LSV Asset Management Sells 29,899 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• LSV Asset Management reduced its FedEx holdings by 2.4%, owning approximately 1.19 million shares valued at about $290.53 million as of the end of Q1.
• FedEx's recent quarterly earnings exceeded expectations with earnings per share of $6.07, surpassing the forecast of $5.98, alongside revenue of $22.20 billion.
• The company recently announced an increase in its quarterly dividend from $1.38 to $1.45 per share, yielding approximately 2.7% annually.

LSV Asset Management decreased its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,191,781 shares of the shipping service provider's stock after selling 29,899 shares during the period. LSV Asset Management owned approximately 0.50% of FedEx worth $290,532,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Transce3nd LLC purchased a new position in shares of FedEx in the fourth quarter worth about $26,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of FedEx in the fourth quarter worth about $28,000. Accredited Wealth Management LLC purchased a new position in shares of FedEx in the fourth quarter worth about $35,000. Abound Financial LLC purchased a new position in shares of FedEx in the first quarter worth about $38,000. Finally, Optiver Holding B.V. bought a new stake in shares of FedEx in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Raymond James Financial reissued an "outperform" rating and issued a $260.00 target price (down from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Truist Financial reissued a "buy" rating and issued a $275.00 target price on shares of FedEx in a research note on Wednesday, June 25th. TD Cowen cut their target price on FedEx from $310.00 to $269.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Sanford C. Bernstein cut their price objective on FedEx from $282.00 to $249.00 and set a "market perform" rating on the stock in a research report on Friday, June 13th. Finally, Cowen reaffirmed a "buy" rating on shares of FedEx in a research report on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $283.25.

FedEx Stock Performance

FDX traded up $0.40 during mid-day trading on Monday, reaching $217.50. 1,819,189 shares of the company traded hands, compared to its average volume of 1,961,724. The stock has a market capitalization of $51.31 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.13 and a beta of 1.30. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. The company's fifty day moving average price is $227.85 and its 200-day moving average price is $234.90. 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 earnings per share 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 analyst estimates of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same period in the previous year, the business earned $5.41 EPS. On average, sell-side analysts expect that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

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

Insider Activity

In related news, Director R Brad Martin sold 2,123 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $241.75, for a total value of $513,235.25. Following the completion of the transaction, the director owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. This represents a 19.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Marvin R. Ellison sold 3,610 shares of the company's stock in a transaction on 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 transaction, the director directly owned 7,720 shares of the company's stock, valued at $1,829,176.80. This represents a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,343 shares of company stock valued at $2,228,816 in the last 90 days. Company 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.