FedEx Co. (NYSE:FDX) Shares Sold by Synovus Financial Corp

Synovus Financial Corp reduced its position in FedEx Co. (NYSE:FDX) by 40.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,855 shares of the shipping service provider’s stock after selling 6,081 shares during the period. Synovus Financial Corp’s holdings in FedEx were worth $2,493,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. bLong Financial LLC purchased a new stake in shares of FedEx during the 4th quarter worth about $391,000. Virtu Financial LLC acquired a new position in FedEx in the 3rd quarter worth about $3,405,000. Lodestone Wealth Management LLC purchased a new position in FedEx during the fourth quarter worth approximately $461,000. Wedmont Private Capital grew its holdings in FedEx by 4.1% in the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider’s stock valued at $631,000 after purchasing an additional 91 shares during the period. Finally, GFS Advisors LLC purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $26,855,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analysts Set New Price Targets

FDX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on shares of FedEx from $323.00 to $280.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Citigroup cut their target price on shares of FedEx from $305.00 to $267.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Jefferies Financial Group raised shares of FedEx from a “hold” rating to a “buy” rating and decreased their price target for the company from $300.00 to $275.00 in a research note on Monday, March 24th. UBS Group cut their price objective on FedEx from $350.00 to $331.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, Bank of America decreased their target price on FedEx from $295.00 to $272.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus price target of $300.63.

Insider Activity at FedEx

In other FedEx news, COO John Alan Smith sold 6,155 shares of the business’s stock in a transaction dated 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 directly owns 23,347 shares in the company, valued at $5,686,161.85. This represents a 20.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.87% of the company’s stock.

FedEx Stock Up 1.2 %

Shares of NYSE:FDX opened at $210.31 on Tuesday. The business has a 50-day moving average price of $243.22 and a 200 day moving average price of $265.34. FedEx Co. has a 12-month low of $194.30 and a 12-month high of $313.84. 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 capitalization of $50.39 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.11 and a beta of 1.24.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion during the quarter, compared to analysts’ expectations of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. FedEx’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $3.86 earnings per share. Sell-side analysts expect that FedEx Co. will post 19.14 EPS for the current year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were paid a $1.38 dividend. The ex-dividend date was Monday, March 10th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.62%. FedEx’s payout ratio is presently 34.63%.

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.