Miracle Mile Advisors LLC Sells 1,350 Shares of FedEx Co. (NYSE:FDX)

Miracle Mile Advisors LLC decreased its stake in FedEx Co. (NYSE:FDX - Free Report) by 4.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,951 shares of the shipping service provider's stock after selling 1,350 shares during the period. Miracle Mile Advisors LLC's holdings in FedEx were worth $6,570,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in FedEx by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider's stock valued at $5,682,727,000 after purchasing an additional 56,236 shares during the last quarter. Dodge & Cox raised its stake 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 valued at $3,907,568,000 after acquiring an additional 734,268 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of FedEx by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider's stock valued at $1,350,686,000 after acquiring an additional 109,006 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of FedEx by 8.1% during the fourth quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider's stock valued at $1,209,338,000 after acquiring an additional 323,115 shares during the last quarter. Finally, Invesco Ltd. raised its stake 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 valued at $906,165,000 after acquiring an additional 127,044 shares during the last quarter. Institutional investors own 84.47% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FDX. Wall Street Zen downgraded shares of FedEx from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Barclays dropped their price target on shares of FedEx from $350.00 to $330.00 and set an "overweight" rating for the company in a research note on Tuesday, June 3rd. TD Cowen dropped their price target on shares of FedEx from $337.00 to $310.00 and set a "buy" rating for the company in a research note on Friday, March 21st. JPMorgan Chase & Co. dropped their price target on shares of FedEx from $323.00 to $280.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Finally, Bank of America dropped their price target on shares of FedEx from $272.00 to $270.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $295.33.

Insider Activity

In other news, COO John Alan Smith sold 6,155 shares of FedEx stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the completion of the transaction, the chief operating officer now directly owns 23,347 shares in the company, valued at $5,686,161.85. This trade represents a 20.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 8.87% of the company's stock.

FedEx Trading Up 1.5%

NYSE:FDX opened at $219.96 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $52.70 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.11 and a beta of 1.35. The firm has a fifty day simple moving average of $215.83 and a two-hundred day simple moving average of $249.65. FedEx Co. has a 12 month low of $194.30 and a 12 month high of $313.84.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 EPS for the quarter, missing analysts' consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion during the quarter, compared to analyst estimates of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.86 earnings per share. Analysts expect that FedEx Co. will post 19.14 EPS for the current fiscal year.

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.

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