FedEx Corporation (NYSE:FDX) Shares Sold by Westover Capital Advisors LLC

Westover Capital Advisors LLC lowered its stake in shares of FedEx Corporation (NYSE:FDX) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,534 shares of the shipping service provider’s stock after selling 120 shares during the quarter. Westover Capital Advisors LLC’s holdings in FedEx were worth $1,593,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in FedEx during the 4th quarter worth $807,352,000. Dodge & Cox increased its position in FedEx by 5.6% in the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock valued at $3,907,568,000 after acquiring an additional 734,268 shares during the period. ACR Alpine Capital Research LLC grew its stake in shares of FedEx by 85.9% in the 1st quarter. ACR Alpine Capital Research LLC now owns 1,585,033 shares of the shipping service provider’s stock valued at $386,399,000 after purchasing an additional 732,266 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of FedEx by 18,202.1% during the first quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider’s stock worth $133,003,000 after purchasing an additional 542,605 shares during the last quarter. Finally, Capital Research Global Investors acquired a new position in FedEx in the 4th quarter valued at $145,733,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

Shares of NYSE FDX opened at $236.75 on Friday. The business has a 50 day moving average price of $226.74 and a two-hundred day moving average price of $237.29. FedEx Corporation has a fifty-two week low of $194.29 and a fifty-two week high of $308.53. The firm has a market cap of $55.85 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.24 and a beta of 1.35. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share for the quarter, topping the consensus estimate of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The company had revenue of $22.20 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same period last year, the business earned $5.41 EPS. Sell-side analysts expect that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were given a dividend of $1.45 per share. The ex-dividend date of this dividend was Monday, June 23rd. This is an increase from FedEx’s previous quarterly dividend of $1.38. This represents a $5.80 annualized dividend and a dividend yield of 2.45%. FedEx’s payout ratio is currently 34.36%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FDX shares. Truist Financial reaffirmed a “buy” rating and issued a $275.00 price objective on shares of FedEx in a report on Wednesday, June 25th. Stephens reissued an “overweight” rating and issued a $300.00 target price on shares of FedEx in a report on Tuesday, May 20th. BMO Capital Markets reduced their price target on shares of FedEx from $275.00 to $260.00 and set a “market perform” rating for the company in a research report on Monday, May 19th. Bank of America dropped their price objective on FedEx from $270.00 to $245.00 and set a “buy” rating for the company in a research note on Wednesday, June 25th. Finally, BNP Paribas Exane raised FedEx from an “underperform” rating to an “outperform” rating and set a $270.00 target price on the stock in a report on Thursday, July 3rd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $283.25.

Insider Buying and Selling at FedEx

In related news, Director Paul S. Walsh sold 3,610 shares of the company’s stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the sale, the director owned 15,513 shares in the company, valued at approximately $3,696,592.77. This represents a 18.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Marvin R. Ellison sold 3,610 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the completion of the sale, the director directly owned 7,720 shares of the company’s stock, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,343 shares of company stock valued at $2,228,816. 8.87% of the stock is 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.