Corebridge Financial Inc. Sells 2,615 Shares of FedEx Co. (NYSE:FDX)

Corebridge Financial Inc. trimmed its holdings in shares of FedEx Co. (NYSE:FDX - Free Report) by 4.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,662 shares of the shipping service provider's stock after selling 2,615 shares during the quarter. Corebridge Financial Inc.'s holdings in FedEx were worth $14,534,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Horrell Capital Management Inc. grew its holdings in FedEx by 0.3% during the fourth quarter. Horrell Capital Management Inc. now owns 26,675 shares of the shipping service provider's stock valued at $7,504,000 after purchasing an additional 76 shares during the period. Crowley Wealth Management Inc. bought a new stake in FedEx during the 4th quarter worth approximately $2,628,000. FCA Corp TX bought a new position in shares of FedEx in the fourth quarter worth approximately $120,000. Vanguard Group Inc. lifted its stake in shares of FedEx by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider's stock valued at $5,682,727,000 after buying an additional 56,236 shares in the last quarter. Finally, Stevens Capital Management LP bought a new position in FedEx in the 4th quarter worth $3,627,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Trading Down 0.9 %

FDX stock traded down $2.17 during midday trading on Friday, reaching $241.75. The company's stock had a trading volume of 1,679,093 shares, compared to its average volume of 1,744,375. The firm has a market capitalization of $57.92 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.11 and a beta of 1.23. FedEx Co. has a 1 year low of $217.22 and a 1 year 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 stock has a fifty day simple moving average of $256.59 and a two-hundred day simple moving average of $270.89.

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FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing analysts' consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion for 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%. The company's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.86 EPS. On average, equities research analysts predict that FedEx Co. will post 19.14 EPS for the current year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 10th will be paid a $1.38 dividend. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a yield of 2.28%. FedEx's dividend payout ratio (DPR) is currently 34.63%.

Wall Street Analyst Weigh In

FDX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on FedEx from $323.00 to $280.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. BMO Capital Markets lowered their target price on shares of FedEx from $330.00 to $275.00 and set a "market perform" rating on the stock in a report on Friday, March 21st. UBS Group decreased their price target on shares of FedEx from $350.00 to $331.00 and set a "buy" rating on the stock in a research note on Friday, March 21st. Citigroup reduced their target price on FedEx from $347.00 to $317.00 and set a "buy" rating on the stock in a report on Tuesday, March 18th. Finally, Barclays reduced their price objective on FedEx from $365.00 to $350.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have assigned a buy rating and one has given 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 target price of $302.71.

Insider Buying and Selling

In other FedEx news, CEO Richard W. Smith sold 2,576 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now directly owns 111,886 shares in the company, valued at $30,984,589.98. This represents a 2.25 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John W. Dietrich bought 1,000 shares of the business's stock in a transaction on Tuesday, January 7th. The shares were acquired at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the transaction, the executive vice president now directly owns 9,067 shares in the company, valued at approximately $2,484,176.66. This trade represents a 12.40 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 12,711 shares of company stock valued at $3,312,693 over the last quarter. 8.87% of the stock is owned by corporate insiders.

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.