Manning & Napier Advisors LLC Sells 14,145 Shares of FedEx Corporation (NYSE:FDX)

Manning & Napier Advisors LLC lowered its holdings in FedEx Corporation (NYSE:FDX) by 21.6% in the first quarter, Holdings Channel reports. The firm owned 51,393 shares of the shipping service provider’s stock after selling 14,145 shares during the quarter. Manning & Napier Advisors LLC’s holdings in FedEx were worth $12,529,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in FDX. Regal Investment Advisors LLC grew its holdings in shares of FedEx by 2.4% in the 4th quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider’s stock valued at $451,000 after acquiring an additional 38 shares in the last quarter. Aviso Financial Inc. grew its stake in shares of FedEx by 1.2% in the fourth quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider’s stock valued at $957,000 after buying an additional 40 shares in the last quarter. Garner Asset Management Corp grew its stake in shares of FedEx by 0.7% in the fourth quarter. Garner Asset Management Corp now owns 5,897 shares of the shipping service provider’s stock valued at $1,659,000 after buying an additional 41 shares in the last quarter. Curi RMB Capital LLC grew its stake in shares of FedEx by 1.3% in the fourth quarter. Curi RMB Capital LLC now owns 3,615 shares of the shipping service provider’s stock valued at $1,017,000 after buying an additional 47 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of FedEx by 1.9% in the fourth quarter. Quadrant Capital Group LLC now owns 2,664 shares of the shipping service provider’s stock valued at $749,000 after buying an additional 50 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

Insider Activity

In other news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction on Thursday, March 27th. The stock was 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 approximately $5,686,161.85. This represents a 20.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 8.87% of the company’s stock.

FedEx Stock Performance

NYSE FDX opened at $225.78 on Friday. The company has a quick ratio of 1.19, a current ratio of 1.24 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $54.10 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.08 and a beta of 1.35. FedEx Corporation has a 12-month low of $194.30 and a 12-month high of $313.84. The firm has a 50-day moving average price of $218.30 and a two-hundred day moving average price of $244.56.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.56 by ($0.05). The company had revenue of $22.16 billion during the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a net margin of 4.46% and a return on equity of 16.00%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.86 earnings per share. Analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

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

Analyst Ratings Changes

FDX has been the subject of a number of analyst reports. Stifel Nicolaus decreased their price objective on shares of FedEx from $364.00 to $354.00 and set a “buy” rating for the company in a research report on Friday, March 21st. JPMorgan Chase & Co. reduced their price target on FedEx from $323.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Jefferies Financial Group upgraded FedEx from a “hold” rating to a “buy” rating and reduced their price target for the stock from $300.00 to $275.00 in a report on Monday, March 24th. Bank of America reduced their price target on FedEx from $272.00 to $270.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Finally, Wall Street Zen downgraded FedEx from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, FedEx 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.