Raiffeisen Bank International AG Sells 8,978 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Raiffeisen Bank International AG reduced its holdings in FedEx Corporation by 80.9%, selling 8,978 shares to retain only 2,119 shares worth $512,000 at the end of the first quarter.
• FedEx's quarterly earnings beat expectations with a reported $6.07 earnings per share against a consensus estimate of $5.98, contributing to a revenue of $22.20 billion.
• The company's dividend increased to $1.45 per share from the previous $1.38, which reflects an annualized payout of $5.80 and a yield of 2.6%.

Raiffeisen Bank International AG lessened its position in FedEx Corporation (NYSE:FDX - Free Report) by 80.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,119 shares of the shipping service provider's stock after selling 8,978 shares during the quarter. Raiffeisen Bank International AG's holdings in FedEx were worth $512,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Regal Investment Advisors LLC increased its holdings in shares of FedEx by 2.4% during the 4th quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider's stock worth $451,000 after purchasing an additional 38 shares during the period. Garner Asset Management Corp increased its stake in FedEx by 0.7% in the fourth quarter. Garner Asset Management Corp now owns 5,897 shares of the shipping service provider's stock valued at $1,659,000 after acquiring an additional 41 shares during the period. Curi RMB Capital LLC increased its stake in FedEx by 1.3% in the fourth quarter. Curi RMB Capital LLC now owns 3,615 shares of the shipping service provider's stock valued at $1,017,000 after acquiring an additional 47 shares during the period. Aaron Wealth Advisors LLC increased its stake in FedEx by 2.6% in the first quarter. Aaron Wealth Advisors LLC now owns 1,875 shares of the shipping service provider's stock valued at $457,000 after acquiring an additional 48 shares during the period. Finally, Texas Yale Capital Corp. increased its stake in FedEx by 3.7% in the fourth quarter. Texas Yale Capital Corp. now owns 1,400 shares of the shipping service provider's stock valued at $394,000 after acquiring an additional 50 shares during the period. Institutional investors own 84.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FDX shares. 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. TD Cowen lowered their target price on shares of FedEx from $310.00 to $269.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Barclays restated an "overweight" rating and issued a $320.00 price target (down from $330.00) on shares of FedEx in a research report on Wednesday, June 25th. Raymond James Financial restated an "outperform" rating and issued a $260.00 price target (down from $275.00) on shares of FedEx in a research report on Wednesday, June 25th. Finally, Sanford C. Bernstein reduced their price target on shares of FedEx from $282.00 to $249.00 and set a "market perform" rating on the stock in a research report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, FedEx currently has a consensus rating of "Moderate Buy" and a consensus price target of $283.25.

FedEx Stock Up 2.3%

FedEx stock opened at $222.40 on Wednesday. The company has a market cap of $52.46 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 1.13 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 fifty day simple moving average of $227.92 and a 200 day simple moving average of $234.41. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX - Get Free Report) last released its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share for the quarter, beating analysts' consensus estimates of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The business had revenue of $22.20 billion during the quarter, compared to the consensus estimate of $21.86 billion. During the same quarter last year, the firm earned $5.41 earnings per share. Research analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were given a $1.45 dividend. This is a boost from FedEx's previous quarterly dividend of $1.38. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.6%. FedEx's payout ratio is 34.36%.

Insider Activity

In other 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 completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total transaction of $855,353.40. Following the sale, the director directly owned 7,720 shares of the company's stock, valued at $1,829,176.80. The trade was a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,343 shares of company stock valued at $2,228,816 in the last quarter. Company insiders own 8.87% of the company's stock.

FedEx 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.

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