American International Group Inc. Sells 524 Shares of FedEx Co. (NYSE:FDX)

American International Group Inc. lessened its stake in FedEx Co. (NYSE:FDX) by 0.9% in the first quarter, HoldingsChannel reports. The fund owned 58,229 shares of the shipping service provider’s stock after selling 524 shares during the period. American International Group Inc.’s holdings in FedEx were worth $16,871,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisor Resource Council bought a new position in FedEx during the 4th quarter valued at approximately $202,000. HB Wealth Management LLC raised its position in FedEx by 2.0% during the 4th quarter. HB Wealth Management LLC now owns 23,557 shares of the shipping service provider’s stock valued at $5,959,000 after purchasing an additional 473 shares during the last quarter. Compagnie Lombard Odier SCmA raised its position in FedEx by 1,023.4% during the 4th quarter. Compagnie Lombard Odier SCmA now owns 8,650 shares of the shipping service provider’s stock valued at $2,188,000 after purchasing an additional 7,880 shares during the last quarter. Cooper Financial Group raised its position in FedEx by 9.5% during the 4th quarter. Cooper Financial Group now owns 2,898 shares of the shipping service provider’s stock valued at $733,000 after purchasing an additional 251 shares during the last quarter. Finally, Raymond James & Associates raised its position in FedEx by 2.2% during the 4th quarter. Raymond James & Associates now owns 524,082 shares of the shipping service provider’s stock valued at $132,577,000 after purchasing an additional 11,191 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 26th. Oppenheimer reissued a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. BNP Paribas reissued an “underperform” rating and issued a $250.00 target price on shares of FedEx in a research report on Wednesday, March 27th. Raymond James decreased their target price on FedEx from $325.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 24th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $327.00 price target (up previously from $303.00) on shares of FedEx in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $314.00.

Insider Activity

In other news, CAO Guy M. Erwin II sold 116 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total transaction of $34,711.84. Following the completion of the transaction, the chief accounting officer now owns 930 shares in the company, valued at $278,293.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Guy M. Erwin II sold 116 shares of FedEx stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $299.24, for a total value of $34,711.84. Following the completion of the transaction, the chief accounting officer now owns 930 shares in the company, valued at $278,293.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the completion of the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. Insiders sold a total of 32,944 shares of company stock worth $9,882,355 over the last 90 days. Corporate insiders own 8.73% of the company’s stock.

FedEx Price Performance

NYSE:FDX traded down $2.52 on Wednesday, reaching $298.28. 1,530,139 shares of the company’s stock traded hands, compared to its average volume of 1,924,651. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73. The stock has a 50-day simple moving average of $271.42 and a 200-day simple moving average of $261.72. The firm has a market cap of $72.87 billion, a PE ratio of 17.31, a P/E/G ratio of 1.11 and a beta of 1.18. FedEx Co. has a 12 month low of $224.69 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share 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 analyst estimates of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $4.94 earnings per share. Equities research analysts forecast that FedEx Co. will post 20.94 earnings per share for the current year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 24th were given a dividend of $1.38 per share. This is a positive change from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date was Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 1.85%. FedEx’s dividend payout ratio (DPR) is presently 32.04%.

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.