Palouse Capital Management Inc. Has $56,000 Position in FedEx Co. (NYSE:FDX)

Palouse Capital Management Inc. reduced its holdings in FedEx Co. (NYSE:FDX) by 21.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 229 shares of the shipping service provider’s stock after selling 61 shares during the quarter. Palouse Capital Management Inc.’s holdings in FedEx were worth $56,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transce3nd LLC acquired a new stake in FedEx in the 4th quarter valued at $26,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in FedEx in the 4th quarter valued at $28,000. Runnymede Capital Advisors Inc. acquired a new stake in FedEx in the 4th quarter valued at $32,000. Accredited Wealth Management LLC acquired a new stake in FedEx in the 4th quarter valued at $35,000. Finally, Optiver Holding B.V. acquired a new position in shares of FedEx during the 4th quarter worth about $39,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at FedEx

In other news, COO John Alan Smith sold 6,155 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the sale, the chief operating officer now directly owns 23,347 shares in the company, valued at $5,686,161.85. This represents a 20.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 8.87% of the company’s stock.

FedEx Stock Performance

Shares of FedEx stock opened at $223.95 on Friday. The company has a 50 day moving average of $216.82 and a 200-day moving average of $247.37. FedEx Co. has a 1-year low of $194.30 and a 1-year high of $313.84. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The company has a market cap of $53.66 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.35.

FedEx (NYSE:FDX) last released its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. FedEx’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.86 earnings per share. As a group, equities research analysts forecast that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Monday, June 23rd will be given a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a yield of 2.59%. This is a boost from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date of this dividend is Monday, June 23rd. FedEx’s dividend payout ratio is currently 36.39%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FDX. Raymond James lowered their price objective on shares of FedEx from $320.00 to $290.00 and set an “outperform” rating on the stock in a research note on Friday, March 21st. Oppenheimer restated a “market perform” rating on shares of FedEx in a research note on Friday, March 21st. Stephens restated an “overweight” rating and set a $300.00 price objective on shares of FedEx in a research note on Tuesday, May 20th. Loop Capital lowered shares of FedEx from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $283.00 to $221.00 in a research note on Friday, March 21st. Finally, Truist Financial lowered their price objective on shares of FedEx from $305.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and an average target price of $292.54.

FedEx 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.