State of Alaska Department of Revenue Reduces Stock Position in FedEx Co. (NYSE:FDX)

State of Alaska Department of Revenue lessened its stake in FedEx Co. (NYSE:FDX) by 11.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,449 shares of the shipping service provider’s stock after selling 6,740 shares during the period. State of Alaska Department of Revenue’s holdings in FedEx were worth $15,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Fortis Group Advisors LLC boosted its stake in FedEx by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after acquiring an additional 50 shares in the last quarter. Scarborough Advisors LLC acquired a new position in FedEx in the fourth quarter valued at $25,000. Financial Management Professionals Inc. boosted its stake in FedEx by 143.2% in 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 in the last quarter. Private Wealth Management Group LLC acquired a new position in FedEx in the fourth quarter valued at $28,000. Finally, Rakuten Securities Inc. acquired a new position in FedEx in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Trading Down 1.5 %

Shares of FedEx stock opened at $293.68 on Thursday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $302.41. The company has a market capitalization of $72.27 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.09 and a beta of 1.18. The business has a 50 day moving average price of $259.20 and a 200 day moving average price of $256.49.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. During the same period in the previous year, the firm posted $4.94 EPS. The company’s quarterly revenue was up .8% compared to the same quarter last year. Sell-side analysts anticipate that FedEx Co. will post 20.67 EPS for the current fiscal year.

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

FedEx Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be given a dividend of $1.38 per share. This is an increase from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, June 24th. FedEx’s payout ratio is currently 32.04%.

Insider Buying and Selling

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director David P. Steiner sold 1,369 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $297.71, for a total transaction of $407,564.99. Following the completion of the sale, the director now directly owns 35,183 shares of the company’s stock, valued at approximately $10,474,330.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the sale, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold 135,864 shares of company stock worth $37,677,934 in the last ninety days. Insiders own 8.73% of the company’s stock.

Wall Street Analyst Weigh In

FDX has been the subject of several recent research reports. The Goldman Sachs Group increased their target price on shares of FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Wells Fargo & Company increased their target price on shares of FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 26th. Jefferies Financial Group increased their target price on shares of FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Barclays increased their target price on shares of FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, March 22nd. Finally, Argus increased their target price on shares of FedEx from $325.00 to $335.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $314.00.

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.