Kovitz Investment Group Partners LLC Cuts Stock Holdings in FedEx Co. (NYSE:FDX)

Kovitz Investment Group Partners LLC reduced its stake in FedEx Co. (NYSE:FDX - Free Report) by 52.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,425 shares of the shipping service provider's stock after selling 36,473 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in FedEx were worth $9,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Fortitude Family Office LLC grew its position in FedEx by 144.4% in the fourth quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider's stock worth $25,000 after acquiring an additional 52 shares in the last quarter. Transce3nd LLC purchased a new position in shares of FedEx in the 4th quarter worth about $26,000. Peoples Financial Services CORP. bought a new position in shares of FedEx during the 4th quarter valued at about $28,000. City Holding Co. purchased a new position in shares of FedEx during the 4th quarter valued at about $28,000. Finally, Kentucky Trust Co bought a new stake in FedEx in the 4th quarter worth approximately $28,000. 84.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on FDX. Wells Fargo & Company decreased their price target on shares of FedEx from $260.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Stephens decreased their target price on shares of FedEx from $320.00 to $300.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. Piper Sandler lowered shares of FedEx to a "neutral" rating in a research report on Monday, February 3rd. Oppenheimer reaffirmed a "market perform" rating on shares of FedEx in a research note on Friday, March 21st. Finally, Stifel Nicolaus lowered their target price on FedEx from $364.00 to $354.00 and set a "buy" rating for the company in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, FedEx presently has a consensus rating of "Moderate Buy" and an average price target of $297.71.

Insider Buying and Selling

In other news, COO John Alan Smith sold 6,155 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total value of $1,499,050.25. Following the sale, the chief operating officer now directly owns 23,347 shares of the company's stock, valued at approximately $5,686,161.85. This represents a 20.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 8.87% of the stock is currently owned by company insiders.

FedEx Price Performance

Shares of FDX stock opened at $211.45 on Friday. The business's fifty day moving average is $233.47 and its 200 day moving average is $261.81. 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 $50.66 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.11 and a beta of 1.24. FedEx Co. has a twelve month low of $194.30 and a twelve month high of $313.84.

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 analysts' consensus estimates of $4.56 by ($0.05). FedEx had a return on equity of 15.59% and a net margin of 4.45%. The business had revenue of $22.16 billion during the quarter, compared to analysts' expectations of $21.96 billion. During the same period in the prior year, the company earned $3.86 earnings per share. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. Research analysts expect that FedEx Co. will post 19.14 EPS for the current fiscal year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were given a $1.38 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.61%. FedEx's dividend payout ratio 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.

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