Summit Global Investments Purchases New Shares in FedEx Co. (NYSE:FDX)

Summit Global Investments acquired a new stake in FedEx Co. (NYSE:FDX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 12,624 shares of the shipping service provider's stock, valued at approximately $3,193,000.

A number of other institutional investors also recently modified their holdings of the stock. Financial Management Professionals Inc. increased its position in FedEx by 143.2% in the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider's stock worth $27,000 after purchasing an additional 63 shares during the period. Rakuten Securities Inc. bought a new position in FedEx during the 4th quarter worth about $30,000. Tennessee Valley Asset Management Partners bought a new stake in FedEx in the 4th quarter valued at approximately $31,000. Planned Solutions Inc. acquired a new position in shares of FedEx during the 4th quarter worth about $32,000. Finally, Valley National Advisers Inc. grew its stake in FedEx by 123.3% in the fourth quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider's stock valued at $33,000 after purchasing an additional 74 shares in the last quarter. 84.47% of the stock is owned by institutional investors.

FedEx Stock Down 0.5 %

Shares of FDX traded down $1.37 on Friday, reaching $260.66. The company's stock had a trading volume of 1,085,097 shares, compared to its average volume of 1,967,710. The stock has a market capitalization of $64.14 billion, a PE ratio of 15.03, a PEG ratio of 1.23 and a beta of 1.23. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.76. FedEx Co. has a twelve month low of $213.80 and a twelve month high of $291.27. The firm has a fifty day moving average of $263.93 and a 200-day moving average of $254.81.

FedEx (NYSE:FDX - Get Free Report) last posted its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating analysts' consensus estimates of $3.49 by $0.37. The company had revenue of $21.70 billion for the quarter, compared to analyst estimates of $21.95 billion. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company's revenue for the quarter was down 2.1% on a year-over-year basis. During the same quarter last year, the company earned $3.41 earnings per share. Equities analysts predict that FedEx Co. will post 17.69 EPS for the current year.

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were paid a dividend of $1.26 per share. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, March 8th. FedEx's payout ratio is 29.07%.

FedEx declared that its board has initiated a stock repurchase program on Thursday, March 21st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the shipping service provider to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FDX shares. Melius Research raised shares of FedEx from a "hold" rating to a "buy" rating and set a $310.00 price target on the stock in a report on Monday, January 8th. TD Cowen raised their price target on shares of FedEx from $293.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, March 22nd. UBS Group boosted their price objective on shares of FedEx from $323.00 to $340.00 and gave the company a "buy" rating in a report on Friday, March 22nd. Morgan Stanley raised their target price on shares of FedEx from $195.00 to $210.00 and gave the stock an "equal weight" rating in a report on Friday, March 22nd. Finally, Oppenheimer reiterated a "market perform" rating on shares of FedEx in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a 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 $301.33.

Insider Buying and Selling

In other FedEx news, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total value of $794,763.39. Following the sale, the vice president now owns 486 shares of the company's stock, valued at $140,507.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $289.11, for a total transaction of $794,763.39. Following the completion of the sale, the vice president now directly owns 486 shares of the company's stock, valued at approximately $140,507.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 136,668 shares of company stock valued at $37,758,773. 8.73% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.