FedEx Corporation (NYSE:FDX) Shares Sold by Suncoast Equity Management

Suncoast Equity Management reduced its stake in FedEx Corporation (NYSE:FDX) by 4.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,264 shares of the shipping service provider’s stock after selling 106 shares during the period. Suncoast Equity Management’s holdings in FedEx were worth $552,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FDX. Brighton Jones LLC increased its holdings in FedEx by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock valued at $514,000 after purchasing an additional 207 shares in the last quarter. Atria Wealth Solutions Inc. increased its holdings in FedEx by 8.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 13,039 shares of the shipping service provider’s stock valued at $3,681,000 after purchasing an additional 1,029 shares in the last quarter. Kestra Investment Management LLC purchased a new position in FedEx in the 4th quarter valued at about $86,000. Handelsbanken Fonder AB grew its stake in shares of FedEx by 1.5% during the fourth quarter. Handelsbanken Fonder AB now owns 93,974 shares of the shipping service provider’s stock valued at $26,438,000 after acquiring an additional 1,411 shares in the last quarter. Finally, Boston Financial Mangement LLC grew its stake in shares of FedEx by 12.3% during the fourth quarter. Boston Financial Mangement LLC now owns 916 shares of the shipping service provider’s stock valued at $258,000 after acquiring an additional 100 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity 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 in the company, valued at $5,686,161.85. This trade represents a 20.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.87% of the company’s stock.

FedEx Price Performance

Shares of NYSE:FDX opened at $225.78 on Friday. The firm’s 50 day moving average is $218.30 and its two-hundred day moving average is $244.83. FedEx Corporation has a 52 week low of $194.30 and a 52 week high of $313.84. The firm has a market capitalization of $54.10 billion, a P/E ratio of 14.16, a PEG 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 (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate of $4.56 by ($0.05). FedEx had a net margin of 4.46% and a return on equity of 16.00%. The firm had revenue of $22.16 billion during the quarter, compared to analyst estimates of $21.96 billion. During the same quarter in the previous year, the business posted $3.86 EPS. FedEx’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be paid a $1.45 dividend. The ex-dividend date is Monday, June 23rd. This represents a $5.80 annualized dividend and a dividend yield of 2.57%. This is a positive change from FedEx’s previous quarterly dividend of $1.38. FedEx’s dividend payout ratio (DPR) is presently 34.63%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FDX. Oppenheimer restated a “market perform” rating on shares of FedEx in a research note on Friday, March 21st. Cfra Research upgraded FedEx to a “hold” rating in a research note on Thursday, March 20th. Deutsche Bank Aktiengesellschaft began coverage on FedEx in a research note on Friday, March 7th. They set a “buy” rating and a $337.00 target price for the company. Stephens restated an “overweight” rating and set a $300.00 target price on shares of FedEx in a research note on Tuesday, May 20th. Finally, UBS Group lowered their target price on FedEx from $331.00 to $311.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have issued a buy rating and one has given 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.

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.