FedEx Corporation (NYSE:FDX) Shares Sold by Carret Asset Management LLC

Carret Asset Management LLC lowered its position in FedEx Corporation (NYSE:FDX) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,142 shares of the shipping service provider’s stock after selling 1,921 shares during the quarter. Carret Asset Management LLC’s holdings in FedEx were worth $6,861,000 at the end of the most recent quarter.

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

FedEx Stock Performance

NYSE:FDX opened at $223.07 on Friday. The company has a 50-day moving average of $217.93 and a 200-day moving average of $245.22. The firm has a market cap of $53.45 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.07 and a beta of 1.35. The company has a current ratio of 1.24, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. FedEx Corporation has a twelve month low of $194.30 and a twelve month high of $313.84.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 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 net margin of 4.46% and a return on equity of 16.00%. FedEx’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company posted $3.86 EPS. Analysts forecast that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be issued a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 2.60%. This is a boost from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date is Monday, June 23rd. FedEx’s dividend payout ratio (DPR) is presently 34.63%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Loop Capital cut FedEx from a “hold” rating to a “sell” rating and cut their price objective for the company from $283.00 to $221.00 in a research note on Friday, March 21st. UBS Group lowered their price target on FedEx from $331.00 to $311.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. BMO Capital Markets reduced their price objective on FedEx from $275.00 to $260.00 and set a “market perform” rating on the stock in a research note on Monday, May 19th. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a report on Friday, March 21st. Finally, Jefferies Financial Group raised shares of FedEx from a “hold” rating to a “buy” rating and dropped their target price for the stock from $300.00 to $275.00 in a report on Monday, March 24th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.54.

Insider Transactions at FedEx

In related news, COO John Alan Smith sold 6,155 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 23,347 shares of the company’s stock, valued at approximately $5,686,161.85. This trade represents a 20.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.87% of the stock is currently owned by insiders.

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.