Institute for Wealth Management LLC. Sells 68 Shares of FedEx Co. (NYSE:FDX)

Institute for Wealth Management LLC. reduced its stake in FedEx Co. (NYSE:FDX) by 0.6% during the fourth quarter, HoldingsChannel reports. The firm owned 10,985 shares of the shipping service provider’s stock after selling 68 shares during the period. Institute for Wealth Management LLC.’s holdings in FedEx were worth $2,779,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Eukles Asset Management grew its position in FedEx by 260.2% during the fourth quarter. Eukles Asset Management now owns 9,301 shares of the shipping service provider’s stock valued at $2,353,000 after acquiring an additional 6,719 shares during the last quarter. Hapanowicz & Associates Financial Services Inc bought a new position in shares of FedEx in the fourth quarter worth approximately $223,000. Western Wealth Management LLC grew its holdings in shares of FedEx by 10.0% in the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock worth $925,000 after purchasing an additional 333 shares during the last quarter. Xponance Inc. grew its holdings in shares of FedEx by 5.7% in the fourth quarter. Xponance Inc. now owns 30,029 shares of the shipping service provider’s stock worth $7,596,000 after purchasing an additional 1,622 shares during the last quarter. Finally, AIA Group Ltd grew its holdings in shares of FedEx by 142.0% in the fourth quarter. AIA Group Ltd now owns 12,442 shares of the shipping service provider’s stock worth $3,147,000 after purchasing an additional 7,300 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at FedEx

In other FedEx news, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $275.69, for a total transaction of $703,009.50. Following the completion of the sale, the executive vice president now directly owns 6,294 shares in the company, valued at approximately $1,735,192.86. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Tracy B. Brightman sold 2,550 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the transaction, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Susan C. Schwab sold 6,145 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total value of $1,769,882.90. Following the completion of the transaction, the director now directly owns 7,865 shares in the company, valued at $2,265,277.30. The disclosure for this sale can be found here. Insiders sold a total of 136,668 shares of company stock worth $37,758,773 in the last three months. 8.73% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on FDX shares. TD Cowen raised their target price on shares of FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. Bank of America cut their target price on shares of FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Barclays lifted their price target on shares of FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. Stifel Nicolaus cut their price target on shares of FedEx from $306.00 to $303.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd. Finally, Oppenheimer reiterated a “market perform” rating on shares of FedEx in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $301.33.

FedEx Stock Up 1.3 %

Shares of FDX traded up $3.43 during trading hours on Friday, hitting $266.80. The company had a trading volume of 1,032,841 shares, compared to its average volume of 2,071,221. The firm has a fifty day moving average price of $258.74 and a 200-day moving average price of $254.17. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. The stock has a market capitalization of $65.65 billion, a price-to-earnings ratio of 15.46, a P/E/G ratio of 1.24 and a beta of 1.21. FedEx Co. has a 52-week low of $213.80 and a 52-week high of $291.27.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping analysts’ consensus estimates of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The business had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. During the same quarter in the previous year, the firm earned $3.41 EPS. FedEx’s revenue was down 2.1% on a year-over-year basis. On average, equities research analysts forecast that FedEx Co. will post 17.67 EPS for the current fiscal year.

FedEx announced that its board has authorized a stock buyback plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were paid a dividend of $1.26 per share. The ex-dividend date was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.89%. FedEx’s dividend payout ratio is currently 29.07%.

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.