Westpac Banking Corp Reduces Stake in FedEx Co. (NYSE:FDX)

Westpac Banking Corp reduced its stake in shares of FedEx Co. (NYSE:FDX - Free Report) by 73.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,114 shares of the shipping service provider's stock after selling 3,037 shares during the quarter. Westpac Banking Corp's holdings in FedEx were worth $313,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in FDX. bLong Financial LLC purchased a new stake in shares of FedEx during the fourth quarter valued at $391,000. Virtu Financial LLC purchased a new stake in FedEx during the 3rd quarter valued at about $3,405,000. Lodestone Wealth Management LLC acquired a new position in shares of FedEx in the fourth quarter valued at about $461,000. Wedmont Private Capital raised its stake in shares of FedEx by 4.1% in the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider's stock worth $631,000 after purchasing an additional 91 shares during the last quarter. Finally, GFS Advisors LLC acquired a new stake in shares of FedEx during the fourth quarter worth about $26,855,000. Institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of FedEx in a research note on Friday, March 7th. They issued a "buy" rating and a $337.00 price objective on the stock. Cfra Research upgraded FedEx to a "hold" rating in a research note on Thursday, March 20th. Jefferies Financial Group upgraded FedEx from a "hold" rating to a "buy" rating and reduced their price target for the company from $300.00 to $275.00 in a research report on Monday, March 24th. Barclays decreased their target price on shares of FedEx from $365.00 to $350.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Finally, Raymond James dropped their price target on shares of FedEx from $320.00 to $290.00 and set an "outperform" 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 given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, FedEx has a consensus rating of "Moderate Buy" and a consensus price target of $300.63.

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Insider Buying and Selling

In related news, Director Susan C. Schwab sold 3,980 shares of the firm's stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the completion of the sale, the director now owns 8,904 shares in the company, valued at $2,461,510.80. This trade represents a 30.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO John Alan Smith sold 6,155 shares of FedEx stock in a transaction that occurred on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total value of $1,499,050.25. Following the completion of the sale, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. This trade represents a 20.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 8.87% of the company's stock.

FedEx Stock Performance

NYSE FDX traded down $13.43 during trading hours on Thursday, hitting $204.52. The company had a trading volume of 914,772 shares, compared to its average volume of 1,767,659. The business has a 50 day moving average of $245.77 and a 200-day moving average of $266.56. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. FedEx Co. has a 1-year low of $194.30 and a 1-year high of $313.84. The company has a market cap of $49.00 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.11 and a beta of 1.24.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing the consensus estimate of $4.56 by ($0.05). The firm had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company's quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $3.86 EPS. As a group, equities research analysts expect that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were issued 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 2.70%. FedEx's payout ratio is 34.63%.

FedEx Company 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.