Cary Street Partners Asset Management LLC Sells 358 Shares of FedEx Co. (NYSE:FDX)

Cary Street Partners Asset Management LLC trimmed its stake in FedEx Co. (NYSE:FDX) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,869 shares of the shipping service provider’s stock after selling 358 shares during the period. Cary Street Partners Asset Management LLC’s holdings in FedEx were worth $3,255,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Financial Management Professionals Inc. grew its position in FedEx by 143.2% during the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock valued at $27,000 after acquiring an additional 63 shares during the last quarter. Rakuten Securities Inc. bought a new position in FedEx during the fourth quarter valued at approximately $30,000. Tennessee Valley Asset Management Partners bought a new position in FedEx during the fourth quarter valued at approximately $31,000. Planned Solutions Inc. bought a new position in FedEx during the fourth quarter valued at approximately $32,000. Finally, Valley National Advisers Inc. grew its position in FedEx by 123.3% during the fourth quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider’s stock valued at $33,000 after acquiring an additional 74 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated 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 completion of the sale, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the executive vice president now owns 6,294 shares of the company’s stock, valued at $1,735,192.86. The disclosure for this sale can be found here. In the last ninety days, insiders sold 136,668 shares of company stock worth $37,758,773. 8.73% of the stock is owned by corporate insiders.

FedEx Stock Down 0.4 %

Shares of NYSE:FDX traded down $1.05 on Wednesday, hitting $260.73. 187,582 shares of the company traded hands, compared to its average volume of 1,977,308. FedEx Co. has a 52 week low of $213.80 and a 52 week high of $291.27. The stock has a 50 day simple moving average of $263.18 and a 200-day simple moving average of $254.72. The company has a market cap of $64.16 billion, a PE ratio of 15.10, a PEG ratio of 1.25 and a beta of 1.21. 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 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, research analysts expect that FedEx Co. will post 17.69 earnings per share for the current year.

FedEx declared that its board has authorized a share buyback plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were issued a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 annualized dividend and a yield of 1.93%. FedEx’s payout ratio is 29.07%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. The Goldman Sachs Group increased their price target on shares of FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Morgan Stanley increased their price objective on FedEx from $195.00 to $210.00 and gave the company an “equal weight” rating in a research note 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 research note on Friday, March 22nd. Bank of America dropped their price objective on FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a research note on Tuesday, April 2nd. Finally, Robert W. Baird increased their price objective on FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.