Assetmark Inc. Sells 3,294 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Assetmark Inc. reduced its holdings in FedEx by selling 3,294 shares, resulting in ownership of 299,467 shares valued at approximately $73 million.
• Insider sales included Director Paul S. Walsh, who sold 3,610 shares at an average price of $238.29, while also noting that insiders collectively sold 9,343 shares worth over $2.2 million in the past 90 days.
• FedEx recently declared a quarterly dividend increase to $1.45 per share, reflecting a strong annual yield of 2.38%.

Assetmark Inc. cut its position in FedEx Corporation (NYSE:FDX - Free Report) by 1.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 299,467 shares of the shipping service provider's stock after selling 3,294 shares during the period. Assetmark Inc. owned 0.12% of FedEx worth $73,004,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FDX. Transce3nd LLC bought a new stake in FedEx in the fourth quarter valued at approximately $26,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of FedEx during the fourth quarter worth $28,000. Accredited Wealth Management LLC bought a new stake in shares of FedEx during the fourth quarter worth $35,000. Optiver Holding B.V. bought a new stake in shares of FedEx during the fourth quarter worth $39,000. Finally, Abound Financial LLC bought a new stake in shares of FedEx during the first quarter worth $38,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FDX shares. BNP Paribas Exane raised shares of FedEx from an "underperform" rating to an "outperform" rating and set a $270.00 price objective for the company in a research report on Thursday, July 3rd. UBS Group lowered their price objective on shares of FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a report on Wednesday, June 25th. Truist Financial reaffirmed a "buy" rating and issued a $275.00 target price on shares of FedEx in a research report on Wednesday, June 25th. BMO Capital Markets decreased their target price on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a research report on Monday, May 19th. Finally, Wall Street Zen raised shares of FedEx from a "hold" rating to a "buy" rating in a research report on Saturday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $283.25.

FedEx Stock Performance

NYSE FDX traded up $6.77 during trading hours on Friday, hitting $243.28. The company's stock had a trading volume of 1,811,699 shares, compared to its average volume of 1,994,019. FedEx Corporation has a 12 month low of $194.29 and a 12 month high of $308.53. The company's 50 day simple moving average is $227.02 and its two-hundred day simple moving average is $237.07. The company has a market cap of $57.39 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.23 and a beta of 1.35. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.19 and a quick ratio of 1.15.

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

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 23rd were issued a $1.45 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This is a boost from FedEx's previous quarterly dividend of $1.38. This represents a $5.80 dividend on an annualized basis and a yield of 2.38%. FedEx's payout ratio is currently 34.36%.

Insider Buying and Selling

In related news, Director Paul S. Walsh sold 3,610 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the sale, the director owned 15,513 shares in the company, valued at approximately $3,696,592.77. The trade was a 18.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director R Brad Martin sold 2,123 shares of the business's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $241.75, for a total transaction of $513,235.25. Following the completion of the sale, the director owned 8,935 shares in the company, valued at $2,160,036.25. This represents a 19.20% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,343 shares of company stock valued at $2,228,816. Corporate insiders own 8.87% of the company's stock.

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.