FedEx Corporation (NYSE:FDX) Stock Holdings Lowered by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System decreased its FedEx holdings by 14.2% to 10,376 shares, worth approximately $2.53 million, as reported in its recent SEC filing.
• In the recent quarter, several institutional investors, including Vanguard Group and ACR Alpine Capital Research, have increased their stakes in FedEx, resulting in 84.47% of the stock now being owned by institutional investors.
• FedEx's recent earnings report showed an EPS of $6.07, beating estimates, and the company announced a quarterly dividend of $1.45 per share, payable on October 1st.

Maryland State Retirement & Pension System decreased its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 14.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,376 shares of the shipping service provider's stock after selling 1,714 shares during the period. Maryland State Retirement & Pension System's holdings in FedEx were worth $2,529,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FDX. Transce3nd LLC purchased a new position in shares of FedEx in the 4th quarter valued at $26,000. Accredited Wealth Management LLC purchased a new position in shares of FedEx in the 4th quarter valued at $35,000. Abound Financial LLC purchased a new position in shares of FedEx in the 1st quarter valued at $38,000. Optiver Holding B.V. purchased a new position in shares of FedEx in the 4th quarter valued at $39,000. Finally, Ameriflex Group Inc. purchased a new position in shares of FedEx in the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Stock Performance

Shares of FedEx stock traded up $5.58 during trading hours on Tuesday, reaching $230.19. The company's stock had a trading volume of 1,920,723 shares, compared to its average volume of 1,994,115. The stock has a market cap of $54.30 billion, a P/E ratio of 13.64, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The company's 50 day simple moving average is $228.53 and its 200 day simple moving average is $232.83. FedEx Corporation has a one year low of $194.29 and a one year high of $308.53. 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 (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share for the quarter, beating the consensus estimate of $5.98 by $0.09. The firm had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same period last year, the firm posted $5.41 EPS. As a group, analysts expect that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 8th will be given a $1.45 dividend. The ex-dividend date is Monday, September 8th. This represents a $5.80 annualized dividend and a yield of 2.5%. FedEx's dividend payout ratio (DPR) is currently 34.36%.

Insider Activity at FedEx

In related news, Director R Brad Martin sold 2,123 shares of FedEx stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $241.75, for a total value of $513,235.25. Following the sale, the director directly owned 8,935 shares in the company, valued at $2,160,036.25. This trade represents a 19.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction dated 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 owned 7,720 shares in the company, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,343 shares of company stock worth $2,228,816 in the last ninety days. 8.87% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America cut their target price on shares of FedEx from $270.00 to $245.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Barclays reaffirmed an "overweight" rating and set a $320.00 price target (down from $330.00) on shares of FedEx in a report on Wednesday, June 25th. TD Cowen lowered their price target on shares of FedEx from $310.00 to $269.00 and set a "buy" rating for the company in a report on Wednesday, June 25th. 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. Finally, BMO Capital Markets lowered their price target on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $283.25.

FedEx Company 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.