Elite Wealth Management Inc. Acquires 119 Shares of FedEx Co. (NYSE:FDX)

Elite Wealth Management Inc. grew its holdings in FedEx Co. (NYSE:FDX) by 10.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,261 shares of the shipping service provider’s stock after acquiring an additional 119 shares during the period. Elite Wealth Management Inc.’s holdings in FedEx were worth $319,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of FedEx by 0.3% in the third quarter. Vanguard Group Inc. now owns 18,729,110 shares of the shipping service provider’s stock worth $4,961,716,000 after purchasing an additional 59,161 shares in the last quarter. FMR LLC grew its stake in FedEx by 29.1% during the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after acquiring an additional 916,555 shares in the last quarter. Morgan Stanley grew its stake in FedEx by 19.6% during the fourth quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock valued at $591,124,000 after acquiring an additional 559,607 shares in the last quarter. Invesco Ltd. grew its stake in FedEx by 13.6% during the third quarter. Invesco Ltd. now owns 3,004,838 shares of the shipping service provider’s stock valued at $796,042,000 after acquiring an additional 360,680 shares in the last quarter. Finally, Northern Trust Corp grew its stake in FedEx by 2.6% during the third quarter. Northern Trust Corp now owns 2,356,109 shares of the shipping service provider’s stock valued at $624,180,000 after acquiring an additional 60,201 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Sriram Krishnasamy sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $289.19, for a total value of $102,373.26. Following the completion of the transaction, the chief executive officer now owns 11,147 shares of the company’s stock, valued at $3,223,600.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the transaction, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold a total of 136,668 shares of company stock valued at $37,758,773 over the last 90 days. 8.73% of the stock is owned by company insiders.

FedEx Price Performance

Shares of NYSE FDX traded down $1.80 during mid-day trading on Wednesday, reaching $264.94. The company’s stock had a trading volume of 1,421,134 shares, compared to its average volume of 2,349,459. The stock has a 50-day moving average of $257.89 and a two-hundred day moving average of $254.05. The stock has a market capitalization of $65.20 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.26 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. FedEx Co. has a 1-year low of $213.80 and a 1-year high of $291.27.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The firm had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same period last year, the business earned $3.41 earnings per share. FedEx’s revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that FedEx Co. will post 17.67 EPS for the current fiscal year.

FedEx declared that its Board of Directors 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 reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were paid a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a yield of 1.90%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio (DPR) is presently 29.07%.

Wall Street Analysts Forecast Growth

FDX has been the subject of several research reports. Evercore ISI increased their price objective on shares of FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. BMO Capital Markets increased their price objective on shares of FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research report on Friday, March 22nd. TD Cowen raised their target price on shares of FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. lowered their target price on shares of FedEx from $322.00 to $305.00 and set a “neutral” rating for the company in a report on Wednesday, December 20th. Finally, Bank of America decreased their price objective on shares of FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and a consensus price target of $301.33.

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.