The Manufacturers Life Insurance Company Has $86.38 Million Stock Holdings in FedEx Corporation $FDX

Key Points

• The Manufacturers Life Insurance Company reduced its FedEx stake by 17.7% in the first quarter, selling 52,116 shares and retaining 242,523 shares valued at approximately $86.38 million. Institutional investors collectively own 84.47% of FedEx.
• Analyst sentiment remains positive but mixed, with FedEx holding a “Moderate Buy” consensus rating and an average price target of $350.54. Recent target cuts included Barclays to $425, Goldman Sachs to $375, and HSBC to $289.89.
• FedEx reported quarterly earnings of $5.88 per share on revenue of $23.26 billion, while its stock opened at $308.96. The company pays a quarterly dividend of $1.22 per share, equivalent to a 1.6% annual yield.

The Manufacturers Life Insurance Company decreased its holdings in shares of FedEx Corporation (NYSE:FDX - Free Report) by 17.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,523 shares of the shipping service provider's stock after selling 52,116 shares during the period. The Manufacturers Life Insurance Company owned 0.10% of FedEx worth $86,382,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Excelsior Advisor Network LLC acquired a new stake in shares of FedEx during the 1st quarter worth approximately $237,000. Quantinno Capital Management LP lifted its position in shares of FedEx by 24.3% during the 1st quarter. Quantinno Capital Management LP now owns 164,212 shares of the shipping service provider's stock valued at $58,489,000 after acquiring an additional 32,067 shares during the period. Lazard Asset Management LLC boosted its stake in FedEx by 51.9% during the first quarter. Lazard Asset Management LLC now owns 1,394 shares of the shipping service provider's stock worth $497,000 after acquiring an additional 476 shares in the last quarter. Family Manage LLC bought a new position in FedEx during the first quarter worth $274,000. Finally, Intelligence Driven Advisers LLC acquired a new stake in FedEx in the first quarter worth $249,000. Institutional investors and hedge funds own 84.47% of the company's stock.

Insider Buying and Selling

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the sale, the director directly owned 16,359 shares of the company's stock, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on FDX. Weiss Ratings downgraded shares of FedEx from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 3rd. Barclays cut their price objective on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 17th. The Goldman Sachs Group reduced their target price on FedEx from $405.00 to $375.00 and set a "buy" rating for the company in a research note on Monday, June 1st. HSBC decreased their target price on FedEx from $360.00 to $289.89 and set a "hold" rating for the company in a research report on Monday, June 1st. Finally, Wall Street Zen upgraded FedEx from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $350.54.

FedEx Stock Down 1.2%

FedEx stock opened at $308.96 on Thursday. FedEx Corporation has a 1-year low of $172.88 and a 1-year high of $345.36. The firm has a market capitalization of $73.10 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.29. The firm's fifty day moving average price is $332.02 and its two-hundred day moving average price is $350.48. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. On average, equities research analysts predict that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were paid a dividend of $1.22 per share. The ex-dividend date was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. FedEx's payout ratio is 26.36%.

FedEx Profile

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

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