FedEx Corporation (NYSE:FDX) Shares Sold by Cypress Capital Group

Key Points

• Cypress Capital Group significantly reduced its holdings in FedEx by 86.6% during the 1st quarter, now owning only 1,060 shares valued at $258,000.
• Several hedge funds, including Golden State Wealth Management and Farther Finance Advisors, increased their positions in FedEx, with a current total of 84.47% of the stock owned by institutional investors.
• FedEx reported earnings of $6.07 per share in its recent quarterly results, surpassing analysts' estimates, and declared a quarterly dividend of $1.45 per share, expected to yield 2.6% annually.

Cypress Capital Group cut its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 86.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,060 shares of the shipping service provider's stock after selling 6,873 shares during the quarter. Cypress Capital Group's holdings in FedEx were worth $258,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Transce3nd LLC purchased a new position in FedEx in the fourth quarter worth $26,000. Accredited Wealth Management LLC purchased a new position in FedEx in the fourth quarter worth $35,000. Abound Financial LLC purchased a new position in FedEx in the first quarter worth $38,000. Optiver Holding B.V. purchased a new position in FedEx in the fourth quarter worth $39,000. Finally, Ameriflex Group Inc. purchased a new position in FedEx in the fourth quarter worth $43,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FDX. Stephens restated an "overweight" rating and issued a $300.00 price target on shares of FedEx in a research report on Tuesday, May 20th. Raymond James Financial restated an "outperform" rating and set a $260.00 target price (down previously from $275.00) on shares of FedEx in a research report on Wednesday, June 25th. BNP Paribas Exane upgraded shares of FedEx from an "underperform" rating to an "outperform" rating and set a $270.00 target price for the company in a research report on Thursday, July 3rd. Barclays restated an "overweight" rating and set a $320.00 target price (down previously from $330.00) on shares of FedEx in a research report on Wednesday, June 25th. Finally, Bank of America cut their target price on shares of FedEx from $270.00 to $245.00 and set a "buy" rating for the company in a research report on Wednesday, June 25th. Two 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, the company has an average rating of "Moderate Buy" and a consensus price target of $283.25.

Insider Activity

In other news, Director Paul S. Walsh sold 3,610 shares of FedEx stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $238.29, for a total value of $860,226.90. Following the transaction, the director directly owned 15,513 shares of the company's stock, valued at $3,696,592.77. The trade was a 18.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction dated Wednesday, July 9th. The shares were 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 $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,343 shares of company stock valued at $2,228,816 in the last three months. Corporate insiders own 8.87% of the company's stock.

FedEx Trading Up 0.3%

FDX traded up $0.80 during midday trading on Thursday, hitting $231.30. The company's stock had a trading volume of 1,615,778 shares, compared to its average volume of 2,000,705. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68. The firm has a market cap of $54.56 billion, a P/E ratio of 13.70, a PEG ratio of 1.20 and a beta of 1.30. The firm has a 50-day moving average price of $228.97 and a two-hundred day moving average price of $232.79. FedEx Corporation has a 52-week low of $194.29 and a 52-week high of $308.53.

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. The company had revenue of $22.20 billion during the quarter, compared to analysts' expectations of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same quarter in the previous year, the business earned $5.41 EPS. On average, research analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 8th will be paid a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, September 8th. FedEx's 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.