Mackenzie Financial Corp Purchases 92,352 Shares of FedEx Co. (NYSE:FDX)

Mackenzie Financial Corp increased its position in FedEx Co. (NYSE:FDX) by 67.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 229,954 shares of the shipping service provider’s stock after purchasing an additional 92,352 shares during the period. Mackenzie Financial Corp owned approximately 0.09% of FedEx worth $58,171,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FDX. Vanguard Group Inc. lifted its stake in FedEx by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 18,729,110 shares of the shipping service provider’s stock valued at $4,961,716,000 after acquiring an additional 59,161 shares in the last quarter. FMR LLC lifted its stake in FedEx by 29.1% during the 3rd quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after acquiring an additional 916,555 shares in the last quarter. Morgan Stanley lifted its stake in FedEx by 19.6% during the 4th quarter. Morgan Stanley now owns 3,412,956 shares of the shipping service provider’s stock valued at $591,124,000 after acquiring an additional 559,607 shares in the last quarter. Invesco Ltd. lifted its stake in FedEx by 13.6% during the 3rd quarter. Invesco Ltd. now owns 3,004,838 shares of the shipping service provider’s stock valued at $796,042,000 after acquiring an additional 360,680 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in FedEx by 2.6% during the 3rd quarter. Northern Trust Corp now owns 2,356,109 shares of the shipping service provider’s stock valued at $624,180,000 after acquiring an additional 60,201 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors.

FedEx Price Performance

FDX opened at $264.86 on Wednesday. The stock has a market capitalization of $65.18 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 1.26 and a beta of 1.21. 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 52-week low of $213.80 and a 52-week high of $291.27. The stock’s 50 day moving average price is $257.89 and its 200-day moving average price is $254.05.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The firm had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the company posted $3.41 earnings per share. On average, equities research analysts predict that FedEx Co. will post 17.67 EPS for the current year.

FedEx announced that its board has initiated a stock repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows 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 management believes its stock is undervalued.

FedEx Dividend Announcement

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

Insider Buying and Selling at FedEx

In other FedEx news, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction dated 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 owns 11,147 shares of the company’s stock, valued at $3,223,600.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other FedEx news, CEO Sriram Krishnasamy sold 354 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the completion of 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 document filed with the SEC, which is accessible through this link. Also, VP Guy M. Erwin II sold 2,749 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now owns 486 shares of the company’s stock, valued at approximately $140,507.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 136,668 shares of company stock valued at $37,758,773. 8.73% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FDX has been the topic of several recent analyst reports. Oppenheimer restated a “market perform” rating on shares of FedEx in a research note on Friday, March 22nd. Stephens lowered their target price on FedEx from $330.00 to $320.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 20th. Morgan Stanley lifted their target price on FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Friday, March 22nd. BNP Paribas reiterated an “underperform” rating and set a $250.00 target price on shares of FedEx in a research note on Wednesday, March 27th. Finally, Stifel Nicolaus lowered their target price on FedEx from $306.00 to $303.00 and set a “buy” rating on the stock in a research note on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, FedEx has an average rating of “Moderate Buy” and an average price target of $301.33.

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.