Allstate Corp Acquires Shares of 6,875 FedEx Co. (NYSE:FDX)

Allstate Corp bought a new stake in FedEx Co. (NYSE:FDX - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 6,875 shares of the shipping service provider's stock, valued at approximately $1,934,000.

A number of other institutional investors have also added to or reduced their stakes in FDX. Norges Bank bought a new stake in shares of FedEx in the 4th quarter worth approximately $807,352,000. Raymond James Financial Inc. acquired a new stake in FedEx during the fourth quarter worth $234,028,000. ACR Alpine Capital Research LLC increased its holdings in 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. Bryn Mawr Capital Management LLC raised its stake in shares of FedEx by 22,317.0% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 322,580 shares of the shipping service provider's stock valued at $90,751,000 after buying an additional 321,141 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of FedEx by 8.6% during the 3rd quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider's stock worth $1,042,050,000 after acquiring an additional 314,380 shares during the period. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Down 0.8 %

FedEx stock traded down $1.93 during mid-day trading on Tuesday, reaching $241.86. The company's stock had a trading volume of 1,368,281 shares, compared to its average volume of 1,744,223. The business's 50 day simple moving average is $255.97 and its 200 day simple moving average is $270.59. FedEx Co. has a 12 month low of $217.22 and a 12 month high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market capitalization of $57.95 billion, a price-to-earnings ratio of 15.41, a price-to-earnings-growth ratio of 1.11 and a beta of 1.23.

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FedEx (NYSE:FDX - Get Free Report) last released its earnings results 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 during the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. FedEx's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $3.86 earnings per share. As a group, research analysts anticipate that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be paid a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $5.52 annualized dividend and a dividend yield of 2.28%. FedEx's dividend payout ratio is currently 34.63%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FDX. Bank of America dropped their price target on shares of FedEx from $295.00 to $272.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Oppenheimer restated a "market perform" rating on shares of FedEx in a research report on Friday, March 21st. Barclays reduced their price target on shares of FedEx from $365.00 to $350.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Deutsche Bank Aktiengesellschaft initiated coverage on FedEx in a report on Friday, March 7th. They set a "buy" rating and a $337.00 target price on the stock. Finally, TD Cowen decreased their price target on shares of FedEx from $337.00 to $310.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $302.71.

Insider Activity at FedEx

In related news, Director Susan C. Schwab sold 3,980 shares of FedEx stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the sale, the director now owns 8,904 shares of the company's stock, valued at approximately $2,461,510.80. The trade was a 30.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John W. Dietrich purchased 1,000 shares of the stock in a transaction on Tuesday, January 7th. The stock was bought at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the completion of the acquisition, the executive vice president now owns 9,067 shares in the company, valued at approximately $2,484,176.66. This trade represents a 12.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 12,711 shares of company stock worth $3,312,693. Company insiders own 8.87% of the company's stock.

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.