First City Capital Management Inc. Cuts Stake in FedEx Co. (NYSE:FDX)

First City Capital Management Inc. cut its position in FedEx Co. (NYSE:FDX) by 10.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 975 shares of the shipping service provider’s stock after selling 110 shares during the period. First City Capital Management Inc.’s holdings in FedEx were worth $292,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Precision Wealth Strategies LLC purchased a new stake in FedEx during the 4th quarter valued at $324,000. Quest Partners LLC bought a new position in FedEx during the 4th quarter valued at about $267,000. Franklin Resources Inc. grew its stake in shares of FedEx by 38.6% in the fourth quarter. Franklin Resources Inc. now owns 153,907 shares of the shipping service provider’s stock worth $38,934,000 after acquiring an additional 42,844 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of FedEx by 3.5% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 60,413 shares of the shipping service provider’s stock valued at $15,283,000 after purchasing an additional 2,051 shares during the last quarter. Finally, US Bancorp DE lifted its position in FedEx by 3.6% during the fourth quarter. US Bancorp DE now owns 113,778 shares of the shipping service provider’s stock valued at $28,782,000 after purchasing an additional 3,955 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

FDX opened at $254.64 on Friday. The business has a fifty day moving average of $292.43 and a 200 day moving average of $275.04. The stock has a market cap of $62.66 billion, a P/E ratio of 14.78, a PEG ratio of 1.03 and a beta of 1.17. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. FedEx Co. has a 52-week low of $224.69 and a 52-week high of $313.84.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). The company had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $21.87 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.55 EPS. As a group, sell-side analysts anticipate that FedEx Co. will post 20.82 EPS for the current year.

FedEx Announces Dividend

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

Insider Buying and Selling at FedEx

In other news, EVP Brie Carere sold 1,958 shares of the stock in a transaction that occurred 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 directly owns 19,937 shares in the company, valued at $6,189,042.91. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other FedEx news, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total value of $2,611,688.94. Following the transaction, the chief executive officer now directly owns 12,246 shares of the company’s stock, valued at $3,797,974.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brie Carere sold 1,958 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $310.43, for a total value of $607,821.94. Following the sale, the executive vice president now owns 19,937 shares of the company’s stock, valued at approximately $6,189,042.91. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,944 shares of company stock valued at $9,882,355. Company insiders own 8.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FDX shares. Evercore ISI dropped their price target on FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a research note on Friday. Susquehanna cut their price target on FedEx from $345.00 to $330.00 and set a “positive” rating for the company in a research note on Friday. The Goldman Sachs Group reduced their price target on shares of FedEx from $333.00 to $332.00 in a research report on Friday. UBS Group dropped their price objective on shares of FedEx from $333.00 to $311.00 and set a “buy” rating on the stock in a report on Friday. Finally, TD Cowen reduced their target price on shares of FedEx from $334.00 to $328.00 and set a “buy” rating for the company in a report on Friday. Two equities research 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. Based on data from MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and an average price target of $313.38.

About FedEx

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.