Modera Wealth Management LLC Sells 1,148 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Modera Wealth Management LLC reduced its stake in FedEx by 3.1% during the first quarter, selling 1,148 shares, and now holds 35,580 shares valued at approximately $8.67 million.
• Several other institutional investors have also altered their positions in FedEx, with Arkadios Wealth Advisors increasing its holdings by 149.7%, now owning 11,388 shares worth around $2.78 million.
• FedEx recently increased its quarterly dividend to $1.45 per share, which translates to an annualized dividend of $5.80, reflecting a yield of 2.59%.

Modera Wealth Management LLC lessened its stake in FedEx Corporation (NYSE:FDX - Free Report) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 35,580 shares of the shipping service provider's stock after selling 1,148 shares during the quarter. Modera Wealth Management LLC's holdings in FedEx were worth $8,674,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Transce3nd LLC bought a new position in shares of FedEx in the fourth quarter worth $26,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of FedEx in the fourth quarter worth $28,000. Accredited Wealth Management LLC bought a new position in shares of FedEx in the fourth quarter worth $35,000. Optiver Holding B.V. bought a new position in shares of FedEx in the fourth quarter worth $39,000. Finally, Abound Financial LLC bought a new position in shares of FedEx in the first quarter worth $38,000. Institutional investors own 84.47% of the company's stock.

FedEx Stock Performance

Shares of FedEx stock traded down $6.47 on Friday, hitting $217.02. 2,211,970 shares of the company's stock were exchanged, compared to its average volume of 1,851,030. The company has a 50-day simple moving average of $227.85 and a 200-day simple moving average of $235.48. The stock has a market capitalization of $51.20 billion, a PE ratio of 12.86, a PEG ratio of 1.16 and a beta of 1.30. FedEx Corporation has a 1 year low of $194.29 and a 1 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 results 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. The business had revenue of $22.20 billion for the quarter, compared to analysts' expectations of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same quarter last year, the company posted $5.41 EPS. As a group, equities analysts anticipate that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FDX. 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. Barclays reissued an "overweight" rating and issued a $320.00 target price (down previously from $330.00) 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. Stifel Nicolaus set a $315.00 target price on FedEx in a research note on Wednesday, June 25th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $260.00 target price (down previously from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, FedEx presently has an average rating of "Moderate Buy" and a consensus target price of $283.25.

Insider Transactions at FedEx

In other FedEx news, 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 value of $855,353.40. Following the sale, the director directly owned 7,720 shares in the company, valued at approximately $1,829,176.80. The trade was a 31.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director R Brad Martin sold 2,123 shares of FedEx 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 completion of the sale, the director owned 8,935 shares in the company, valued at approximately $2,160,036.25. This represents a 19.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,343 shares of company stock worth $2,228,816 in the last 90 days. 8.87% of the stock is currently owned by insiders.

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.