Mackenzie Financial Corp Sells 22,441 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Mackenzie Financial Corp reduced its stake in FedEx by 10.9%, selling 22,441 shares and owning a total of 182,639 shares worth approximately $44.5 million.
• FedEx has recently announced a quarterly dividend increase to $1.45, up from $1.38, representing a 2.47% dividend yield.
• Analysts are divided on FedEx's stock performance, with ratings ranging from "strong buy" to "sell," and an average price target of $283.25.

Mackenzie Financial Corp reduced its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 10.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 182,639 shares of the shipping service provider's stock after selling 22,441 shares during the period. Mackenzie Financial Corp owned approximately 0.08% of FedEx worth $44,524,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FDX. Dodge & Cox increased its position 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 in the last quarter. Geode Capital Management LLC raised its stake in FedEx by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider's stock worth $1,350,686,000 after purchasing an additional 109,006 shares in the last quarter. Invesco Ltd. raised its stake in FedEx by 4.1% in the 4th quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider's stock worth $906,165,000 after purchasing an additional 127,044 shares in the last quarter. Northern Trust Corp increased its holdings in FedEx by 13.1% in the 4th quarter. Northern Trust Corp now owns 2,357,017 shares of the shipping service provider's stock valued at $663,100,000 after buying an additional 273,478 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in FedEx by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,192,801 shares of the shipping service provider's stock valued at $616,892,000 after buying an additional 19,795 shares during the period. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FDX has been the topic of several research reports. BMO Capital Markets decreased their price target on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating on the stock in a report on Monday, May 19th. Citigroup lifted their price target on shares of FedEx from $259.00 to $278.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Susquehanna lifted their price target on shares of FedEx from $290.00 to $295.00 and gave the company a "positive" rating in a report on Wednesday, June 25th. JPMorgan Chase & Co. lifted their price target on shares of FedEx from $260.00 to $290.00 and gave the company an "overweight" rating in a report on Wednesday, June 25th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $260.00 price target (down from $275.00) on shares of FedEx in a report on Wednesday, June 25th. Two equities 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, FedEx has an average rating of "Moderate Buy" and an average target price of $283.25.

FedEx Stock Down 0.2%

Shares of FedEx stock traded down $0.47 during trading on Thursday, reaching $223.39. 2,296,210 shares of the company traded hands, compared to its average volume of 1,856,720. 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 Corporation has a 1-year low of $194.29 and a 1-year high of $308.53. The company has a 50 day moving average price of $227.85 and a 200-day moving average price of $235.89. The firm has a market capitalization of $52.70 billion, a PE ratio of 13.23, a P/E/G ratio of 1.17 and a beta of 1.35.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share 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 firm had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter in the prior year, the company posted $5.41 earnings per share. As a group, equities research analysts expect that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were paid a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, June 23rd. This is a positive change from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio (DPR) is currently 34.36%.

Insider Transactions at FedEx

In other news, Director Paul S. Walsh sold 3,610 shares of the company'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 completion of the sale, the director owned 15,513 shares in the company, valued at $3,696,592.77. This represents a 18.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 sale, the director 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. Insiders sold a total of 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.