Canada Pension Plan Investment Board Sells 83,832 Shares of FedEx Co. (NYSE:FDX)

Canada Pension Plan Investment Board decreased its position in FedEx Co. (NYSE:FDX) by 34.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,597 shares of the shipping service provider’s stock after selling 83,832 shares during the period. Canada Pension Plan Investment Board owned approximately 0.07% of FedEx worth $48,453,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FDX. Precision Wealth Strategies LLC purchased a new position in FedEx in the 4th quarter worth approximately $324,000. Quest Partners LLC bought a new position in shares of FedEx during the fourth quarter valued at $267,000. Franklin Resources Inc. boosted its position in shares of FedEx by 38.6% during the fourth quarter. Franklin Resources Inc. now owns 153,907 shares of the shipping service provider’s stock valued at $38,934,000 after buying an additional 42,844 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in FedEx by 3.5% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 60,413 shares of the shipping service provider’s stock worth $15,283,000 after buying an additional 2,051 shares in the last quarter. Finally, US Bancorp DE raised its position in FedEx by 3.6% in the 4th quarter. US Bancorp DE now owns 113,778 shares of the shipping service provider’s stock worth $28,782,000 after buying an additional 3,955 shares during the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Trading Down 15.2 %

Shares of FDX stock opened at $254.64 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $62.66 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 1.03 and a beta of 1.17. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84. The stock’s 50-day moving average price is $292.43 and its 200-day moving average price is $275.04.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a return on equity of 16.70% and a net margin of 4.94%. The firm had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. During the same period last year, the company earned $4.55 earnings per share. The firm’s revenue was down .5% on a year-over-year basis. Equities research analysts predict that FedEx Co. will post 20.82 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 9th will be issued a $1.38 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.17%. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Wall Street Analysts Forecast Growth

FDX has been the subject of several research reports. Bernstein Bank boosted their price objective on shares of FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a report on Friday. TD Cowen decreased their target price on shares of FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley downgraded FedEx from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $215.00 to $200.00 in a research note on Friday. The Goldman Sachs Group lowered their target price on FedEx from $333.00 to $332.00 in a report on Friday. Finally, UBS Group reduced their price target on shares of FedEx from $333.00 to $311.00 and set a “buy” rating for the company in a research report on Friday. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $313.38.

Insider Activity

In other FedEx news, Director Paul S. Walsh sold 2,535 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.72, for a total transaction of $747,115.20. Following the sale, the director now directly owns 14,745 shares of the company’s stock, valued at $4,345,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other FedEx news, EVP Brie Carere sold 1,958 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total transaction of $607,821.94. Following the transaction, the executive vice president now owns 19,937 shares in the company, valued at $6,189,042.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul S. Walsh sold 2,535 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.72, for a total transaction of $747,115.20. Following the completion of the sale, the director now owns 14,745 shares of the company’s stock, valued at approximately $4,345,646.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is currently owned by corporate insiders.

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.