CIBC Asset Management Inc Boosts Stake in FedEx Co. (NYSE:FDX)

CIBC Asset Management Inc grew its stake in FedEx Co. (NYSE:FDX) by 4.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,021 shares of the shipping service provider’s stock after buying an additional 1,459 shares during the period. CIBC Asset Management Inc’s holdings in FedEx were worth $9,852,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. bLong Financial LLC purchased a new position in shares of FedEx in the fourth quarter worth $391,000. Virtu Financial LLC purchased a new position in shares of FedEx during the third quarter worth $3,405,000. Wedmont Private Capital raised its holdings in shares of FedEx by 4.1% during the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider’s stock worth $631,000 after purchasing an additional 91 shares during the last quarter. GFS Advisors LLC purchased a new position in shares of FedEx during the fourth quarter worth $26,855,000. Finally, Persium Advisors LLC purchased a new position in shares of FedEx during the fourth quarter worth $530,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FDX. UBS Group raised their target price on shares of FedEx from $311.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, December 20th. BMO Capital Markets raised their target price on shares of FedEx from $300.00 to $330.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. StockNews.com raised shares of FedEx from a “hold” rating to a “buy” rating in a report on Friday, December 20th. Stephens reduced their target price on shares of FedEx from $350.00 to $345.00 and set an “overweight” rating for the company in a report on Friday, December 20th. Finally, Wells Fargo & Company raised their price target on shares of FedEx from $305.00 to $320.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, FedEx presently has an average rating of “Moderate Buy” and a consensus price target of $321.87.

Insiders Place Their Bets

In other FedEx news, CEO Richard W. Smith sold 2,576 shares of FedEx stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $276.93, for a total transaction of $713,371.68. Following the transaction, the chief executive officer now directly owns 111,886 shares of the company’s stock, valued at $30,984,589.98. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John W. Dietrich bought 1,000 shares of FedEx stock in a transaction on Tuesday, January 7th. The shares were purchased at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the completion of the purchase, the executive vice president now directly owns 9,067 shares of the company’s stock, valued at $2,484,176.66. This trade represents a 12.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.87% of the stock is owned by insiders.

FedEx Stock Performance

NYSE:FDX opened at $267.35 on Wednesday. The company’s 50-day moving average price is $272.17 and its 200-day moving average price is $278.71. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.73. The company has a market cap of $64.39 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.07 and a beta of 1.18. FedEx Co. has a twelve month low of $235.32 and a twelve month high of $313.84.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, topping the consensus estimate of $3.88 by $0.17. The firm had revenue of $22 billion for the quarter, compared to the consensus estimate of $22.14 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the firm posted $3.99 earnings per share. On average, sell-side analysts forecast that FedEx Co. will post 19.14 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be paid a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Monday, March 10th. FedEx’s dividend payout ratio (DPR) is presently 35.18%.

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.