shares of FedEx by 143.2% during the fourth 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. acquired a new stake in shares of FedEx during the fourth quarter worth about $30,000. Tennessee Valley Asset Management Partners bought a new position in FedEx in the fourth quarter valued at approximately $31,000. Planned Solutions Inc. bought a new position in shares of FedEx during the 4th quarter worth approximately $32,000. Finally, Valley National Advisers Inc. lifted its holdings in FedEx by 123.3% during the 4th quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider’s stock worth $33,000 after purchasing an additional 74 shares during the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Performance

Shares of NYSE:FDX traded down $1.46 during trading on Wednesday, reaching $258.01. The stock had a trading volume of 1,451,257 shares, compared to its average volume of 1,943,395. FedEx Co. has a 52 week low of $213.80 and a 52 week high of $291.27. The stock has a fifty day simple moving average of $265.01 and a two-hundred day simple moving average of $255.28. The firm has a market capitalization of $63.49 billion, a price-to-earnings ratio of 14.88, a P/E/G ratio of 1.23 and a beta of 1.23. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.

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

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

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were given a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio (DPR) is currently 29.07%.

Insider Activity

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following 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 Securities & Exchange Commission, which can be accessed through this link. In related news, Director Susan C. Schwab sold 6,145 shares of FedEx stock in a transaction that occurred 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 transaction, the director now owns 7,865 shares of the company’s stock, valued at $2,265,277.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 136,668 shares of company stock valued at $37,758,773. 8.73% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FDX has been the topic of a number of research reports. Oppenheimer restated a “market perform” rating on shares of FedEx in a research report on Friday, March 22nd. Evercore ISI increased their price objective on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. UBS Group raised their price target on FedEx from $323.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. BMO Capital Markets increased their price objective on FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. Finally, Robert W. Baird boosted their target price on FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $301.33.

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.