Edge Wealth Management LLC Sells 745 Shares of FedEx Co. (NYSE:FDX)

Edge Wealth Management LLC lessened its position in shares of FedEx Co. (NYSE:FDX) by 29.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,763 shares of the shipping service provider’s stock after selling 745 shares during the period. Edge Wealth Management LLC’s holdings in FedEx were worth $511,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Fortis Group Advisors LLC raised its stake in FedEx by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Scarborough Advisors LLC acquired a new stake in FedEx in the fourth quarter worth $25,000. Financial Management Professionals Inc. grew its holdings in FedEx by 143.2% in the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock worth $27,000 after purchasing an additional 63 shares during the period. Private Wealth Management Group LLC acquired a new stake in FedEx in the fourth quarter worth $28,000. Finally, Rakuten Securities Inc. acquired a new stake in FedEx in the fourth quarter worth $30,000. Institutional investors own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FDX shares. Morgan Stanley raised their price target on shares of FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a report on Wednesday. Argus raised their price target on shares of FedEx from $325.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group reduced their price target on shares of FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a report on Tuesday, May 21st. Robert W. Baird lifted their price objective on shares of FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, The Goldman Sachs Group lifted their price objective on shares of FedEx from $316.00 to $333.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, FedEx currently has an average rating of “Moderate Buy” and an average target price of $314.00.

FedEx Price Performance

FDX stock traded up $2.88 during midday trading on Friday, reaching $298.35. The company had a trading volume of 741,993 shares, compared to its average volume of 1,922,875. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.26. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $298.66. The company has a market capitalization of $73.42 billion, a P/E ratio of 17.15, a P/E/G ratio of 1.06 and a beta of 1.16. The firm has a 50-day moving average price of $256.80 and a 200-day moving average price of $256.00.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. During the same quarter in the prior year, the company earned $4.94 EPS. The firm’s revenue was up .8% on a year-over-year basis. On average, research analysts anticipate that FedEx Co. will post 20.53 earnings per share for the current fiscal year.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be issued a dividend of $1.38 per share. This is a positive change from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Monday, June 24th. FedEx’s dividend payout ratio is currently 32.04%.

FedEx announced that its board has authorized a share buyback program on Thursday, March 21st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the shipping service provider to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at FedEx

In related news, EVP Tracy B. Brightman sold 2,550 shares of the company’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $275.69, for a total transaction of $703,009.50. Following the completion of the sale, the executive vice president now directly owns 6,294 shares in the company, valued at approximately $1,735,192.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other FedEx news, CEO Richard W. Smith sold 1,325 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $278.24, for a total value of $368,668.00. Following the completion of the transaction, the chief executive officer now directly owns 84,614 shares in the company, valued at approximately $23,542,999.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tracy B. Brightman sold 2,550 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $275.69, for a total transaction of $703,009.50. Following the completion of the sale, the executive vice president now directly owns 6,294 shares in the company, valued at $1,735,192.86. The disclosure for this sale can be found here. Insiders sold 117,275 shares of company stock worth $32,177,298 in the last three months. 8.73% of the stock is owned by insiders.

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.