K.J. Harrison & Partners Inc Takes $2.16 Million Position in FedEx Co. (NYSE:FDX)

K.J. Harrison & Partners Inc acquired a new position in FedEx Co. (NYSE:FDX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,520 shares of the shipping service provider’s stock, valued at approximately $2,155,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FDX. Vanguard Group Inc. lifted its stake in shares of FedEx by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 18,729,110 shares of the shipping service provider’s stock valued at $4,961,716,000 after purchasing an additional 59,161 shares during the last quarter. Sentry LLC bought a new position in FedEx during the fourth quarter valued at about $1,811,748,000. FMR LLC lifted its position in shares of FedEx by 29.1% in the third quarter. FMR LLC now owns 4,063,938 shares of the shipping service provider’s stock worth $1,076,619,000 after buying an additional 916,555 shares during the last quarter. Morgan Stanley boosted its stake in shares of FedEx by 1.1% during the 3rd quarter. Morgan Stanley now owns 3,238,185 shares of the shipping service provider’s stock worth $857,860,000 after acquiring an additional 35,085 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of FedEx by 13.6% during the 3rd quarter. Invesco Ltd. now owns 3,004,838 shares of the shipping service provider’s stock valued at $796,042,000 after acquiring an additional 360,680 shares during the last quarter. Institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

Shares of NYSE FDX traded up $0.23 during midday trading on Friday, reaching $265.75. 958,869 shares of the company traded hands, compared to its average volume of 2,028,195. The stock’s 50-day simple moving average is $262.17 and its 200-day simple moving average is $254.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.26 and a current ratio of 1.31. FedEx Co. has a 12 month low of $213.80 and a 12 month high of $291.27. The firm has a market cap of $65.40 billion, a PE ratio of 15.33, a PEG ratio of 1.26 and a beta of 1.21.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 21st. The shipping service provider reported $3.86 EPS for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The firm had revenue of $21.70 billion for the quarter, compared to analyst estimates of $21.95 billion. During the same period in the previous year, the business earned $3.41 earnings per share. The company’s revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, equities analysts anticipate that FedEx Co. will post 17.67 earnings per share for the current fiscal year.

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were issued a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, March 8th. FedEx’s payout ratio is presently 29.07%.

FedEx announced that its Board of Directors has approved a stock repurchase program on Thursday, March 21st that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the shipping service provider to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FDX shares. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research report on Friday, March 22nd. BMO Capital Markets raised their target price on shares of FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research note on Friday, March 22nd. Jefferies Financial Group boosted their target price on shares of FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. UBS Group raised their price target on FedEx from $323.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley boosted their price objective on FedEx from $195.00 to $210.00 and gave the stock an “equal weight” rating in a research report on Friday, March 22nd. One 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $301.33.

Insider Transactions at FedEx

In related news, Director Susan C. Schwab sold 6,145 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the transaction, the director now owns 7,865 shares in the company, valued at approximately $2,265,277.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Guy M. Erwin II sold 2,749 shares of FedEx stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $289.11, for a total value of $794,763.39. Following the completion of the sale, the vice president now directly owns 486 shares of the company’s stock, valued at approximately $140,507.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan C. Schwab sold 6,145 shares of the company’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total value of $1,769,882.90. Following the transaction, the director now directly owns 7,865 shares in the company, valued at approximately $2,265,277.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 136,668 shares of company stock worth $37,758,773. Insiders own 8.73% of the company’s stock.

FedEx 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.