Assenagon Asset Management S.A. Cuts Stock Position in FedEx Co. (NYSE:FDX)

Assenagon Asset Management S.A. reduced its stake in shares of FedEx Co. (NYSE:FDX - Free Report) by 42.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,327 shares of the shipping service provider's stock after selling 96,638 shares during the quarter. Assenagon Asset Management S.A. owned about 0.05% of FedEx worth $32,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in FDX. Brighton Jones LLC grew its holdings in FedEx by 12.8% during the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock valued at $514,000 after buying an additional 207 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in FedEx during the 4th quarter valued at approximately $76,000. Kentucky Trust Co purchased a new stake in FedEx during the 4th quarter valued at approximately $28,000. Naples Global Advisors LLC grew its holdings in FedEx by 2.2% during the 4th quarter. Naples Global Advisors LLC now owns 3,869 shares of the shipping service provider's stock valued at $1,093,000 after buying an additional 85 shares in the last quarter. Finally, Consolidated Planning Corp grew its holdings in FedEx by 3.1% during the 4th quarter. Consolidated Planning Corp now owns 21,561 shares of the shipping service provider's stock valued at $6,066,000 after buying an additional 655 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO John Alan Smith sold 6,155 shares of the firm's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 8.87% of the company's stock.

FedEx Trading Up 1.0%

Shares of NYSE:FDX traded up $2.14 on Monday, hitting $226.52. 1,902,370 shares of the company's stock were exchanged, compared to its average volume of 1,854,289. FedEx Co. has a 12 month low of $194.30 and a 12 month high of $313.84. The stock has a market capitalization of $54.27 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 1.11 and a beta of 1.35. The business's 50 day simple moving average is $217.40 and its two-hundred day simple moving average is $246.05. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19.

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 the consensus estimate 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 for the quarter, compared to the consensus estimate of $21.96 billion. During the same quarter last year, the business posted $3.86 earnings per share. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts anticipate that FedEx Co. will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd will be paid a dividend of $1.45 per share. The ex-dividend date is Monday, June 23rd. This represents a $5.80 annualized dividend and a dividend yield of 2.56%. This is a positive change from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio (DPR) is currently 36.39%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays lowered their target price on FedEx from $350.00 to $330.00 and set an "overweight" rating for the company in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. lowered their target price on FedEx from $323.00 to $280.00 and set an "overweight" rating for the company in a research report on Friday, March 21st. Truist Financial lowered their target price on FedEx from $305.00 to $275.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Sanford C. Bernstein lowered their target price on FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a research report on Friday. Finally, Loop Capital downgraded FedEx from a "hold" rating to a "sell" rating and lowered their target price for the company from $283.00 to $221.00 in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, FedEx presently has an average rating of "Moderate Buy" and a consensus target price of $292.54.

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.