State of Alaska Department of Revenue Purchases 6,425 Shares of FedEx Corporation (NYSE:FDX)

State of Alaska Department of Revenue grew its position in shares of FedEx Corporation (NYSE:FDX) by 16.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,842 shares of the shipping service provider’s stock after acquiring an additional 6,425 shares during the quarter. State of Alaska Department of Revenue’s holdings in FedEx were worth $11,174,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its stake in FedEx by 12.8% in the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock valued at $514,000 after acquiring an additional 207 shares during the last quarter. Catalyst Capital Advisors LLC lifted its stake in FedEx by 96.2% in the 4th quarter. Catalyst Capital Advisors LLC now owns 363 shares of the shipping service provider’s stock valued at $102,000 after purchasing an additional 178 shares during the last quarter. CIBC Asset Management Inc grew its holdings in FedEx by 4.3% during the fourth quarter. CIBC Asset Management Inc now owns 35,021 shares of the shipping service provider’s stock worth $9,852,000 after purchasing an additional 1,459 shares during the period. D.A. Davidson & CO. increased its position in FedEx by 25.2% during the fourth quarter. D.A. Davidson & CO. now owns 44,332 shares of the shipping service provider’s stock worth $12,472,000 after buying an additional 8,917 shares during the last quarter. Finally, Atria Wealth Solutions Inc. raised its stake in FedEx by 8.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 13,039 shares of the shipping service provider’s stock valued at $3,681,000 after buying an additional 1,029 shares during the period. 84.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on FDX. Stephens reaffirmed an “overweight” rating and set a $300.00 price target on shares of FedEx in a report on Tuesday, May 20th. Truist Financial dropped their price objective on shares of FedEx from $305.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, April 24th. Bank of America reduced their target price on shares of FedEx from $272.00 to $270.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. JPMorgan Chase & Co. lowered their price target on shares of FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Finally, BMO Capital Markets cut their price objective on shares of FedEx from $275.00 to $260.00 and set a “market perform” rating for the company in a research report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and an average price target of $292.54.

Insider Transactions at FedEx

In other news, COO John Alan Smith sold 6,155 shares of the firm’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $243.55, for a total transaction of $1,499,050.25. Following the sale, the chief operating officer now owns 23,347 shares in the company, valued at approximately $5,686,161.85. This trade represents a 20.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 8.87% of the stock is currently owned by company insiders.

FedEx Price Performance

Shares of NYSE FDX opened at $223.07 on Thursday. The stock has a market cap of $53.45 billion, a price-to-earnings ratio of 13.99, a PEG ratio of 1.06 and a beta of 1.35. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.24. FedEx Corporation has a fifty-two week low of $194.30 and a fifty-two week high of $313.84. The firm’s 50-day simple moving average is $217.59 and its 200 day simple moving average is $245.73.

FedEx (NYSE:FDX) last posted its earnings results 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 return on equity of 16.00% and a net margin of 4.46%. The firm had revenue of $22.16 billion during the quarter, compared to the consensus estimate of $21.96 billion. During the same quarter in the previous year, the company earned $3.86 EPS. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, research analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Monday, June 23rd will be given a dividend of $1.45 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $5.80 annualized dividend and a yield of 2.60%. This is a positive change from FedEx’s previous quarterly dividend of $1.38. FedEx’s dividend payout ratio is presently 36.39%.

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.