Victory Capital Management Inc. Buys 72,987 Shares of FedEx Co. (NYSE:FDX)

Victory Capital Management Inc. grew its stake in shares of FedEx Co. (NYSE:FDX) by 28.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 333,772 shares of the shipping service provider’s stock after buying an additional 72,987 shares during the period. Victory Capital Management Inc. owned 0.13% of FedEx worth $84,434,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sentry LLC purchased a new stake in FedEx in the 4th quarter worth approximately $1,811,748,000. Mizuho Markets Americas LLC purchased a new stake in shares of FedEx in the third quarter worth $496,611,000. FMR LLC boosted its stake in FedEx by 29.1% during the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock valued at $1,076,619,000 after buying an additional 916,555 shares during the period. International Assets Investment Management LLC grew its position in FedEx by 33,890.5% during the fourth quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock worth $166,972,000 after buying an additional 649,680 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of FedEx by 144.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock valued at $267,135,000 after acquiring an additional 595,628 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of the business’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 transaction, the vice president now owns 486 shares of the company’s stock, valued at approximately $140,507.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Guy M. Erwin II sold 2,749 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total transaction of $794,763.39. Following the transaction, the vice president now owns 486 shares in the company, valued at $140,507.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Tracy B. Brightman sold 2,550 shares of FedEx stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $275.69, for a total transaction of $703,009.50. Following the completion of the sale, the executive vice president now directly owns 6,294 shares of the company’s stock, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. Insiders have sold a total of 136,668 shares of company stock valued at $37,758,773 over the last ninety days. 8.73% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of FedEx from a “strong-buy” rating to a “buy” rating in a research note on Sunday, February 11th. Bank of America reduced their target price on FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a research note on Tuesday, April 2nd. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a report on Friday, March 22nd. Morgan Stanley raised their price objective on FedEx from $195.00 to $210.00 and gave the company an “equal weight” rating in a report on Friday, March 22nd. Finally, Melius raised shares of FedEx from a “hold” rating to a “buy” rating in a research note on Monday, January 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, FedEx currently has a consensus rating of “Moderate Buy” and an average price target of $301.33.

FedEx Trading Down 0.5 %

FedEx stock opened at $260.66 on Friday. FedEx Co. has a 12 month low of $213.80 and a 12 month high of $291.27. The company has a market capitalization of $64.14 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 1.23 and a beta of 1.23. The business’s fifty day simple moving average is $263.93 and its two-hundred day simple moving average is $254.81. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76.

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, topping analysts’ consensus estimates of $3.49 by $0.37. The company had revenue of $21.70 billion for the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a net margin of 5.02% and a return on equity of 16.60%. FedEx’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.41 EPS. As a group, equities analysts predict that FedEx Co. will post 17.69 earnings per share for the current fiscal year.

FedEx announced that its board has initiated a share buyback plan on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

FedEx Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were given a $1.26 dividend. The ex-dividend date was Friday, March 8th. This represents a $5.04 annualized dividend and a yield of 1.93%. FedEx’s dividend payout ratio (DPR) is presently 29.07%.

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.