Parkwood LLC Grows Position in FedEx Co. (NYSE:FDX)

Parkwood LLC lifted its holdings in shares of FedEx Co. (NYSE:FDX) by 14.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,865 shares of the shipping service provider’s stock after purchasing an additional 5,273 shares during the quarter. FedEx accounts for approximately 1.0% of Parkwood LLC’s portfolio, making the stock its 22nd largest position. Parkwood LLC’s holdings in FedEx were worth $10,338,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cornerstone Advisors LLC bought a new position in FedEx in the third quarter valued at $2,782,000. Mizuho Markets Americas LLC purchased a new position in shares of FedEx during the 3rd quarter valued at about $496,611,000. Manchester Capital Management LLC bought a new stake in FedEx in the 3rd quarter worth approximately $132,000. Oliver Lagore Vanvalin Investment Group boosted its stake in FedEx by 3.9% in the third quarter. Oliver Lagore Vanvalin Investment Group now owns 1,688 shares of the shipping service provider’s stock worth $447,000 after buying an additional 63 shares in the last quarter. Finally, Johnson Investment Counsel Inc. grew its position in FedEx by 25.8% during the third quarter. Johnson Investment Counsel Inc. now owns 5,066 shares of the shipping service provider’s stock valued at $1,342,000 after acquiring an additional 1,039 shares during the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $289.19, for a total value of $102,373.26. Following the sale, the chief executive officer now directly owns 11,147 shares of the company’s stock, valued at $3,223,600.93. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sriram Krishnasamy sold 354 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $289.19, for a total value of $102,373.26. Following the sale, the chief executive officer now owns 11,147 shares in the company, valued at $3,223,600.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 136,668 shares of company stock worth $37,758,773. Insiders own 8.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FDX shares. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research note on Friday, March 22nd. JPMorgan Chase & Co. dropped their target price on FedEx from $301.00 to $296.00 and set a “neutral” rating for the company in a report on Friday, May 24th. Barclays lifted their price target on FedEx from $310.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, March 22nd. Wells Fargo & Company assumed coverage on FedEx in a research note on Friday, June 7th. They set an “equal weight” rating and a $275.00 price objective for the company. Finally, Morgan Stanley lifted their target price on shares of FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $301.92.

FedEx Stock Performance

Shares of NYSE FDX remained flat at $248.60 during mid-day trading on Thursday. The company had a trading volume of 1,014,263 shares, compared to its average volume of 1,806,373. The company has a market capitalization of $61.18 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 0.92 and a beta of 1.16. The stock has a 50 day moving average of $259.24 and a two-hundred day moving average of $256.41. FedEx Co. has a one year low of $223.24 and a one year high of $291.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31.

FedEx (NYSE:FDX) last announced its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The firm had revenue of $21.70 billion for the quarter, compared to analysts’ expectations of $21.95 billion. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The company’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.41 EPS. As a group, sell-side analysts predict that FedEx Co. will post 17.76 EPS for the current fiscal year.

FedEx announced that its board has approved a stock repurchase plan on Thursday, March 21st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be paid a dividend of $1.38 per share. This is an increase from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date of this dividend is Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.22%. FedEx’s dividend payout ratio (DPR) is currently 31.83%.

About FedEx

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.