California State Teachers Retirement System Sells 7,899 Shares of FedEx Corporation $FDX

Key Points

• California State Teachers Retirement System reduced its FedEx stake by 3.0%, selling 7,899 shares and retaining 258,614 shares valued at approximately $92.1 million. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a “Moderate Buy” consensus on FedEx, with an average price target of $350.54, despite several recent target reductions. Ratings include 18 Buys, nine Holds, two Sells and one Strong Buy.
• FedEx shares opened at $308.96, below their 50-day and 200-day moving averages, while the company reported quarterly EPS of $5.88 on $23.26 billion in revenue and paid a quarterly dividend of $1.22.

California State Teachers Retirement System decreased its stake in FedEx Corporation (NYSE:FDX - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 258,614 shares of the shipping service provider's stock after selling 7,899 shares during the period. California State Teachers Retirement System owned 0.11% of FedEx worth $92,113,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in shares of FedEx by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock worth $514,000 after purchasing an additional 207 shares during the period. Empowered Funds LLC increased its position in shares of FedEx by 78.9% during the first quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider's stock worth $2,514,000 after buying an additional 4,548 shares during the period. Sivia Capital Partners LLC bought a new position in FedEx during the second quarter worth $586,000. Quantbot Technologies LP bought a new position in FedEx during the second quarter worth $186,000. Finally, Jump Financial LLC acquired a new position in FedEx in the second quarter valued at $456,000. 84.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wolfe Research cut their price target on shares of FedEx from $427.00 to $423.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Rothschild & Co Redburn dropped their price objective on FedEx from $375.00 to $344.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 2nd. Truist Financial cut their target price on FedEx from $425.00 to $365.00 and set a "buy" rating on the stock in a research report on Thursday, June 25th. JPMorgan Chase & Co. reissued a "buy" rating on shares of FedEx in a research note on Friday, June 26th. Finally, Stifel Nicolaus cut their price target on FedEx from $442.00 to $326.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, FedEx presently has a consensus rating of "Moderate Buy" and an average target price of $350.54.

FedEx Stock Down 1.2%

FDX stock opened at $308.96 on Thursday. The stock's 50 day simple moving average is $332.02 and its 200 day simple moving average is $350.48. The company has a market cap of $73.10 billion, a P/E ratio of 16.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.29. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The firm had revenue of $23.26 billion during the quarter. On average, research analysts expect that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx's dividend payout ratio (DPR) is 26.36%.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the transaction, the director directly owned 16,359 shares in the company, valued at $5,309,477.04. This trade represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

About FedEx

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

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