Summit Global Investments Sells 7,320 Shares of FedEx Co. (NYSE:FDX)

Summit Global Investments cut its holdings in shares of FedEx Co. (NYSE:FDX - Free Report) by 38.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,887 shares of the shipping service provider's stock after selling 7,320 shares during the quarter. Summit Global Investments' holdings in FedEx were worth $3,344,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. TD Private Client Wealth LLC increased its holdings in FedEx by 6.8% during the fourth quarter. TD Private Client Wealth LLC now owns 1,264 shares of the shipping service provider's stock worth $356,000 after buying an additional 81 shares during the last quarter. Gutierrez Wealth Advisory LLC bought a new position in shares of FedEx during the 4th quarter valued at approximately $263,000. Lee Danner & Bass Inc. lifted its stake in FedEx by 0.4% in the fourth quarter. Lee Danner & Bass Inc. now owns 64,812 shares of the shipping service provider's stock valued at $18,233,000 after purchasing an additional 277 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in FedEx by 75.4% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,933 shares of the shipping service provider's stock valued at $544,000 after purchasing an additional 831 shares during the period. Finally, Blueshift Asset Management LLC lifted its position in shares of FedEx by 93.4% during the 4th quarter. Blueshift Asset Management LLC now owns 2,856 shares of the shipping service provider's stock valued at $803,000 after buying an additional 1,379 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors.

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Insider Transactions at FedEx

In related news, Director Susan C. Schwab sold 3,980 shares of the firm's stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the completion of the transaction, the director now owns 8,904 shares of the company's stock, valued at $2,461,510.80. This trade represents a 30.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy B. Lane bought 333 shares of the company's stock in a transaction on Thursday, December 26th. The stock was bought at an average cost of $276.06 per share, for a total transaction of $91,927.98. Following the completion of the acquisition, the director now directly owns 333 shares of the company's stock, valued at approximately $91,927.98. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 8.87% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wells Fargo & Company lowered their price target on shares of FedEx from $275.00 to $260.00 and set an "equal weight" rating on the stock in a research report on Friday, March 21st. TD Cowen dropped their target price on FedEx from $337.00 to $310.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Truist Financial initiated coverage on FedEx in a research note on Thursday, March 13th. They set a "buy" rating and a $305.00 price objective on the stock. Stifel Nicolaus reduced their target price on FedEx from $364.00 to $354.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, Bank of America lowered their price target on shares of FedEx from $295.00 to $272.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, FedEx currently has a consensus rating of "Moderate Buy" and a consensus price target of $300.60.

FedEx Trading Up 1.1 %

Shares of FedEx stock traded up $2.71 on Wednesday, hitting $243.78. The stock had a trading volume of 2,190,879 shares, compared to its average volume of 1,691,136. The stock's 50-day simple moving average is $258.58 and its two-hundred day simple moving average is $271.75. FedEx Co. has a one year low of $217.22 and a one year high of $313.84. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. The stock has a market cap of $58.72 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.56 by ($0.05). The firm had revenue of $22.16 billion during the quarter, compared to analysts' expectations of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. FedEx's revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.86 EPS. As a group, sell-side analysts predict that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.38 dividend. This represents a $5.52 annualized dividend and a yield of 2.26%. The ex-dividend date is Monday, March 10th. FedEx's dividend payout ratio (DPR) is currently 34.63%.

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.