Cary Street Partners Investment Advisory LLC Sells 27,698 Shares of FedEx Co. (NYSE:FDX)

Cary Street Partners Investment Advisory LLC trimmed its stake in shares of FedEx Co. (NYSE:FDX) by 73.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,033 shares of the shipping service provider’s stock after selling 27,698 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in FedEx were worth $2,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Sentry LLC bought a new stake in FedEx during the 4th quarter valued at $1,811,748,000. Mizuho Markets Americas LLC bought a new position in shares of FedEx during the third quarter valued at about $496,611,000. FMR LLC boosted its holdings in shares of FedEx by 29.1% during the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after purchasing an additional 916,555 shares during the period. International Assets Investment Management LLC grew its stake in shares of FedEx by 33,890.5% in the fourth quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock worth $166,972,000 after purchasing an additional 649,680 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in FedEx by 144.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock valued at $267,135,000 after purchasing an additional 595,628 shares during the period. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Performance

NYSE FDX traded down $3.53 during trading hours on Tuesday, hitting $262.33. The company’s stock had a trading volume of 268,880 shares, compared to its average volume of 1,991,790. FedEx Co. has a 12 month low of $213.80 and a 12 month high of $291.27. The company’s 50 day simple moving average is $262.74 and its two-hundred day simple moving average is $254.58. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26. The company has a market cap of $64.55 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 1.25 and a beta of 1.21.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $21.95 billion. During the same period in the previous year, the business posted $3.41 earnings per share. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, sell-side analysts expect that FedEx Co. will post 17.69 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were paid a $1.26 dividend. This represents a $5.04 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio (DPR) is presently 29.07%.

FedEx declared that its board has approved a stock repurchase 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FDX shares. Morgan Stanley lifted their price objective on FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, March 22nd. UBS Group boosted their price objective on shares of FedEx from $323.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Evercore ISI raised their target price on shares of FedEx from $327.00 to $351.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. TD Cowen boosted their price target on shares of FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Finally, Melius raised FedEx from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $301.33.

Insider Buying and Selling

In other news, VP Guy M. Erwin II sold 2,749 shares of the company’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now directly owns 486 shares in the company, valued at approximately $140,507.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Guy M. Erwin II sold 2,749 shares of the company’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the transaction, the vice president now owns 486 shares of the company’s stock, valued at approximately $140,507.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $275.69, for a total value of $703,009.50. Following the completion of the transaction, the executive vice president now owns 6,294 shares in the company, valued at $1,735,192.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 136,668 shares of company stock valued at $37,758,773. 8.73% of the stock is owned by 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.