Coastline Trust Co Lowers Stake in FedEx Co. (NYSE:FDX)

Coastline Trust Co trimmed its stake in FedEx Co. (NYSE:FDX) by 7.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,072 shares of the shipping service provider’s stock after selling 333 shares during the period. Coastline Trust Co’s holdings in FedEx were worth $1,146,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of FedEx by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 20,199,506 shares of the shipping service provider’s stock valued at $5,682,727,000 after buying an additional 56,236 shares during the last quarter. Dodge & Cox lifted its position in FedEx by 5.6% during the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider’s stock valued at $3,907,568,000 after acquiring an additional 734,268 shares during the last quarter. Geode Capital Management LLC grew its holdings in FedEx by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 4,798,797 shares of the shipping service provider’s stock worth $1,350,686,000 after purchasing an additional 109,006 shares during the last quarter. Franklin Resources Inc. increased its position in shares of FedEx by 8.1% during the fourth quarter. Franklin Resources Inc. now owns 4,298,646 shares of the shipping service provider’s stock worth $1,209,338,000 after purchasing an additional 323,115 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of FedEx by 4.1% in the 4th quarter. Invesco Ltd. now owns 3,221,004 shares of the shipping service provider’s stock worth $906,165,000 after purchasing an additional 127,044 shares in the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other FedEx news, COO John Alan Smith sold 6,155 shares of the company’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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.87% of the stock is owned by insiders.

FedEx Stock Performance

Shares of FDX opened at $207.45 on Friday. FedEx Co. has a 52 week low of $194.30 and a 52 week high of $313.84. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market capitalization of $49.71 billion, a PE ratio of 13.22, a PEG ratio of 1.11 and a beta of 1.24. The company’s 50 day moving average price is $239.05 and its 200 day moving average price is $263.63.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.56 by ($0.05). The firm had revenue of $22.16 billion for the quarter, compared to analyst estimates of $21.96 billion. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.86 earnings per share. Research analysts expect that FedEx Co. will post 19.14 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Monday, March 10th were given a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Monday, March 10th. FedEx’s dividend payout ratio is 34.63%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FDX shares. Deutsche Bank Aktiengesellschaft initiated coverage on FedEx in a research report on Friday, March 7th. They set a “buy” rating and a $337.00 target price on the stock. Stephens lowered their target price on shares of FedEx from $320.00 to $300.00 and set an “overweight” rating for the company in a research note on Friday, March 21st. Bank of America decreased their price target on shares of FedEx from $295.00 to $272.00 and set a “buy” rating for the company in a report on Friday, March 21st. Truist Financial started coverage on FedEx in a research report on Thursday, March 13th. They issued a “buy” rating and a $305.00 target price on the stock. Finally, Piper Sandler lowered FedEx to a “neutral” rating in a report on Monday, February 3rd. 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $300.63.

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.