Convergence Investment Partners LLC Trims Stake in FedEx Co. (NYSE:FDX)

Convergence Investment Partners LLC lowered its holdings in FedEx Co. (NYSE:FDX) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,057 shares of the shipping service provider’s stock after selling 305 shares during the quarter. Convergence Investment Partners LLC’s holdings in FedEx were worth $1,532,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. KRS Capital Management LLC raised its holdings in shares of FedEx by 4.1% in the 4th quarter. KRS Capital Management LLC now owns 1,041 shares of the shipping service provider’s stock valued at $263,000 after buying an additional 41 shares during the period. Zullo Investment Group Inc. increased its holdings in FedEx by 0.7% during the 4th quarter. Zullo Investment Group Inc. now owns 5,721 shares of the shipping service provider’s stock worth $1,447,000 after purchasing an additional 42 shares during the period. Toth Financial Advisory Corp increased its holdings in FedEx by 18.0% during the 4th quarter. Toth Financial Advisory Corp now owns 288 shares of the shipping service provider’s stock worth $73,000 after purchasing an additional 44 shares during the period. SVB Wealth LLC increased its holdings in FedEx by 2.5% during the 4th quarter. SVB Wealth LLC now owns 1,801 shares of the shipping service provider’s stock worth $456,000 after purchasing an additional 44 shares during the period. Finally, Venturi Wealth Management LLC boosted its position in shares of FedEx by 42.5% during the 3rd quarter. Venturi Wealth Management LLC now owns 151 shares of the shipping service provider’s stock worth $40,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Buying and Selling at FedEx

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FDX shares. Stifel Nicolaus decreased their target price on FedEx from $306.00 to $303.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. The Goldman Sachs Group raised their price objective on FedEx from $291.00 to $324.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Oppenheimer restated a “market perform” rating on shares of FedEx in a report on Friday, March 22nd. TD Cowen raised their price objective on FedEx from $293.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. Finally, Bank of America decreased their price objective on FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $301.33.

FedEx Stock Up 0.1 %

Shares of NYSE:FDX traded up $0.32 during trading on Friday, hitting $265.84. The company’s stock had a trading volume of 958,876 shares, compared to its average volume of 1,517,622. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. FedEx Co. has a fifty-two week low of $213.80 and a fifty-two week high of $291.27. The stock’s 50-day moving average price is $262.17 and its two-hundred day moving average price is $254.49. The company has a market capitalization of $65.42 billion, a PE ratio of 15.33, a PEG ratio of 1.25 and a beta of 1.21.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, topping the consensus estimate of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The business had revenue of $21.70 billion for the quarter, compared to analysts’ expectations of $21.95 billion. During the same quarter in the previous year, the firm posted $3.41 earnings per share. The company’s revenue was down 2.1% compared to the same quarter last year. As a group, sell-side analysts expect that FedEx Co. will post 17.69 EPS for the current year.

FedEx declared that its board has approved a stock buyback plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were paid a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a yield of 1.90%. The ex-dividend date was Friday, March 8th. FedEx’s payout ratio is currently 29.07%.

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.