New York State Teachers Retirement System Lowers Stock Position in FedEx Co. (NYSE:FDX)

New York State Teachers Retirement System reduced its stake in shares of FedEx Co. (NYSE:FDX) by 3.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,400 shares of the shipping service provider’s stock after selling 10,023 shares during the period. New York State Teachers Retirement System’s holdings in FedEx were worth $66,887,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. SeaCrest Wealth Management LLC raised its stake in FedEx by 0.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 5,615 shares of the shipping service provider’s stock valued at $1,683,000 after purchasing an additional 34 shares during the period. LRI Investments LLC raised its stake in FedEx by 8.6% during the 2nd quarter. LRI Investments LLC now owns 455 shares of the shipping service provider’s stock valued at $137,000 after purchasing an additional 36 shares during the period. Ascent Wealth Partners LLC raised its stake in FedEx by 0.5% during the 2nd quarter. Ascent Wealth Partners LLC now owns 7,690 shares of the shipping service provider’s stock valued at $2,306,000 after purchasing an additional 36 shares during the period. Detalus Advisors LLC raised its stake in FedEx by 2.4% during the 2nd quarter. Detalus Advisors LLC now owns 1,602 shares of the shipping service provider’s stock valued at $480,000 after purchasing an additional 37 shares during the period. Finally, Sachetta LLC raised its stake in FedEx by 29.1% during the 2nd quarter. Sachetta LLC now owns 164 shares of the shipping service provider’s stock valued at $49,000 after purchasing an additional 37 shares during the period. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FDX. Evercore ISI reduced their price objective on FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. TD Cowen reduced their price objective on FedEx from $334.00 to $328.00 and set a “buy” rating on the stock in a research note on Friday, September 20th. Loop Capital reduced their price objective on FedEx from $317.00 to $288.00 and set a “hold” rating on the stock in a research note on Monday, September 23rd. Daiwa America downgraded FedEx from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, September 11th. Finally, Citigroup began coverage on FedEx in a research note on Wednesday, October 9th. They issued a “buy” rating and a $301.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $314.17.

FedEx Price Performance

Shares of FDX stock opened at $274.30 on Thursday. FedEx Co. has a twelve month low of $234.45 and a twelve month high of $313.84. The stock has a market capitalization of $67.02 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 1.08 and a beta of 1.17. The stock has a fifty day simple moving average of $277.96 and a two-hundred day simple moving average of $274.91. The company has a current ratio of 1.28, a quick ratio of 1.24 and a debt-to-equity ratio of 0.72.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing the consensus estimate of $4.82 by ($1.22). FedEx had a return on equity of 15.61% and a net margin of 4.62%. The firm had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $21.87 billion. During the same quarter in the prior year, the company posted $4.55 earnings per share. FedEx’s quarterly revenue was down .5% compared to the same quarter last year. On average, analysts predict that FedEx Co. will post 19.59 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were issued a $1.38 dividend. This represents a $5.52 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend was Monday, September 9th. FedEx’s dividend payout ratio is 34.05%.

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.