Kentucky Retirement Systems Has $8.75 Million Stock Position in FedEx Corporation $FDX

Kentucky Retirement Systems grew its holdings in FedEx Corporation (NYSE:FDX) by 82.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 24,574 shares of the shipping service provider’s stock after acquiring an additional 11,118 shares during the quarter. Kentucky Retirement Systems’ holdings in FedEx were worth $8,753,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FDX. Hollencrest Capital Management bought a new position in FedEx during the first quarter worth about $25,000. Bayban bought a new stake in FedEx in the 1st quarter valued at about $26,000. Cedar Mountain Advisors LLC boosted its holdings in FedEx by 77.4% in the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after purchasing an additional 41 shares during the period. EFG International AG acquired a new position in shares of FedEx during the 4th quarter worth approximately $27,000. Finally, Tucker Asset Management LLC acquired a new position in shares of FedEx during the 4th quarter worth approximately $29,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FDX shares. BNP Paribas Exane lowered their target price on shares of FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. BMO Capital Markets reissued a “market perform” rating on shares of FedEx in a research report on Wednesday, June 24th. Seaport Research Partners began coverage on FedEx in a research note on Wednesday, May 27th. They set a “buy” rating on the stock. Evercore set a $165.00 price objective on FedEx in a report on Friday, June 26th. Finally, Wells Fargo & Company cut their target price on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, FedEx presently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

FedEx Price Performance

Shares of NYSE:FDX opened at $308.96 on Thursday. The firm has a 50 day moving average of $332.02 and a 200-day moving average of $350.48. The stock has a market capitalization of $73.10 billion, a PE ratio of 16.69, a PEG ratio of 1.61 and a beta of 1.29. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 12 month low of $172.88 and a 12 month high of $345.36.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The company had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. On average, equities research analysts predict that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a dividend of $1.22 per share. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a yield of 1.6%. FedEx’s dividend payout ratio is presently 26.36%.

Insider Buying and Selling at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

FedEx Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.