FedEx Co. (NYSE:FDX) shares purchased by abrdn plc

abrdn plc increased its stake in FedEx Co. (NYSE:FDX – Free Report) rose 29.1% during the fourth quarter, the company said in its most recent filing with the SEC. The fund owned 191,132 shares of the shipping service provider, after acquiring a further 43,053 shares during the quarter. abrdn plc owned 0.08% of FedEx worth $48,351,000 at the end of the most recent reporting period.

Other major investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in FedEx shares by 11.0% in the third quarter. Zurcher Kantonalbank Zürich Cantonalbank now owns 133,075 shares of the shipping service provider’s stock worth $35,254,000 after acquiring an additional 13,197 shares in the last quarter. Western Wealth Management LLC increased its holdings in FedEx by 10.0% in the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping services company’s stock worth $925,000 after purchasing an additional 333 shares in the last quarter. Trust Point Inc. acquired a new stake in FedEx worth approximately $282,000 in the fourth quarter. Planned Solutions Inc. acquired a new stake in FedEx worth approximately $32,000 in the fourth quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in FedEx by 2.3% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 595,122 shares of the shipping service provider’s stock worth $157,660,000 after purchasing an additional 13,642 shares in the last quarter. 84.47% of the shares are currently held by institutional investors and hedge funds.

FedEx trading up 1.4%

Shares of FedEx opened Monday at $266.99. FedEx Co. has a 1-year low of $213.80 and a 1-year high of $291.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. The company has a market cap of $65.70 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.26, and a beta of 1.21. The company’s fifty day moving average is $259.22 and its two hundred day moving average is $254.10.

FedEx (NYSE:FDX – Get Free Report) posted its latest quarterly earnings data on Thursday, March 21. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same period last year, the company posted earnings per share of $3.41. FedEx’s revenue for the quarter fell 2.1% year over year. Analysts predict that FedEx Co. will post earnings per share of 17.67 for the current year.

FedEx announced that its Board of Directors on Thursday, March 21, approved a stock repurchase plan that authorizes the company to repurchase up to $5.00 billion of stock. This repurchase authorization authorizes the shipping service provider to reacquire up to 7.6% of its shares through open market purchases. Share buyback plans are usually a sign that company management believes the stock is undervalued.

Dividend announcement from FedEx

The company also recently announced a quarterly dividend, which was paid on Monday, April 1. A dividend of $1.26 was paid to known shareholders on Monday, March 11. This represents a dividend of $5.04 annually and a dividend yield of 1.89%. The ex-dividend date was Friday, March 8. FedEx’s dividend payout ratio (DPR) currently stands at 29.07%.

Insider transactions at FedEx

In other news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction on Tuesday, April 9. The shares sold at an average price of $274.30, for a total value of $31,105,620.00. Following the completion of the sale, the Chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares sold at an average price of $274.30, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC’s website. Also, Director Susan C. Schwab sold 6,145 shares of the company’s stock in a transaction dated Wednesday, March 27. The shares were sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the completion of the sale, the director now owns 7,865 shares of the company’s stock, valued at approximately $2,265,277.30. The explanation of this sale can be found here. Last quarter, insiders sold 136,668 company shares worth $37,758,773. Company insiders own 8.73% of the company’s shares.

Analyst upgrades and downgrades

A number of equities research analysts have issued reports on the stock. Bank of America lowered their target price on shares of FedEx from $346.00 to $340.00 and set a “buy” rating on the stock in a report on Tuesday, April 2. Melius upgraded shares of FedEx from a “hold” rating to a “buy” rating in a research report on Monday, January 8th. Barclays raised their price objective on shares of FedEx from $310.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, March 22. BMO Capital Markets raised their price objective on shares of FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research report on Friday, March 22. Finally, Melius Research raised shares of FedEx from a “hold” rating to a “buy” rating and set a $310.00 price objective on the stock in a research report on Monday, January 8. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $301.33.

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FedEx profile

(Free report)

FedEx Corporation provides transportation, e-commerce and business services in the United States and internationally. It operates through the FedEx Express, FedEx Ground, FedEx Freight and FedEx Services segments. The FedEx Express segment offers express transportation, small package ground delivery, and freight transportation; and time-critical transportation services.

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