Procyon Advisors LLC Grows Position in FedEx Co. (NYSE:FDX)

Procyon Advisors LLC increased its position in FedEx Co. (NYSE:FDX - Free Report) by 7.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,808 shares of the shipping service provider's stock after acquiring an additional 1,475 shares during the quarter. Procyon Advisors LLC's holdings in FedEx were worth $5,073,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FDX. Norges Bank bought a new stake in FedEx during the 4th quarter valued at approximately $807,352,000. Raymond James Financial Inc. bought a new position in FedEx in the 4th quarter worth approximately $234,028,000. Dodge & Cox grew its holdings in FedEx by 5.6% during the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock valued at $3,907,568,000 after buying an additional 734,268 shares in the last quarter. GAMMA Investing LLC raised its position in shares of FedEx by 18,202.1% during the first quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider's stock valued at $133,003,000 after buying an additional 542,605 shares during the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of FedEx in the fourth quarter worth $145,733,000. Institutional investors own 84.47% of the company's stock.

Insiders Place Their Bets

In related news, COO John Alan Smith sold 6,155 shares of the business's stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total value of $1,499,050.25. Following the completion of the sale, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. The trade was a 20.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.87% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on FDX. Citigroup cut their target price on shares of FedEx from $305.00 to $267.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Stifel Nicolaus cut their price objective on FedEx from $364.00 to $354.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Truist Financial reduced their target price on FedEx from $305.00 to $275.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. BMO Capital Markets dropped their price target on FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a research note on Monday, May 19th. Finally, JPMorgan Chase & Co. reduced their price objective on FedEx from $323.00 to $280.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, FedEx presently has a consensus rating of "Moderate Buy" and a consensus price target of $295.33.

FedEx Trading Up 1.5%

Shares of FDX stock traded up $3.23 on Friday, reaching $219.96. 1,684,149 shares of the company's stock were exchanged, compared to its average volume of 1,838,257. The company's fifty day simple moving average is $216.27 and its 200 day simple moving average is $250.41. FedEx Co. has a 52 week low of $194.30 and a 52 week high of $313.84. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $52.70 billion, a PE ratio of 14.02, a P/E/G ratio of 1.11 and a beta of 1.35.

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). The business had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.86 earnings per share. As a group, analysts forecast that FedEx Co. will post 19.14 EPS for the current year.

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.