FedEx Co. (NYSE:FDX) Shares Sold by UNIVEST FINANCIAL Corp

UNIVEST FINANCIAL Corp cut its holdings in shares of FedEx Co. (NYSE:FDX) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,814 shares of the shipping service provider’s stock after selling 335 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in FedEx were worth $3,495,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Brown Advisory Inc. boosted its holdings in FedEx by 15.5% during the 3rd quarter. Brown Advisory Inc. now owns 26,279 shares of the shipping service provider’s stock valued at $6,962,000 after acquiring an additional 3,534 shares during the period. Lindbrook Capital LLC boosted its holdings in FedEx by 2.5% during the 3rd quarter. Lindbrook Capital LLC now owns 1,913 shares of the shipping service provider’s stock valued at $507,000 after acquiring an additional 46 shares during the period. Verdence Capital Advisors LLC boosted its holdings in FedEx by 5.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 1,394 shares of the shipping service provider’s stock valued at $369,000 after acquiring an additional 75 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in FedEx by 11.0% during 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 period. Finally, Mackenzie Financial Corp boosted its holdings in FedEx by 37.2% during the 3rd quarter. Mackenzie Financial Corp now owns 137,602 shares of the shipping service provider’s stock valued at $35,803,000 after acquiring an additional 37,338 shares during the period. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FDX. Barclays raised 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. 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 research report on Tuesday, April 2nd. Jefferies Financial Group raised their price target on FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Melius upgraded FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Finally, BMO Capital Markets boosted their target price on FedEx from $290.00 to $310.00 and gave the stock a “market perform” 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 assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $301.33.

FedEx Price Performance

Shares of FDX traded down $0.82 during mid-day trading on Tuesday, hitting $259.47. The company’s stock had a trading volume of 1,348,933 shares, compared to its average volume of 1,948,883. 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 firm has a 50-day simple moving average of $264.65 and a 200 day simple moving average of $255.15. The firm has a market capitalization of $63.85 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.23 and a beta of 1.23. FedEx Co. has a 1-year low of $213.80 and a 1-year high of $291.27.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating 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 business had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same period last year, the firm earned $3.41 EPS. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. Analysts predict that FedEx Co. will post 17.69 EPS for the current fiscal year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were paid a $1.26 dividend. This represents a $5.04 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Friday, March 8th. FedEx’s payout ratio is currently 29.07%.

FedEx announced that its Board of Directors has approved a share buyback plan on Thursday, March 21st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at FedEx

In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total transaction of $794,763.39. Following the completion of the transaction, the vice president now owns 486 shares of the company’s stock, valued at $140,507.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total transaction of $794,763.39. Following the completion of the transaction, the vice president now owns 486 shares of the company’s stock, valued at $140,507.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sriram Krishnasamy sold 354 shares of the firm’s 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 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 in the last ninety days. Corporate insiders own 8.73% of the company’s stock.

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.