FedEx Co. (NYSE:FDX) Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System increased its position in shares of FedEx Co. (NYSE:FDX) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,051 shares of the shipping service provider’s stock after purchasing an additional 338 shares during the quarter. Maryland State Retirement & Pension System’s holdings in FedEx were worth $4,566,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Financial Management Professionals Inc. lifted its holdings in shares of FedEx by 143.2% during 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. Rakuten Securities Inc. purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $30,000. Tennessee Valley Asset Management Partners purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $31,000. Planned Solutions Inc. purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $32,000. Finally, Valley National Advisers Inc. increased its position in shares of FedEx by 123.3% in the fourth quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider’s stock valued at $33,000 after buying an additional 74 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FDX. BMO Capital Markets boosted their price target on FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. Morgan Stanley upped their price target on FedEx from $195.00 to $210.00 and gave the company an “equal weight” rating in a research note on Friday, March 22nd. Robert W. Baird upped their price target on FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. TD Cowen increased their target price on FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group increased their target price on FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $301.33.

Insiders Place Their Bets

In other news, VP Guy M. Erwin II sold 2,749 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total transaction of $794,763.39. Following the completion of the transaction, the vice president now owns 486 shares of the company’s stock, valued at $140,507.46. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the sale, the vice president now directly owns 486 shares in the company, valued at $140,507.46. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sriram Krishnasamy sold 354 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $289.19, for a total transaction of $102,373.26. Following the completion of the sale, the chief executive officer now owns 11,147 shares in the company, valued at $3,223,600.93. The disclosure for this sale can be found here. Insiders sold a total of 136,668 shares of company stock valued at $37,758,773 over the last 90 days. 8.73% of the stock is owned by company insiders.

FedEx Price Performance

NYSE FDX traded down $1.03 during mid-day trading on Tuesday, hitting $259.26. The stock had a trading volume of 963,630 shares, compared to its average volume of 1,943,547. FedEx Co. has a 52-week low of $213.80 and a 52-week high of $291.27. The company has a market cap of $63.80 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 1.23 and a beta of 1.23. The company has a 50 day simple moving average of $264.65 and a 200 day simple moving average of $255.15. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last released its quarterly 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 return on equity of 16.60% and a net margin of 5.02%. FedEx’s revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.41 earnings per share. Equities analysts forecast that FedEx Co. will post 17.69 EPS for the current fiscal year.

FedEx Dividend Announcement

The firm also recently disclosed 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 1.94%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio is presently 29.07%.

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

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.