Independence Bank of Kentucky Decreases Position in FedEx Co. (NYSE:FDX)

Independence Bank of Kentucky decreased its holdings in FedEx Co. (NYSE:FDX) by 3.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,718 shares of the shipping service provider’s stock after selling 127 shares during the quarter. Independence Bank of Kentucky’s holdings in FedEx were worth $906,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Transce3nd LLC purchased a new stake in FedEx in the fourth quarter valued at about $26,000. Kentucky Trust Co acquired a new position in shares of FedEx during the fourth quarter valued at about $28,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of FedEx in the 4th quarter valued at approximately $28,000. Activest Wealth Management acquired a new stake in FedEx in the 4th quarter worth approximately $29,000. Finally, Runnymede Capital Advisors Inc. acquired a new stake in FedEx in the 4th quarter worth approximately $32,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at FedEx

In related news, COO John Alan Smith sold 6,155 shares of the stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $243.55, for a total value of $1,499,050.25. Following the completion of the transaction, the chief operating officer now directly owns 23,347 shares of the company’s stock, valued at approximately $5,686,161.85. This represents a 20.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.87% of the company’s stock.

FedEx Stock Up 1.5%

FedEx stock opened at $219.96 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.23 and a quick ratio of 1.19. The stock has a market capitalization of $52.70 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.11 and a beta of 1.35. The business has a 50 day simple moving average of $215.83 and a 200-day simple moving average of $249.65. FedEx Co. has a 12 month low of $194.30 and a 12 month high of $313.84.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.56 by ($0.05). FedEx had a net margin of 4.45% and a return on equity of 15.59%. The company had revenue of $22.16 billion for the quarter, compared to analysts’ expectations of $21.96 billion. During the same period in the previous year, the business earned $3.86 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, analysts anticipate that FedEx Co. will post 19.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FDX has been the topic of several research reports. Bank of America cut their target price on FedEx from $272.00 to $270.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Stephens reissued an “overweight” rating and issued a $300.00 price objective on shares of FedEx in a report on Tuesday, May 20th. UBS Group reduced their price objective on FedEx from $331.00 to $311.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. Barclays dropped their target price on FedEx from $350.00 to $330.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 3rd. Finally, Stifel Nicolaus cut their price target on shares of FedEx from $364.00 to $354.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Two analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $295.33.

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.