Clearbridge Investments LLC Sells 235 Shares of FedEx Co. (NYSE:FDX)

Clearbridge Investments LLC trimmed its position in shares of FedEx Co. (NYSE:FDX) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,830 shares of the shipping service provider’s stock after selling 235 shares during the quarter. Clearbridge Investments LLC’s holdings in FedEx were worth $1,399,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Seven Eight Capital LP acquired a new position in shares of FedEx during the first quarter worth $220,000. O Shaughnessy Asset Management LLC lifted its holdings in FedEx by 0.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 33,838 shares of the shipping service provider’s stock worth $9,804,000 after buying an additional 241 shares during the period. Rockport Wealth LLC bought a new stake in shares of FedEx in the 1st quarter valued at about $476,000. Covestor Ltd lifted its stake in shares of FedEx by 50.0% in the first quarter. Covestor Ltd now owns 789 shares of the shipping service provider’s stock worth $229,000 after acquiring an additional 263 shares during the period. Finally, Patten & Patten Inc. TN boosted its holdings in FedEx by 0.5% in the first quarter. Patten & Patten Inc. TN now owns 10,253 shares of the shipping service provider’s stock valued at $2,971,000 after acquiring an additional 50 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $310.14, for a total value of $2,611,688.94. Following the completion of the transaction, the chief executive officer now directly owns 12,246 shares in the company, valued at $3,797,974.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Sriram Krishnasamy sold 8,421 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total value of $2,611,688.94. Following the completion of the transaction, the chief executive officer now directly owns 12,246 shares in the company, valued at $3,797,974.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brie Carere sold 1,958 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $310.43, for a total transaction of $607,821.94. Following the completion of the sale, the executive vice president now owns 19,937 shares in the company, valued at $6,189,042.91. The disclosure for this sale can be found here. Insiders have sold a total of 32,944 shares of company stock worth $9,882,355 over the last 90 days. Corporate insiders own 8.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Evercore ISI reduced their price objective on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating on the stock in a research note on Monday, June 24th. Morgan Stanley lifted their price objective on FedEx from $210.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 26th. The Goldman Sachs Group raised their price objective on shares of FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Stephens restated an “overweight” rating and issued a $325.00 price target on shares of FedEx in a report on Wednesday, June 26th. Finally, Robert W. Baird upped their price objective on shares of FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a report on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.00.

FedEx Stock Performance

Shares of FedEx stock traded up $4.24 on Thursday, reaching $302.52. 73,489 shares of the company traded hands, compared to its average volume of 1,911,616. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.36 and a quick ratio of 1.32. The firm has a market capitalization of $73.91 billion, a PE ratio of 17.31, a PEG ratio of 1.09 and a beta of 1.18. The company has a 50 day moving average of $271.42 and a 200 day moving average of $261.72. FedEx Co. has a 52 week low of $224.69 and a 52 week high of $313.84.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The business had revenue of $22.11 billion during the quarter, compared to the consensus estimate of $22.04 billion. During the same period last year, the business posted $4.94 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts forecast that FedEx Co. will post 20.94 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th were issued a dividend of $1.38 per share. This is a boost from FedEx’s previous quarterly dividend of $1.26. The ex-dividend date of this dividend was Monday, June 24th. This represents a $5.52 dividend on an annualized basis and a yield of 1.82%. FedEx’s payout ratio is presently 32.04%.

FedEx 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.