SouthState Corp Sells 97 Shares of FedEx Co. (NYSE:FDX)

SouthState Corp reduced its stake in shares of FedEx Co. (NYSE:FDX) by 6.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,383 shares of the shipping service provider’s stock after selling 97 shares during the period. SouthState Corp’s holdings in FedEx were worth $389,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in FedEx by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,689,791 shares of the shipping service provider’s stock worth $1,281,335,000 after purchasing an additional 67,502 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of FedEx by 8.6% in the third quarter. Franklin Resources Inc. now owns 3,975,531 shares of the shipping service provider’s stock worth $1,042,050,000 after buying an additional 314,380 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of FedEx by 0.7% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,699,179 shares of the shipping service provider’s stock worth $465,031,000 after buying an additional 11,100 shares during the period. Charles Schwab Investment Management Inc. grew its stake in FedEx by 3.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,500,736 shares of the shipping service provider’s stock valued at $422,202,000 after buying an additional 49,160 shares during the last quarter. Finally, Sentry LLC raised its holdings in FedEx by 0.4% in the 4th quarter. Sentry LLC now owns 1,217,117 shares of the shipping service provider’s stock worth $342,412,000 after acquiring an additional 5,404 shares during the period. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of recent analyst reports. BMO Capital Markets lifted their price objective on FedEx from $300.00 to $330.00 and gave the stock a “market perform” rating in a research note on Friday, December 20th. Truist Financial assumed coverage on FedEx in a research report on Thursday, March 13th. They issued a “buy” rating and a $305.00 price target on the stock. Raymond James downgraded shares of FedEx from an “outperform” rating to a “market perform” rating in a research note on Monday, February 3rd. Wells Fargo & Company cut their target price on shares of FedEx from $320.00 to $275.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Finally, Stephens reduced their price target on shares of FedEx from $350.00 to $345.00 and set an “overweight” rating for the company in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $318.04.

Insider Activity at FedEx

In other news, Director Amy B. Lane acquired 333 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was purchased at an average cost of $276.06 per share, for a total transaction of $91,927.98. Following the completion of the transaction, the director now directly owns 333 shares in the company, valued at $91,927.98. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan C. Schwab sold 3,980 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total transaction of $1,100,271.00. Following the transaction, the director now owns 8,904 shares in the company, valued at approximately $2,461,510.80. The trade was a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.87% of the stock is currently owned by company insiders.

FedEx Stock Up 1.3 %

Shares of FDX opened at $245.46 on Tuesday. The business’s 50 day simple moving average is $262.47 and its 200-day simple moving average is $273.86. FedEx Co. has a one year low of $239.50 and a one year high of $313.84. The company has a market capitalization of $59.12 billion, a P/E ratio of 15.64, a PEG ratio of 1.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.88 by $0.17. FedEx had a return on equity of 15.59% and a net margin of 4.45%. The business had revenue of $22 billion during the quarter, compared to analysts’ expectations of $22.14 billion. During the same period in the previous year, the business posted $3.99 earnings per share. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, sell-side analysts predict that FedEx Co. will post 19.14 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be paid a dividend of $1.38 per share. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a dividend yield of 2.25%. FedEx’s dividend payout ratio (DPR) is currently 35.18%.

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.