OLD National Bancorp IN Trims Position in FedEx Co. (NYSE:FDX)

OLD National Bancorp IN decreased its stake in shares of FedEx Co. (NYSE:FDX) by 6.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,736 shares of the shipping service provider’s stock after selling 271 shares during the quarter. OLD National Bancorp IN’s holdings in FedEx were worth $911,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of FedEx by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider’s stock valued at $5,682,727,000 after acquiring an additional 56,236 shares in the last quarter. Dodge & Cox increased its holdings in FedEx by 5.6% during the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock worth $3,907,568,000 after purchasing an additional 734,268 shares during the period. Geode Capital Management LLC raised its position in FedEx by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider’s stock valued at $1,350,686,000 after purchasing an additional 109,006 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of FedEx by 8.1% in the 4th quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider’s stock worth $1,209,338,000 after buying an additional 323,115 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of FedEx by 4.1% in the 4th quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider’s stock worth $906,165,000 after buying an additional 127,044 shares during the period. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Trading Up 1.1%

FedEx stock opened at $222.12 on Tuesday. The stock has a 50-day moving average price of $215.36 and a 200 day moving average price of $248.78. The company has a market capitalization of $53.22 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.35. FedEx Co. has a 52 week low of $194.30 and a 52 week high of $313.84. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73.

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

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be issued a $1.45 dividend. This represents a $5.80 annualized dividend and a yield of 2.61%. This is a positive change from FedEx’s previous quarterly dividend of $1.38. FedEx’s dividend payout ratio is presently 34.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FDX shares. Stifel Nicolaus cut their price target on FedEx from $364.00 to $354.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Truist Financial reduced their price target on shares of FedEx from $305.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Oppenheimer reiterated a “market perform” rating on shares of FedEx in a research note on Friday, March 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of FedEx in a report on Friday, March 7th. They set a “buy” rating and a $337.00 price objective on the stock. Finally, Bank of America lowered their target price on FedEx from $272.00 to $270.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $295.33.

Insider Buying and Selling at FedEx

In other news, COO John Alan Smith sold 6,155 shares of the company’s stock in a transaction dated 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 sale, the chief operating officer now owns 23,347 shares in the company, valued at $5,686,161.85. This represents a 20.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.87% of the company’s stock.

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.