Picton Mahoney Asset Management Increases Position in FedEx Co. (NYSE:FDX)

Picton Mahoney Asset Management boosted its holdings in FedEx Co. (NYSE:FDX) by 10.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,620 shares of the shipping service provider’s stock after purchasing an additional 1,015 shares during the quarter. Picton Mahoney Asset Management’s holdings in FedEx were worth $2,687,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Sentry LLC purchased a new position in shares of FedEx in the 4th quarter worth $1,811,748,000. Mizuho Markets Americas LLC acquired a new stake in shares of FedEx in the third quarter valued at about $496,611,000. FMR LLC boosted its stake in FedEx by 29.1% during the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after buying an additional 916,555 shares during the period. International Assets Investment Management LLC lifted its position in shares of FedEx by 33,890.5% during the fourth quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock worth $166,972,000 after purchasing an additional 649,680 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in FedEx by 144.4% during the third quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock worth $267,135,000 after purchasing an additional 595,628 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on FDX shares. Bank of America decreased their target price on shares of FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd. Evercore ISI upped their target price on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Stifel Nicolaus reduced their price objective on FedEx from $306.00 to $303.00 and set a “buy” rating on the stock in a research note on Wednesday, April 3rd. Oppenheimer reissued a “market perform” rating on shares of FedEx in a report on Friday, March 22nd. Finally, BNP Paribas reaffirmed an “underperform” rating and set a $250.00 target price on shares of FedEx in a report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus target price of $301.33.

FedEx Stock Performance

FDX traded down $1.46 during mid-day trading on Wednesday, reaching $258.01. 1,451,257 shares of the company traded hands, compared to its average volume of 1,943,395. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $63.49 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.23 and a beta of 1.23. FedEx Co. has a 52-week low of $213.80 and a 52-week high of $291.27. The company’s fifty day moving average price is $265.01 and its 200-day moving average price is $255.28.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, topping the consensus estimate of $3.49 by $0.37. The company had revenue of $21.70 billion during the quarter, compared to the consensus estimate of $21.95 billion. FedEx had a net margin of 5.02% and a return on equity of 16.60%. FedEx’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.41 EPS. On average, sell-side analysts expect that FedEx Co. will post 17.69 EPS for the current year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were paid a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 annualized dividend and a yield of 1.95%. FedEx’s dividend payout ratio (DPR) is 29.07%.

FedEx announced that its board has initiated a share repurchase plan on Thursday, March 21st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other FedEx news, Director Susan C. Schwab sold 6,145 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total transaction 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 SEC, which can be accessed through this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 136,668 shares of company stock worth $37,758,773. Company insiders own 8.73% of the company’s stock.

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.