Suncoast Equity Management Sells 350 Shares of FedEx Co. (NYSE:FDX)

Suncoast Equity Management lowered its stake in shares of FedEx Co. (NYSE:FDX) by 12.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,490 shares of the shipping service provider’s stock after selling 350 shares during the quarter. Suncoast Equity Management’s holdings in FedEx were worth $630,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FDX. SVB Wealth LLC boosted its stake in FedEx by 2.5% during the fourth quarter. SVB Wealth LLC now owns 1,801 shares of the shipping service provider’s stock worth $456,000 after buying an additional 44 shares in the last quarter. Mackenzie Financial Corp boosted its stake in FedEx by 67.1% during the fourth quarter. Mackenzie Financial Corp now owns 229,954 shares of the shipping service provider’s stock worth $58,171,000 after buying an additional 92,352 shares in the last quarter. BOK Financial Private Wealth Inc. boosted its stake in FedEx by 321.9% during the fourth quarter. BOK Financial Private Wealth Inc. now owns 135 shares of the shipping service provider’s stock worth $34,000 after buying an additional 103 shares in the last quarter. MBM Wealth Consultants LLC boosted its stake in FedEx by 15.0% during the fourth quarter. MBM Wealth Consultants LLC now owns 3,843 shares of the shipping service provider’s stock worth $953,000 after buying an additional 502 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. boosted its stake in FedEx by 2.1% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 11,694 shares of the shipping service provider’s stock worth $2,958,000 after buying an additional 241 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

FedEx Trading Down 0.4 %

Shares of FDX stock traded down $1.19 on Tuesday, reaching $265.55. The company had a trading volume of 334,115 shares, compared to its average volume of 2,094,266. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76. The stock has a market cap of $65.35 billion, a PE ratio of 15.18, a PEG ratio of 1.26 and a beta of 1.21. The company has a 50-day moving average of $257.41 and a 200-day moving average of $254.05. FedEx Co. has a 12 month low of $213.80 and a 12 month high of $291.27.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same period in the prior year, the business posted $3.41 EPS. FedEx’s revenue was down 2.1% on a year-over-year basis. On average, equities analysts forecast that FedEx Co. will post 17.67 earnings per share for the current year.

FedEx Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were given a $1.26 dividend. The ex-dividend date of this dividend was Friday, March 8th. This represents a $5.04 annualized dividend and a dividend yield of 1.90%. FedEx’s dividend payout ratio is presently 29.07%.

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

Analyst Ratings Changes

Several brokerages have recently commented on FDX. BMO Capital Markets boosted their target price on shares of FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research note on Friday, March 22nd. BNP Paribas restated an “underperform” rating and issued a $250.00 target price on shares of FedEx in a research note on Wednesday, March 27th. Robert W. Baird boosted their target price on shares of FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. Oppenheimer restated a “market perform” rating on shares of FedEx in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group boosted their target price on shares of FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $301.33.

Insider Activity at FedEx

In other news, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the completion of the sale, the chief executive officer now owns 11,147 shares of the company’s stock, valued at approximately $3,223,600.93. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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. Also, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the transaction, the chief executive officer now owns 11,147 shares in the company, valued at approximately $3,223,600.93. The disclosure for this sale can be found here. In the last three months, insiders sold 136,668 shares of company stock worth $37,758,773. 8.73% of the stock is owned by company insiders.

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.