Intech Investment Management LLC Reduces Stock Holdings in FedEx Co. (NYSE:FDX)

Intech Investment Management LLC lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 10.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,504 shares of the shipping service provider’s stock after selling 25,112 shares during the period. FedEx makes up 0.8% of Intech Investment Management LLC’s holdings, making the stock its 19th biggest position. Intech Investment Management LLC’s holdings in FedEx were worth $52,745,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FDX. Sentry LLC purchased a new stake in shares of FedEx during the fourth quarter worth about $1,811,748,000. Norges Bank purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $700,291,000. Mizuho Markets Americas LLC acquired a new stake in shares of FedEx in the third quarter valued at approximately $496,611,000. FMR LLC lifted its position 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 in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in FedEx by 33,890.5% in the 4th quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock valued at $166,972,000 after buying an additional 649,680 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Robert W. Baird lifted their price target on shares of FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. Barclays increased their price objective on FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. reduced their target price on FedEx from $301.00 to $296.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Evercore ISI increased their price target on FedEx from $327.00 to $351.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $300.74.

FedEx Stock Down 0.7 %

Shares of FDX traded down $1.70 during mid-day trading on Friday, reaching $247.59. The company’s stock had a trading volume of 1,096,590 shares, compared to its average volume of 1,253,289. The company’s 50 day moving average is $266.81 and its 200 day moving average is $256.76. The stock has a market cap of $60.93 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 1.03 and a beta of 1.23. FedEx Co. has a 12-month low of $213.80 and a 12-month high of $291.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26.

FedEx (NYSE:FDX) last posted its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The firm had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same period last year, the firm posted $3.41 EPS. The company’s revenue was down 2.1% on a year-over-year basis. Equities analysts anticipate that FedEx Co. will post 17.69 EPS 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 outstanding shares. This buyback authorization permits the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction that occurred on Tuesday, April 9th. The stock was 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 transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction on 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 legal filing with the SEC, which is accessible through this link. Also, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the transaction, the chief executive officer now directly owns 11,147 shares of the company’s stock, valued at $3,223,600.93. The disclosure for this sale can be found here. In the last three months, insiders sold 136,668 shares of company stock valued at $37,758,773. Insiders own 8.73% of the company’s stock.

About FedEx

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.