FedEx Co. (NYSE:FDX) Stake Lessened by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its stake in shares of FedEx Co. (NYSE:FDX) by 62.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,504 shares of the shipping service provider’s stock after selling 147,435 shares during the period. Canada Pension Plan Investment Board’s holdings in FedEx were worth $24,618,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of FedEx in the 4th quarter worth approximately $807,352,000. Raymond James Financial Inc. acquired a new stake in shares of FedEx during the fourth quarter worth $234,028,000. Dodge & Cox lifted its position in shares of FedEx by 5.6% in the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock worth $3,907,568,000 after buying an additional 734,268 shares during the last quarter. ACR Alpine Capital Research LLC boosted its holdings in shares of FedEx by 62.9% in the 4th quarter. ACR Alpine Capital Research LLC now owns 852,767 shares of the shipping service provider’s stock valued at $239,909,000 after buying an additional 329,170 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of FedEx by 8.1% during the 4th quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider’s stock valued at $1,209,338,000 after buying an additional 323,115 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

Insider Transactions at FedEx

In other FedEx news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total value of $1,499,050.25. Following the transaction, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. This represents a 20.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.87% of the stock is owned by insiders.

FedEx Price Performance

FDX stock opened at $207.45 on Friday. FedEx Co. has a one year low of $194.30 and a one year high of $313.84. The firm has a 50-day moving average of $239.05 and a two-hundred day moving average of $263.61. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $49.71 billion, a PE ratio of 13.22, a P/E/G ratio of 1.11 and a beta of 1.24.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing the consensus estimate of $4.56 by ($0.05). The firm had revenue of $22.16 billion for the quarter, compared to analysts’ expectations of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.86 earnings per share. On average, analysts forecast that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were issued a $1.38 dividend. The ex-dividend date was Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.66%. FedEx’s dividend payout ratio is 34.63%.

Analysts Set New Price Targets

A number of brokerages have commented on FDX. Bank of America decreased their target price on FedEx from $295.00 to $272.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Piper Sandler lowered FedEx to a “neutral” rating in a research report on Monday, February 3rd. Wells Fargo & Company cut their target price on FedEx from $275.00 to $260.00 and set an “equal weight” rating on the stock in a research note on Friday, March 21st. Citigroup dropped their price objective on shares of FedEx from $305.00 to $267.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Finally, BNP Paribas raised shares of FedEx from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 16th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $300.63.

FedEx Company 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.