W.H. Cornerstone Investments Inc. Lowers Stock Holdings in FedEx Co. (NYSE:FDX)

W.H. Cornerstone Investments Inc. cut its holdings in shares of FedEx Co. (NYSE:FDX) by 2.6% during the fourth quarter, Holdings Channel reports. The firm owned 4,256 shares of the shipping service provider’s stock after selling 113 shares during the quarter. W.H. Cornerstone Investments Inc.’s holdings in FedEx were worth $1,077,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FDX. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in FedEx by 11.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock valued at $35,254,000 after purchasing an additional 13,197 shares during the period. Western Wealth Management LLC boosted its stake in shares of FedEx by 10.0% in the 4th quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after buying an additional 333 shares during the period. Trust Point Inc. acquired a new position in shares of FedEx during the fourth quarter worth about $282,000. Planned Solutions Inc. purchased a new stake in shares of FedEx during the fourth quarter worth approximately $32,000. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in FedEx by 2.3% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock valued at $157,660,000 after acquiring an additional 13,642 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Insiders Place Their Bets

In other news, Director Susan C. Schwab sold 6,145 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total value of $1,769,882.90. Following the completion of the transaction, the director now owns 7,865 shares in the company, valued at approximately $2,265,277.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of the company’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the sale, the vice president now owns 486 shares of the company’s stock, valued at $140,507.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan C. Schwab sold 6,145 shares of FedEx stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $288.02, for a total value of $1,769,882.90. Following the transaction, the director now directly owns 7,865 shares of the company’s stock, valued at approximately $2,265,277.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 136,668 shares of company stock worth $37,758,773. Corporate insiders own 8.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FDX shares. Melius upgraded shares of FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Melius Research raised FedEx from a “hold” rating to a “buy” rating and set a $310.00 price target for the company in a report on Monday, January 8th. Stifel Nicolaus lowered their price objective on FedEx from $306.00 to $303.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. StockNews.com lowered FedEx from a “strong-buy” rating to a “buy” rating in a research report on Sunday, February 11th. Finally, Evercore ISI upped their price target on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, FedEx currently has a consensus rating of “Moderate Buy” and an average price target of $301.33.

FedEx Stock Performance

Shares of FDX stock traded down $1.38 during mid-day trading on Friday, hitting $260.65. The stock had a trading volume of 1,085,243 shares, compared to its average volume of 1,311,143. FedEx Co. has a fifty-two week low of $213.80 and a fifty-two week high of $291.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26. The company’s 50-day simple moving average is $264.27 and its 200-day simple moving average is $255.03. The firm has a market cap of $64.14 billion, a PE ratio of 15.03, a PEG ratio of 1.23 and a beta of 1.23.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The company had revenue of $21.70 billion for the quarter, compared to analyst estimates of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.41 EPS. Sell-side analysts anticipate that FedEx Co. will post 17.69 earnings per share for the current year.

FedEx declared that its Board of Directors has initiated a share repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the shipping service provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were issued a $1.26 dividend. This represents a $5.04 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio (DPR) is currently 29.07%.

FedEx Company 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.