Texas Permanent School Fund Corp Sells 235 Shares of FedEx Co. (NYSE:FDX)

Texas Permanent School Fund Corp decreased its stake in FedEx Co. (NYSE:FDX) by 0.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,523 shares of the shipping service provider’s stock after selling 235 shares during the period. Texas Permanent School Fund Corp’s holdings in FedEx were worth $13,769,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Fidelis Capital Partners LLC raised its stake in shares of FedEx by 4.1% during the first quarter. Fidelis Capital Partners LLC now owns 982 shares of the shipping service provider’s stock valued at $285,000 after acquiring an additional 39 shares during the last quarter. KRS Capital Management LLC raised its stake in shares of FedEx by 4.1% during the fourth quarter. KRS Capital Management LLC now owns 1,041 shares of the shipping service provider’s stock valued at $263,000 after acquiring an additional 41 shares during the last quarter. Zullo Investment Group Inc. raised its stake in shares of FedEx by 0.7% during the fourth quarter. Zullo Investment Group Inc. now owns 5,721 shares of the shipping service provider’s stock valued at $1,447,000 after acquiring an additional 42 shares during the last quarter. Regent Peak Wealth Advisors LLC raised its stake in FedEx by 3.5% during the first quarter. Regent Peak Wealth Advisors LLC now owns 1,274 shares of the shipping service provider’s stock worth $369,000 after buying an additional 43 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its stake in FedEx by 18.0% during the fourth quarter. Toth Financial Advisory Corp now owns 288 shares of the shipping service provider’s stock worth $73,000 after buying an additional 44 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on FDX. TD Cowen lifted their target price on shares of FedEx from $320.00 to $335.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. BMO Capital Markets lifted their target price on shares of FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. UBS Group reduced their price target on shares of FedEx from $340.00 to $333.00 and set a “buy” rating for the company in a report on Tuesday, May 21st. Wells Fargo & Company raised their price target on shares of FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 26th. Finally, Jefferies Financial Group raised their price target on shares of FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.00.

Insiders Place Their Bets

In other news, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total value of $34,711.84. Following the sale, the chief accounting officer now owns 930 shares of the company’s stock, valued at $278,293.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Robert B. Carter sold 16,010 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Guy M. Erwin II sold 116 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $299.24, for a total transaction of $34,711.84. Following the transaction, the chief accounting officer now directly owns 930 shares of the company’s stock, valued at approximately $278,293.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,565 shares of company stock valued at $6,662,844. Company insiders own 8.73% of the company’s stock.

FedEx Stock Down 0.4 %

FedEx stock traded down $1.09 during midday trading on Friday, hitting $298.45. 112,646 shares of the stock were exchanged, compared to its average volume of 1,920,375. FedEx Co. has a 52-week low of $224.69 and a 52-week high of $302.41. The stock has a market capitalization of $73.44 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 1.06 and a beta of 1.18. The business’s 50-day moving average price is $263.50 and its 200-day moving average price is $258.20. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, topping the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The company’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.94 earnings per share. On average, research analysts expect that FedEx Co. will post 20.94 EPS for the current fiscal year.

FedEx Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th were given a $1.38 dividend. This is a positive change from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date of this dividend was Monday, June 24th. This represents a $5.52 annualized dividend and a yield of 1.85%. FedEx’s payout ratio is currently 32.04%.

FedEx declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

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.