Federated Hermes Inc. Sells 42,016 Shares of FedEx Co. (NYSE:FDX)

Federated Hermes Inc. lowered its position in shares of FedEx Co. (NYSE:FDX) by 12.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 301,584 shares of the shipping service provider’s stock after selling 42,016 shares during the period. Federated Hermes Inc.’s holdings in FedEx were worth $76,292,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FDX. Norges Bank bought a new stake in FedEx in the 4th quarter worth approximately $388,787,000. Mizuho Markets Americas LLC purchased a new position in shares of FedEx during the 3rd quarter worth $496,611,000. FMR LLC boosted its stake in shares of FedEx by 29.1% during the 3rd quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after acquiring an additional 916,555 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of FedEx by 33,890.5% during the 4th quarter. International Assets Investment Management LLC now owns 651,597 shares of the shipping service provider’s stock worth $166,972,000 after acquiring an additional 649,680 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of FedEx by 144.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,008,037 shares of the shipping service provider’s stock valued at $267,135,000 after buying an additional 595,628 shares in the last quarter. Institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other FedEx news, Chairman Frederick W. Smith sold 113,400 shares of FedEx stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at $3,978,953,009.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sriram Krishnasamy sold 354 shares of FedEx stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $289.19, for a total transaction of $102,373.26. Following the completion of the transaction, the chief executive officer now directly owns 11,147 shares of the company’s stock, valued at approximately $3,223,600.93. The disclosure for this sale can be found here. Insiders sold 136,668 shares of company stock valued at $37,758,773 over the last 90 days. Insiders own 8.73% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of research reports. Morgan Stanley boosted 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. Jefferies Financial Group upped their price target on shares of FedEx from $265.00 to $300.00 and gave the company a “hold” rating in a report on Friday, March 22nd. BNP Paribas reiterated an “underperform” rating and set a $250.00 price target on shares of FedEx in a report on Wednesday, March 27th. Evercore ISI upped their price target on shares of FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Finally, Melius upgraded shares of FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $301.33.

FedEx Trading Up 0.1 %

NYSE:FDX opened at $263.37 on Friday. FedEx Co. has a 52 week low of $213.80 and a 52 week high of $291.27. The firm has a 50 day moving average of $258.74 and a 200 day moving average of $254.17. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $64.81 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.24 and a beta of 1.21.

FedEx (NYSE:FDX) last posted its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The company had revenue of $21.70 billion during the quarter, compared to analysts’ expectations of $21.95 billion. During the same quarter in the prior year, the company posted $3.41 earnings per share. FedEx’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that FedEx Co. will post 17.67 earnings per share for the current fiscal year.

FedEx announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 21st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the shipping service provider to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were given a dividend of $1.26 per share. The ex-dividend date of this dividend was Friday, March 8th. This represents a $5.04 dividend on an annualized basis and a yield of 1.91%. FedEx’s payout ratio is 29.07%.

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.