Syntax Research Inc. Sells 1,996 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Syntax Research Inc. has reduced its stake in FedEx by 16.7%, owning 9,940 shares after selling 1,996 shares in the first quarter.
• FedEx reported earnings of $6.07 per share for the last quarter, surpassing expectations of $5.98, while quarterly revenues reached $22.20 billion.
• The company announced a quarterly dividend increase to $1.45 per share, up from $1.38, reflecting a yield of 2.45%.

Syntax Research Inc. lowered its position in FedEx Corporation (NYSE:FDX - Free Report) by 16.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,940 shares of the shipping service provider's stock after selling 1,996 shares during the period. FedEx comprises about 1.7% of Syntax Research Inc.'s portfolio, making the stock its 25th largest position. Syntax Research Inc.'s holdings in FedEx were worth $2,423,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FDX. Norges Bank purchased a new stake in FedEx during the fourth quarter worth about $807,352,000. Dodge & Cox increased its holdings in FedEx by 5.6% during the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock worth $3,907,568,000 after buying an additional 734,268 shares during the last quarter. ACR Alpine Capital Research LLC increased its holdings in FedEx by 85.9% during the first quarter. ACR Alpine Capital Research LLC now owns 1,585,033 shares of the shipping service provider's stock worth $386,399,000 after buying an additional 732,266 shares during the last quarter. GAMMA Investing LLC increased its holdings in FedEx by 18,202.1% during the first quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider's stock worth $133,003,000 after buying an additional 542,605 shares during the last quarter. Finally, Capital Research Global Investors purchased a new stake in FedEx during the fourth quarter worth about $145,733,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FDX. Truist Financial restated a "buy" rating and set a $275.00 price objective on shares of FedEx in a report on Wednesday, June 25th. BNP Paribas Exane upgraded shares of FedEx from an "underperform" rating to an "outperform" rating and set a $270.00 price objective for the company in a report on Thursday, July 3rd. Sanford C. Bernstein decreased their price objective on shares of FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a report on Friday, June 13th. Cowen reiterated a "buy" rating on shares of FedEx in a research report on Wednesday, June 25th. Finally, Wells Fargo & Company lifted their target price on shares of FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $283.25.

FedEx Price Performance

NYSE:FDX traded down $5.63 during mid-day trading on Tuesday, hitting $236.78. 802,710 shares of the stock traded hands, compared to its average volume of 1,982,426. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. FedEx Corporation has a 12-month low of $194.29 and a 12-month high of $308.53. The company has a market cap of $55.86 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.35. The business's 50-day moving average price is $227.34 and its 200 day moving average price is $236.34.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, topping 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 analysts' expectations of $21.86 billion. During the same quarter in the previous year, the company earned $5.41 EPS. On average, analysts expect that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd were paid a $1.45 dividend. This represents a $5.80 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date was Monday, June 23rd. This is a boost from FedEx's previous quarterly dividend of $1.38. FedEx's payout ratio is currently 34.36%.

Insider Transactions at FedEx

In other news, Director Paul S. Walsh sold 3,610 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the sale, the director directly owned 15,513 shares in the company, valued at approximately $3,696,592.77. The trade was a 18.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Marvin R. Ellison sold 3,610 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the sale, the director owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. The trade was a 31.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,343 shares of company stock worth $2,228,816. 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.