The Manufacturers Life Insurance Company Lowers Stock Position in FedEx Corporation $FDX

The Manufacturers Life Insurance Company reduced its position in shares of FedEx Corporation (NYSE:FDX) by 17.7% during the first quarter, Holdings Channel reports. The firm owned 242,523 shares of the shipping service provider’s stock after selling 52,116 shares during the period. The Manufacturers Life Insurance Company’s holdings in FedEx were worth $86,382,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in FedEx in the 1st quarter valued at about $25,000. Bayban bought a new position in shares of FedEx during the 1st quarter worth approximately $26,000. EFG International AG purchased a new position in shares of FedEx in the 4th quarter worth approximately $27,000. Wealth Watch Advisors INC purchased a new position in shares of FedEx in the 3rd quarter worth approximately $28,000. Finally, Tucker Asset Management LLC bought a new position in shares of FedEx in the fourth quarter valued at approximately $29,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Stock Performance

Shares of FDX opened at $308.96 on Thursday. The firm has a market cap of $73.10 billion, a PE ratio of 16.69, a PEG ratio of 1.61 and a beta of 1.29. The stock’s fifty day moving average price is $332.02 and its two-hundred day moving average price is $350.48. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. FedEx Corporation has a 1 year low of $172.88 and a 1 year high of $345.36.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The company had revenue of $23.26 billion during the quarter. On average, equities research analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.6%. FedEx’s dividend payout ratio (DPR) is presently 26.36%.

Insider Buying and Selling at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup assumed coverage on FedEx in a report on Wednesday, July 15th. They set an “outperform” rating on the stock. TD Cowen decreased their target price on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. BNP Paribas Exane lowered their target price on FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. Deutsche Bank Aktiengesellschaft lowered shares of FedEx from a “buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings downgraded shares of FedEx from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $350.54.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.