Insider Selling: FedEx Co. (NYSE:FDX) Director Sells $407,564.99 in Stock

FedEx Co. (NYSE:FDX) Director David P. Steiner sold 1,369 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $297.71, for a total transaction of $407,564.99. Following the sale, the director now directly owns 35,183 shares in the company, valued at $10,474,330.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

FedEx Stock Performance

NYSE:FDX opened at $293.71 on Friday. The company’s 50-day moving average price is $259.75 and its 200-day moving average price is $256.75. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The company has a market cap of $72.28 billion, a P/E ratio of 17.05, a P/E/G ratio of 1.09 and a beta of 1.18. FedEx Co. has a twelve month low of $224.69 and a twelve month high of $302.41.

FedEx (NYSE:FDX) last released its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The firm had revenue of $22.11 billion during the quarter, compared to analysts’ expectations of $22.04 billion. During the same period last year, the business earned $4.94 earnings per share. FedEx’s revenue was up .8% compared to the same quarter last year. On average, sell-side analysts forecast that FedEx Co. will post 20.67 earnings per share for the current fiscal year.

FedEx announced that its board has initiated a stock buyback program on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be given a dividend of $1.38 per share. This is a boost from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend is Monday, June 24th. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

Institutional Investors Weigh In On FedEx

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sentry LLC acquired a new stake in shares of FedEx during the fourth quarter valued at about $1,811,748,000. Norges Bank acquired a new stake in shares of FedEx during the fourth quarter valued at about $700,291,000. Capital International Investors increased its position in shares of FedEx by 32.5% during the first quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock valued at $2,558,718,000 after acquiring an additional 2,163,622 shares during the last quarter. Vanguard Group Inc. increased its position in shares of FedEx by 5.6% during the first quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after acquiring an additional 1,056,061 shares during the last quarter. Finally, Putnam Investments LLC increased its position in shares of FedEx by 38.1% during the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock valued at $732,040,000 after acquiring an additional 798,084 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of recent analyst reports. Evercore ISI lowered their price target on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a report on Monday, June 24th. TD Cowen increased their price target on shares of FedEx from $320.00 to $335.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Robert W. Baird increased their price target on shares of FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a report on Wednesday, June 26th. Barclays increased their price objective on shares of FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. Finally, Bank of America increased their price objective on shares of FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.00.

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.