New York State Common Retirement Fund Lowers Holdings in FedEx Corporation (NYSE:FDX)

New York State Common Retirement Fund cut its position in FedEx Corporation (NYSE:FDX - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 348,291 shares of the shipping service provider's stock after selling 9,380 shares during the period. New York State Common Retirement Fund owned 0.15% of FedEx worth $84,906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of FDX. Norges Bank acquired a new position in shares of FedEx in the 4th quarter valued at $807,352,000. Dodge & Cox lifted its position in FedEx by 5.6% in 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. GAMMA Investing LLC boosted its stake in FedEx by 18,202.1% in the first quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider's stock valued at $133,003,000 after acquiring an additional 542,605 shares in the last quarter. Capital Research Global Investors purchased a new position in shares of FedEx during the fourth quarter worth about $145,733,000. Finally, Franklin Resources Inc. increased its position 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 worth $1,209,338,000 after purchasing an additional 323,115 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 3,610 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total transaction of $860,226.90. Following the completion of the transaction, the director directly owned 15,513 shares in the company, valued at approximately $3,696,592.77. This trade represents a 18.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 shares were sold at an average price of $236.94, for a total value of $855,353.40. Following the completion of the sale, the director owned 7,720 shares in the company, valued at $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 sold 9,343 shares of company stock valued at $2,228,816 in the last 90 days. 8.87% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

FDX has been the topic of a number of research reports. Stifel Nicolaus set a $315.00 price target on FedEx in a research note on Wednesday, June 25th. BMO Capital Markets lowered their target price on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating on the stock in a research report on Monday, May 19th. Jefferies Financial Group upgraded shares of FedEx from a "hold" rating to a "buy" rating and reduced their price target for the company from $300.00 to $275.00 in a research report on Monday, March 24th. Bank of America decreased their price target on shares of FedEx from $270.00 to $245.00 and set a "buy" rating for the company in a research note on Wednesday, June 25th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of FedEx from $260.00 to $290.00 and gave the company an "overweight" rating in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $283.25.

FedEx Price Performance

FDX stock traded down $2.19 during trading on Monday, reaching $233.87. 1,432,906 shares of the company were exchanged, compared to its average volume of 2,009,733. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. The stock's 50 day moving average price is $225.31 and its 200 day moving average price is $239.66. FedEx Corporation has a 52-week low of $194.29 and a 52-week high of $313.84. The company has a market cap of $56.04 billion, a P/E ratio of 13.85, a PEG ratio of 1.23 and a beta of 1.35.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, topping the consensus estimate of $5.98 by $0.09. FedEx had a return on equity of 16.34% and a net margin of 4.65%. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same quarter in the previous year, the company earned $5.41 EPS. As a group, analysts predict that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were given a $1.45 dividend. The ex-dividend date was Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.48%. This is a boost from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio (DPR) is currently 34.36%.

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.