FedEx Corporation (NYSE:FDX) Shares Purchased by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC increased its holdings in FedEx Corporation by 38.0% in the first quarter, totaling $12.23 million in value after acquiring 13,818 additional shares.
• FedEx's latest quarterly earnings reported $6.07 EPS, exceeding expectations and indicating a healthy revenue of $22.20 billion for the quarter.
• The company announced an increased quarterly dividend of $1.45 per share, reflecting a 2.7% yield and demonstrating a commitment to returning value to shareholders.

Cary Street Partners Financial LLC grew its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 38.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,152 shares of the shipping service provider's stock after acquiring an additional 13,818 shares during the period. Cary Street Partners Financial LLC's holdings in FedEx were worth $12,226,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Transce3nd LLC acquired a new position in shares of FedEx in the fourth quarter valued at approximately $26,000. Accredited Wealth Management LLC bought a new stake in shares of FedEx in the fourth quarter worth $35,000. Abound Financial LLC bought a new stake in FedEx in the first quarter valued at $38,000. Optiver Holding B.V. bought a new stake in shares of FedEx in the 4th quarter worth $39,000. Finally, Ameriflex Group Inc. bought a new stake in shares of FedEx in the fourth quarter valued at $43,000. Institutional investors own 84.47% of the company's stock.

Analysts Set New Price Targets

FDX has been the topic of a number of research analyst reports. Stephens reissued an "overweight" rating and set a $300.00 price objective on shares of FedEx in a research report on Tuesday, May 20th. Susquehanna increased their target price on shares of FedEx from $290.00 to $295.00 and gave the stock a "positive" rating in a report on Wednesday, June 25th. Sanford C. Bernstein reduced their target price on shares of FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a report on Friday, June 13th. Raymond James Financial reissued an "outperform" rating and issued a $260.00 price target (down previously from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Finally, Wall Street Zen upgraded FedEx from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $283.25.

Insider Activity at FedEx

In related news, Director Marvin R. Ellison sold 3,610 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the completion of the transaction, the director directly owned 7,720 shares in the company, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director R Brad Martin sold 2,123 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $241.75, for a total transaction of $513,235.25. Following the completion of the transaction, the director directly owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. The trade was a 19.20% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,343 shares of company stock valued at $2,228,816. 8.87% of the stock is owned by insiders.

FedEx Stock Up 1.9%

Shares of NYSE FDX traded up $4.23 during trading hours on Wednesday, hitting $226.64. 2,130,348 shares of the stock were exchanged, compared to its average volume of 1,922,856. The firm has a fifty day moving average price of $227.92 and a 200-day moving average price of $234.41. FedEx Corporation has a 12 month low of $194.29 and a 12 month high of $308.53. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. The company has a market cap of $53.46 billion, a PE ratio of 13.43, a PEG ratio of 1.16 and a beta of 1.30.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating the consensus estimate of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The company had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the prior year, the company earned $5.41 earnings per share. On average, sell-side analysts expect that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 23rd were paid a $1.45 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $5.80 annualized dividend and a yield of 2.6%. This is an increase from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio is currently 34.36%.

FedEx 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.