Desjardins Global Asset Management Inc. Sells 6,512 Shares of FedEx Co. (NYSE:FDX)

Desjardins Global Asset Management Inc. lowered its stake in FedEx Co. (NYSE:FDX) by 42.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,765 shares of the shipping service provider’s stock after selling 6,512 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in FedEx were worth $2,217,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in FDX. SVB Wealth LLC boosted its position in shares of FedEx by 2.5% during the 4th quarter. SVB Wealth LLC now owns 1,801 shares of the shipping service provider’s stock valued at $456,000 after acquiring an additional 44 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of FedEx by 67.1% during the 4th quarter. Mackenzie Financial Corp now owns 229,954 shares of the shipping service provider’s stock valued at $58,171,000 after acquiring an additional 92,352 shares during the last quarter. BOK Financial Private Wealth Inc. boosted its position in shares of FedEx by 321.9% during the 4th quarter. BOK Financial Private Wealth Inc. now owns 135 shares of the shipping service provider’s stock valued at $34,000 after acquiring an additional 103 shares during the last quarter. MBM Wealth Consultants LLC boosted its position in shares of FedEx by 15.0% during the 4th quarter. MBM Wealth Consultants LLC now owns 3,843 shares of the shipping service provider’s stock valued at $953,000 after acquiring an additional 502 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. boosted its position in shares of FedEx by 2.1% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 11,694 shares of the shipping service provider’s stock valued at $2,958,000 after acquiring an additional 241 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Evercore ISI lifted their price target on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. The Goldman Sachs Group raised their price objective on FedEx from $291.00 to $324.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Robert W. Baird raised their price objective on FedEx from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Melius raised FedEx from a “hold” rating to a “buy” rating in a report on Monday, January 8th. Finally, TD Cowen raised their price objective on FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $301.33.

FedEx Price Performance

Shares of FDX stock opened at $264.86 on Wednesday. The firm has a market cap of $65.18 billion, a P/E ratio of 15.27, a P/E/G ratio of 1.26 and a beta of 1.21. FedEx Co. has a fifty-two week low of $213.80 and a fifty-two week high of $291.27. The business’s 50 day moving average price is $257.89 and its 200-day moving average price is $254.05. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating the consensus estimate of $3.49 by $0.37. FedEx had a return on equity of 16.60% and a net margin of 5.02%. The company had revenue of $21.70 billion for the quarter, compared to analyst estimates of $21.95 billion. During the same period in the previous year, the company posted $3.41 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. On average, equities research analysts anticipate that FedEx Co. will post 17.67 earnings per share for the current year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Monday, March 11th were issued a $1.26 dividend. This represents a $5.04 annualized dividend and a yield of 1.90%. The ex-dividend date was Friday, March 8th. FedEx’s dividend payout ratio (DPR) is 29.07%.

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

Insider Transactions at FedEx

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 completion of the transaction, the chairman now owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the completion of the sale, the chairman now owns 14,505,844 shares in the company, valued at $3,978,953,009.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sriram Krishnasamy sold 354 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $289.19, for a total value of $102,373.26. Following the sale, the chief executive officer now 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 worth $37,758,773 over the last quarter. 8.73% of the stock is currently owned by insiders.

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.