Corebridge Financial Inc. Has $14.53 Million Position in FedEx Co. (NYSE:FDX)

Corebridge Financial Inc. lessened its position in FedEx Co. (NYSE:FDX) by 4.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,662 shares of the shipping service provider’s stock after selling 2,615 shares during the quarter. Corebridge Financial Inc.’s holdings in FedEx were worth $14,534,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of FedEx in the fourth quarter valued at approximately $234,028,000. ACR Alpine Capital Research LLC grew its position in FedEx by 62.9% in the fourth quarter. ACR Alpine Capital Research LLC now owns 852,767 shares of the shipping service provider’s stock valued at $239,909,000 after purchasing an additional 329,170 shares in the last quarter. Bryn Mawr Capital Management LLC increased its stake in FedEx by 22,317.0% in the 4th quarter. Bryn Mawr Capital Management LLC now owns 322,580 shares of the shipping service provider’s stock valued at $90,751,000 after buying an additional 321,141 shares during the last quarter. Franklin Resources Inc. lifted its position in FedEx by 8.6% during the 3rd 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 in the last quarter. Finally, KBC Group NV boosted its stake in shares of FedEx by 197.4% during the 4th quarter. KBC Group NV now owns 341,390 shares of the shipping service provider’s stock worth $96,043,000 after buying an additional 226,608 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Barclays dropped their target price on FedEx from $365.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Oppenheimer reissued a “market perform” rating on shares of FedEx in a report on Friday. TD Cowen lowered their target price on shares of FedEx from $337.00 to $310.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Piper Sandler cut shares of FedEx to a “neutral” rating in a research note on Monday, February 3rd. Finally, Raymond James dropped their target price on shares of FedEx from $320.00 to $290.00 and set an “outperform” rating on the stock in a report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and a consensus price target of $300.60.

Insider Activity

In other FedEx news, Director Susan C. Schwab sold 3,980 shares of the firm’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the sale, the director now owns 8,904 shares in the company, valued at $2,461,510.80. This trade represents a 30.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Richard W. Smith sold 2,576 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now owns 111,886 shares of the company’s stock, valued at $30,984,589.98. This trade represents a 2.25 % 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 corporate insiders.

FedEx Stock Performance

NYSE FDX opened at $241.19 on Wednesday. The firm’s 50 day simple moving average is $258.58 and its 200 day simple moving average is $271.75. The firm has a market capitalization of $58.09 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 1.11 and a beta of 1.23. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. FedEx Co. has a 1 year low of $217.22 and a 1 year high of $313.84.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business 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 posted $3.86 EPS. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, research analysts expect that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th will be issued a $1.38 dividend. The ex-dividend date is Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.29%. FedEx’s dividend payout ratio (DPR) is currently 34.63%.

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.