FedEx Co. (NYSE:FDX) Shares Sold by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC reduced its position in FedEx Co. (NYSE:FDX) by 0.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 20,287 shares of the shipping service provider’s stock after selling 114 shares during the quarter. Miracle Mile Advisors LLC’s holdings in FedEx were worth $5,878,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of FedEx by 0.3% during the third quarter. Vanguard Group Inc. now owns 18,729,110 shares of the shipping service provider’s stock worth $4,961,716,000 after purchasing an additional 59,161 shares during the last quarter. Sentry LLC purchased a new stake in shares of FedEx during the fourth quarter worth approximately $1,811,748,000. Capital International Investors raised its stake in shares of FedEx by 15.2% during the fourth quarter. Capital International Investors now owns 6,667,462 shares of the shipping service provider’s stock worth $1,686,738,000 after purchasing an additional 880,894 shares during the last quarter. Morgan Stanley raised its stake in shares of FedEx by 1.1% during the third quarter. Morgan Stanley now owns 3,238,185 shares of the shipping service provider’s stock worth $857,860,000 after purchasing an additional 35,085 shares during the last quarter. Finally, Putnam Investments LLC raised its stake in shares of FedEx by 38.1% during the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after purchasing an additional 798,084 shares during the last quarter. 84.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Robert W. Baird increased their price objective on FedEx from $325.00 to $340.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 26th. BMO Capital Markets increased their price objective on FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. Wells Fargo & Company raised their price target on FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 26th. Oppenheimer restated a “market perform” rating on shares of FedEx in a research report on Wednesday, June 26th. Finally, Barclays raised their price target on FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, March 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and an average price target of $314.00.

FedEx Stock Down 0.4 %

Shares of NYSE:FDX traded down $1.16 during mid-day trading on Monday, hitting $298.68. 2,463,423 shares of the company traded hands, compared to its average volume of 1,957,061. The firm has a market cap of $73.50 billion, a P/E ratio of 17.31, a PEG ratio of 1.10 and a beta of 1.18. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. FedEx Co. has a 52-week low of $224.69 and a 52-week high of $302.41. The firm’s 50 day simple moving average is $258.10 and its 200 day simple moving average is $256.24.

FedEx (NYSE:FDX) last announced its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating the consensus estimate of $5.34 by $0.07. The business had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company’s revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $4.94 EPS. On average, equities analysts anticipate that FedEx Co. will post 20.67 EPS for the current year.

FedEx Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 24th will be issued a dividend of $1.38 per share. The ex-dividend date of this dividend is Monday, June 24th. This is an increase from FedEx’s previous quarterly dividend of $1.26. This represents a $5.52 annualized dividend and a yield of 1.85%. FedEx’s payout ratio is currently 32.04%.

FedEx announced that its Board of Directors has initiated a share 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 repurchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, 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 value of $31,105,620.00. Following the completion of 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 legal filing with the SEC, which is available through this hyperlink. In other news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total value of $31,105,620.00. Following the sale, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard W. Smith sold 1,325 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $278.24, for a total value of $368,668.00. Following the completion of the sale, the chief executive officer now directly owns 84,614 shares in the company, valued at approximately $23,542,999.36. The disclosure for this sale can be found here. Insiders have sold 119,810 shares of company stock worth $32,924,413 in the last three months. 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.