Wolverine Asset Management LLC Acquires 3,500 Shares of FedEx Co. (NYSE:FDX)

Wolverine Asset Management LLC boosted its holdings in FedEx Co. (NYSE:FDX) by 100.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,000 shares of the shipping service provider’s stock after purchasing an additional 3,500 shares during the period. Wolverine Asset Management LLC’s holdings in FedEx were worth $1,771,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of FedEx by 11.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock valued at $35,254,000 after acquiring an additional 13,197 shares during the last quarter. Western Wealth Management LLC boosted its stake in shares of FedEx by 10.0% during the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after purchasing an additional 333 shares during the period. Trust Point Inc. bought a new position in shares of FedEx in the fourth quarter worth approximately $282,000. Planned Solutions Inc. bought a new position in shares of FedEx in the fourth quarter worth approximately $32,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in FedEx by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock valued at $157,660,000 after buying an additional 13,642 shares during the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Price Performance

Shares of FDX opened at $266.10 on Thursday. The firm has a 50 day moving average of $261.03 and a 200 day moving average of $254.36. 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 Co. has a twelve month low of $213.80 and a twelve month high of $291.27. The company has a market capitalization of $65.48 billion, a P/E ratio of 15.35, a price-to-earnings-growth ratio of 1.28 and a beta of 1.21.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $21.95 billion. During the same period last year, the company earned $3.41 EPS. FedEx’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, equities research analysts anticipate that FedEx Co. will post 17.67 earnings per share for the current fiscal year.

FedEx Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were paid a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.89%. FedEx’s dividend payout ratio (DPR) is currently 29.07%.

FedEx announced that its board has initiated a stock buyback plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on FDX. BMO Capital Markets raised their price target on shares of FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a report on Friday, March 22nd. BNP Paribas restated an “underperform” rating and set a $250.00 price target on shares of FedEx in a report on Wednesday, March 27th. Melius Research upgraded FedEx from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a report on Monday, January 8th. StockNews.com lowered FedEx from a “strong-buy” rating to a “buy” rating in a research report on Sunday, February 11th. Finally, Barclays upped their target price on FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have issued 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 $301.33.

Insider Buying and Selling

In other FedEx news, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction dated 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 of the company’s stock, valued at $3,223,600.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other FedEx news, Director Susan C. Schwab sold 6,145 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total value of $1,769,882.90. Following the transaction, the director now directly owns 7,865 shares in the company, valued at $2,265,277.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sriram Krishnasamy sold 354 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $289.19, for a total transaction of $102,373.26. Following the sale, the chief executive officer now directly owns 11,147 shares of the company’s stock, valued at approximately $3,223,600.93. The disclosure for this sale can be found here. Insiders sold 136,668 shares of company stock valued at $37,758,773 over the last 90 days. Company insiders own 8.73% of the company’s stock.

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.