Procyon Advisors LLC Decreases Stake in FedEx Co. (NYSE:FDX)

Procyon Advisors LLC lowered its position in FedEx Co. (NYSE:FDX) by 6.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 16,429 shares of the shipping service provider’s stock after selling 1,208 shares during the period. Procyon Advisors LLC’s holdings in FedEx were worth $4,760,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Scarborough Advisors LLC purchased a new position in FedEx in the 4th quarter valued at $25,000. Fortis Group Advisors LLC boosted its position in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock valued at $25,000 after acquiring an additional 50 shares during the last quarter. Financial Management Professionals Inc. boosted its position in shares of FedEx by 143.2% during the 4th quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock valued at $27,000 after acquiring an additional 63 shares during the last quarter. Private Wealth Management Group LLC acquired a new position in shares of FedEx during the 4th quarter valued at about $28,000. Finally, Rakuten Securities Inc. acquired a new position in shares of FedEx during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In related news, CEO Richard W. Smith sold 1,325 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the completion of the transaction, the chief executive officer now directly owns 84,614 shares of the company’s stock, valued at $23,542,999.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Richard W. Smith sold 1,325 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the completion of the sale, the chief executive officer now directly owns 84,614 shares of the company’s stock, valued at $23,542,999.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Frederick W. Smith sold 113,400 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The disclosure for this sale can be found here. Insiders sold 117,275 shares of company stock valued at $32,177,298 over the last three months. 8.73% of the stock is owned by corporate insiders.

FedEx Stock Down 0.2 %

Shares of FedEx stock traded down $0.72 on Thursday, reaching $295.47. 3,983,844 shares of the company were exchanged, compared to its average volume of 1,934,025. FedEx Co. has a 1-year low of $224.69 and a 1-year high of $296.86. The company has a market cap of $72.71 billion, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 0.93 and a beta of 1.16. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.31 and a quick ratio of 1.26. The stock’s 50 day moving average price is $256.80 and its 200-day moving average price is $256.00.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. The firm had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.86% and a net margin of 4.94%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company posted $4.94 earnings per share. As a group, equities analysts forecast that FedEx Co. will post 20.26 EPS for the current year.

FedEx announced that its board has approved a stock buyback program on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be issued a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 1.87%. This is an increase from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date is Monday, June 24th. FedEx’s dividend payout ratio is 32.04%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FDX shares. Jefferies Financial Group boosted their price target on shares of FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a research report on Friday, March 22nd. UBS Group lowered their price target on shares of FedEx from $340.00 to $333.00 and set a “buy” rating on the stock in a research report on Tuesday, May 21st. Bank of America boosted their price target on shares of FedEx from $340.00 to $347.00 and gave the company a “buy” rating in a research report on Wednesday. The Goldman Sachs Group boosted their price target on shares of FedEx from $316.00 to $333.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Robert W. Baird boosted their price objective on shares of FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $314.00.

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.