South Dakota Investment Council Sells 22,799 Shares of FedEx Corporation $FDX

South Dakota Investment Council lessened its position in shares of FedEx Corporation (NYSE:FDX) by 42.3% in the first quarter, HoldingsChannel.com reports. The firm owned 31,048 shares of the shipping service provider’s stock after selling 22,799 shares during the quarter. South Dakota Investment Council’s holdings in FedEx were worth $11,059,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of FedEx by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock valued at $514,000 after purchasing an additional 207 shares during the last quarter. Empowered Funds LLC raised its stake in FedEx by 78.9% during the first quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider’s stock worth $2,514,000 after buying an additional 4,548 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in FedEx in the second quarter valued at $586,000. Quantbot Technologies LP acquired a new position in FedEx in the second quarter valued at $186,000. Finally, Jump Financial LLC acquired a new stake in FedEx during the 2nd quarter worth about $456,000. Institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

FDX has been the subject of several research analyst reports. JPMorgan Chase & Co. reissued a “buy” rating on shares of FedEx in a research report on Friday, June 26th. Citizens Jmp assumed coverage on FedEx in a report on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 target price for the company. Truist Financial reduced their price objective on shares of FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Evercore set a $165.00 price objective on shares of FedEx in a research note on Friday, June 26th. Finally, Stephens raised shares of FedEx to a “strong-buy” rating in a research note on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

FedEx Stock Performance

Shares of FDX stock opened at $308.96 on Thursday. The firm has a market capitalization of $73.10 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.29. The firm has a fifty day simple moving average of $332.02 and a two-hundred day simple moving average of $350.48. 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 released its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. Analysts forecast that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.6%. FedEx’s payout ratio is 26.36%.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the sale, the director directly owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

About FedEx

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.