UNIVEST FINANCIAL Corp Has $8.15 Million Position in FedEx Corporation (NYSE:FDX)

Key Points

• UNIVEST FINANCIAL Corp reduced its holdings in FedEx by 10% in the first quarter, selling 3,734 shares and retaining a total of 33,439 shares valued at approximately $8.15 million.
• FedEx announced a quarterly dividend increase to $1.45 per share, reflecting a 2.6% yield, up from the previous $1.38 per share.
• Despite recent challenges, FedEx exceeded earnings expectations in its last reported quarter, posting $6.07 EPS against a consensus estimate of $5.98, and demonstrating a revenue of $22.20 billion.

UNIVEST FINANCIAL Corp trimmed its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 10.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,439 shares of the shipping service provider's stock after selling 3,734 shares during the period. UNIVEST FINANCIAL Corp's holdings in FedEx were worth $8,152,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Dodge & Cox raised its holdings in shares of FedEx by 5.6% during the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock worth $3,907,568,000 after acquiring an additional 734,268 shares during the period. Invesco Ltd. raised its holdings in shares of FedEx by 4.1% during the fourth quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider's stock worth $906,165,000 after acquiring an additional 127,044 shares during the period. Northern Trust Corp raised its holdings in shares of FedEx by 13.1% during the fourth quarter. Northern Trust Corp now owns 2,357,017 shares of the shipping service provider's stock worth $663,100,000 after acquiring an additional 273,478 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of FedEx by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,192,801 shares of the shipping service provider's stock worth $616,892,000 after acquiring an additional 19,795 shares during the period. Finally, ACR Alpine Capital Research LLC raised its holdings in shares of FedEx by 85.9% during the first quarter. ACR Alpine Capital Research LLC now owns 1,585,033 shares of the shipping service provider's stock worth $386,399,000 after acquiring an additional 732,266 shares during the period. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Bank of America dropped their price objective on shares of FedEx from $270.00 to $245.00 and set a "buy" rating on the stock in a report on Wednesday, June 25th. Sanford C. Bernstein decreased their target price on shares of FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a research report on Friday, June 13th. Citigroup raised their target price on shares of FedEx from $259.00 to $278.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Raymond James Financial reaffirmed an "outperform" rating and issued a $260.00 target price (down previously from $275.00) on shares of FedEx in a research report on Wednesday, June 25th. Finally, Stephens reaffirmed an "overweight" rating and issued a $300.00 target price on shares of FedEx in a research report on Tuesday, May 20th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, FedEx currently has an average rating of "Moderate Buy" and a consensus price target of $283.25.

FedEx Stock Performance

Shares of FDX stock traded down $6.47 during midday trading on Friday, hitting $217.02. 2,211,970 shares of the company were exchanged, compared to its average volume of 1,851,030. The firm has a market capitalization of $51.20 billion, a P/E ratio of 12.86, a PEG ratio of 1.13 and a beta of 1.30. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. The firm's 50 day moving average price is $227.85 and its two-hundred day moving average price is $235.19. 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 announced its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, topping 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 business had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the previous year, the firm posted $5.41 EPS. As a group, equities research analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd were paid a $1.45 dividend. This is a positive change from FedEx's previous quarterly dividend of $1.38. The ex-dividend date was Monday, June 23rd. This represents a $5.80 annualized dividend and a yield of 2.7%. FedEx's dividend payout ratio is presently 34.36%.

Insiders Place Their Bets

In other FedEx news, Director Paul S. Walsh sold 3,610 shares of FedEx stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the sale, the director owned 15,513 shares in the company, valued at $3,696,592.77. The trade was a 18.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the sale, the director owned 7,720 shares of the company's stock, valued at $1,829,176.80. This trade represents a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,343 shares of company stock worth $2,228,816 in the last quarter. 8.87% of the stock is currently owned by corporate insiders.

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.