Picton Mahoney Asset Management Sells 4,860 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Picton Mahoney Asset Management has significantly reduced its stake in FedEx, decreasing its holdings by 78.2% to just 1,354 shares, valued at approximately $330,000.
• FedEx increased its quarterly dividend to $1.45 per share, marking a boost from the previous $1.38, resulting in an annualized dividend yield of 2.59%.
• Institutional investors now own around 84.47% of FedEx’s stock, reflecting significant interest from major investment firms in the company.

Picton Mahoney Asset Management reduced its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 78.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,354 shares of the shipping service provider's stock after selling 4,860 shares during the period. Picton Mahoney Asset Management's holdings in FedEx were worth $330,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Dodge & Cox lifted its holdings in shares of FedEx by 5.6% during the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock valued at $3,907,568,000 after buying an additional 734,268 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of FedEx by 2.3% during the 4th 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 buying an additional 109,006 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of FedEx by 4.1% during the 4th quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider's stock valued at $906,165,000 after buying an additional 127,044 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of FedEx by 13.1% during 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of FedEx by 0.9% during 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 last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FDX. UBS Group reduced their price target on FedEx from $311.00 to $297.00 and set a "buy" rating for the company in a report on Wednesday, June 25th. Cowen restated a "buy" rating on shares of FedEx in a report on Wednesday, June 25th. Raymond James Financial restated an "outperform" rating and issued a $260.00 target price (down from $275.00) on shares of FedEx in a report on Wednesday, June 25th. Citigroup boosted their target price on FedEx from $259.00 to $278.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Wells Fargo & Company boosted their target price on FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $283.25.

FedEx Price Performance

FedEx stock traded down $6.47 on Friday, reaching $217.02. The company's stock had a trading volume of 2,211,970 shares, compared to its average volume of 1,851,030. 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 company has a market cap of $51.20 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 1.13 and a beta of 1.30. The business's fifty day moving average price is $227.85 and its 200 day moving average price is $235.48. FedEx Corporation has a twelve month low of $194.29 and a twelve month high of $308.53.

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 (EPS) for the quarter, beating 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 prior year, the firm posted $5.41 earnings per share. Equities analysts expect that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd were paid a $1.45 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This is a positive change from FedEx's previous quarterly dividend of $1.38. This represents a $5.80 annualized dividend and a yield of 2.7%. FedEx's payout ratio is currently 34.36%.

Insider Buying and Selling at FedEx

In other FedEx news, Director Marvin R. Ellison sold 3,610 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the transaction, the director owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director R Brad Martin sold 2,123 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $241.75, for a total value of $513,235.25. Following the completion of the sale, the director owned 8,935 shares of the company's stock, valued at $2,160,036.25. This trade represents a 19.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,343 shares of company stock valued at $2,228,816. 8.87% of the stock is currently owned by company insiders.

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.