FedEx Co. (NYSE:FDX) Holdings Trimmed by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury cut its stake in FedEx Co. (NYSE:FDX - Free Report) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,955 shares of the shipping service provider's stock after selling 3,955 shares during the quarter. State of Tennessee Department of Treasury's holdings in FedEx were worth $25,870,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Regal Investment Advisors LLC raised its position in FedEx by 2.4% in the fourth quarter. Regal Investment Advisors LLC now owns 1,604 shares of the shipping service provider's stock valued at $451,000 after purchasing an additional 38 shares during the period. Cetera Trust Company N.A raised its position in FedEx by 0.5% in the fourth quarter. Cetera Trust Company N.A now owns 7,925 shares of the shipping service provider's stock valued at $2,230,000 after purchasing an additional 40 shares during the period. Griffin Asset Management Inc. grew its stake in shares of FedEx by 0.4% during the fourth quarter. Griffin Asset Management Inc. now owns 10,365 shares of the shipping service provider's stock valued at $2,916,000 after acquiring an additional 40 shares in the last quarter. Aviso Financial Inc. grew its stake in shares of FedEx by 1.2% during the fourth quarter. Aviso Financial Inc. now owns 3,400 shares of the shipping service provider's stock valued at $957,000 after acquiring an additional 40 shares in the last quarter. Finally, Garner Asset Management Corp grew its stake in shares of FedEx by 0.7% during 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 in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on FDX shares. Bank of America lowered their target price on FedEx from $295.00 to $272.00 and set a "buy" rating for the company in a research note on Friday, March 21st. BMO Capital Markets lowered their target price on FedEx from $330.00 to $275.00 and set a "market perform" rating for the company in a research note on Friday, March 21st. Raymond James lowered their target price on FedEx from $320.00 to $290.00 and set an "outperform" rating for the company in a research note on Friday, March 21st. Truist Financial lowered their target price on FedEx from $305.00 to $275.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Jefferies Financial Group upgraded FedEx from a "hold" rating to a "buy" rating and lowered their target price for the company from $300.00 to $275.00 in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $297.71.

FedEx Stock Performance

NYSE FDX traded down $4.24 during trading hours on Friday, hitting $211.45. The company had a trading volume of 1,328,116 shares, compared to its average volume of 1,780,013. FedEx Co. has a fifty-two week low of $194.30 and a fifty-two week high of $313.84. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73. The business has a fifty day simple moving average of $233.47 and a 200-day simple moving average of $261.79. The firm has a market cap of $50.66 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 1.11 and a beta of 1.24.

FedEx (NYSE:FDX - Get Free Report) last issued its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing the consensus estimate of $4.56 by ($0.05). FedEx had a return on equity of 15.59% and a net margin of 4.45%. The company had revenue of $22.16 billion during the quarter, compared to analyst estimates of $21.96 billion. During the same period in the prior year, the business earned $3.86 earnings per share. FedEx's quarterly revenue was up 1.9% on a year-over-year basis. Equities analysts predict that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Monday, March 10th. FedEx's dividend payout ratio (DPR) is 34.63%.

Insider Activity

In other news, COO John Alan Smith sold 6,155 shares of the firm's stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the transaction, the chief operating officer now directly owns 23,347 shares of the company's stock, valued at approximately $5,686,161.85. This trade represents a 20.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.87% of the company's stock.

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.