US Bancorp DE Sells 13,496 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• US Bancorp DE reduced its stake in FedEx Corporation by 11.5% during the first quarter, selling 13,496 shares and holding a total of 103,422 shares valued at approximately $25.2 million.
• Several equities analysts have issued varying price targets for FedEx, with estimates ranging from $260.00 to $300.00, indicating a general expectation for moderate growth.
• FedEx recently declared a quarterly dividend of $1.45 per share, which is an increase from the previous dividend, reflecting a 2.7% yield and a payout ratio of 34.36%.

US Bancorp DE cut its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 11.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 103,422 shares of the shipping service provider's stock after selling 13,496 shares during the quarter. US Bancorp DE's holdings in FedEx were worth $25,212,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Golden State Wealth Management LLC boosted its holdings in FedEx by 21.1% during the 1st quarter. Golden State Wealth Management LLC now owns 362 shares of the shipping service provider's stock valued at $88,000 after acquiring an additional 63 shares during the period. NBC Securities Inc. purchased a new stake in FedEx in the first quarter valued at about $147,000. Farther Finance Advisors LLC increased its holdings in shares of FedEx by 27.6% in the first quarter. Farther Finance Advisors LLC now owns 2,223 shares of the shipping service provider's stock valued at $538,000 after purchasing an additional 481 shares during the period. Parvin Asset Management LLC acquired a new position in shares of FedEx in the fourth quarter valued at about $281,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of FedEx by 6.1% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 160,596 shares of the shipping service provider's stock valued at $39,150,000 after purchasing an additional 9,216 shares during the period. Institutional investors own 84.47% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on FDX. BMO Capital Markets dropped their price objective on FedEx from $275.00 to $260.00 and set a "market perform" rating on the stock in a report on Monday, May 19th. Barclays reaffirmed an "overweight" rating and issued a $320.00 price objective (down from $330.00) on shares of FedEx in a research note on Wednesday, June 25th. Raymond James Financial reissued an "outperform" rating and set a $260.00 target price (down from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Wells Fargo & Company boosted their target price on FedEx from $220.00 to $235.00 and gave the company an "equal weight" rating in a report on Wednesday, June 25th. Finally, Cowen reaffirmed a "buy" rating on shares of FedEx in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $283.25.

FedEx Trading Up 2.3%

Shares of FDX traded up $4.91 during trading hours on Tuesday, hitting $222.40. The stock had a trading volume of 1,972,807 shares, compared to its average volume of 1,922,230. The company's fifty day simple moving average is $227.86 and its 200 day simple moving average is $234.49. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. FedEx Corporation has a 12-month low of $194.29 and a 12-month high of $308.53. The firm has a market cap of $52.46 billion, a P/E ratio of 13.18, a P/E/G ratio of 1.13 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, topping analysts' consensus estimates of $5.98 by $0.09. FedEx had a return on equity of 16.34% and a net margin of 4.65%. The business had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same period last year, the firm earned $5.41 earnings per share. Equities research analysts forecast that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

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

Insider Buying and Selling at FedEx

In other news, Director R Brad Martin sold 2,123 shares of the business's stock in a transaction 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 transaction, the director directly owned 8,935 shares in the company, valued at $2,160,036.25. The trade was a 19.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the sale, the director directly owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. The trade was a 31.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,343 shares of company stock valued at $2,228,816. Corporate insiders own 8.87% of the company's stock.

About FedEx

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.