Laraway Financial Advisors Inc Decreases Position in FedEx Corporation $FDX

Laraway Financial Advisors Inc reduced its stake in FedEx Corporation (NYSE:FDX) by 2.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,010 shares of the shipping service provider’s stock after selling 50 shares during the period. Laraway Financial Advisors Inc’s holdings in FedEx were worth $490,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Vanguard Group Inc. lifted its position in FedEx by 1.4% in the first quarter. Vanguard Group Inc. now owns 20,489,161 shares of the shipping service provider’s stock valued at $4,994,848,000 after acquiring an additional 289,655 shares during the last quarter. Invesco Ltd. boosted its position in shares of FedEx by 1.4% in the 1st quarter. Invesco Ltd. now owns 3,264,993 shares of the shipping service provider’s stock valued at $795,940,000 after purchasing an additional 43,989 shares during the period. Northern Trust Corp grew its stake in FedEx by 13.1% during the 4th quarter. Northern Trust Corp now owns 2,357,017 shares of the shipping service provider’s stock worth $663,100,000 after buying an additional 273,478 shares during the last quarter. ACR Alpine Capital Research LLC increased its position in FedEx by 85.9% during the first quarter. ACR Alpine Capital Research LLC now owns 1,585,033 shares of the shipping service provider’s stock worth $386,399,000 after buying an additional 732,266 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in FedEx by 0.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,506,226 shares of the shipping service provider’s stock valued at $367,188,000 after buying an additional 5,490 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Insider Activity

In related news, Director Paul S. Walsh sold 3,610 shares of FedEx stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $238.29, for a total transaction of $860,226.90. Following the completion of the sale, the director owned 15,513 shares in the company, valued at approximately $3,696,592.77. This trade represents a 18.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Marvin R. Ellison sold 3,610 shares of the business’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the transaction, the director directly owned 7,720 shares of the company’s stock, valued at $1,829,176.80. The trade was a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,343 shares of company stock worth $2,228,816 over the last three months. 8.87% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Truist Financial reiterated a “buy” rating and issued a $275.00 price target on shares of FedEx in a research report on Wednesday, June 25th. Barclays restated an “overweight” rating and issued a $320.00 price target (down previously from $330.00) on shares of FedEx in a research report on Wednesday, June 25th. BNP Paribas Exane raised FedEx from an “underperform” rating to an “outperform” rating and set a $270.00 target price on the stock in a report on Thursday, July 3rd. JPMorgan Chase & Co. lifted their price objective on shares of FedEx from $260.00 to $290.00 and gave the company an “overweight” rating in a research report on Wednesday, June 25th. Finally, Wells Fargo & Company lifted their target price on shares of FedEx from $220.00 to $235.00 and gave the company an “equal weight” rating in a report on Wednesday, June 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and an average price target of $283.25.

FedEx Price Performance

FedEx stock opened at $227.32 on Monday. The firm has a market capitalization of $53.62 billion, a PE ratio of 13.47, a P/E/G ratio of 1.18 and a beta of 1.30. FedEx Corporation has a 52 week low of $194.29 and a 52 week high of $308.53. The firm’s 50-day simple moving average is $229.41 and its 200 day simple moving average is $231.53. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating the consensus estimate of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period in the prior year, the business earned $5.41 earnings per share. On average, equities research analysts predict that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 8th will be given a $1.45 dividend. This represents a $5.80 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, September 8th. FedEx’s dividend payout ratio is currently 34.36%.

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.