State of Alaska Department of Revenue Decreases Stake in FedEx Co. (NYSE:FDX)

State of Alaska Department of Revenue lowered its position in shares of FedEx Co. (NYSE:FDX) by 12.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,029 shares of the shipping service provider’s stock after selling 7,875 shares during the quarter. State of Alaska Department of Revenue’s holdings in FedEx were worth $14,512,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Carret Asset Management LLC increased its position in shares of FedEx by 2.5% during the 3rd quarter. Carret Asset Management LLC now owns 30,361 shares of the shipping service provider’s stock valued at $8,309,000 after purchasing an additional 746 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in FedEx by 2.8% during the third quarter. DekaBank Deutsche Girozentrale now owns 147,268 shares of the shipping service provider’s stock worth $39,332,000 after buying an additional 4,049 shares during the last quarter. GHP Investment Advisors Inc. raised its position in FedEx by 0.4% in the third quarter. GHP Investment Advisors Inc. now owns 29,275 shares of the shipping service provider’s stock worth $8,012,000 after acquiring an additional 126 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in FedEx by 2.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 45,101 shares of the shipping service provider’s stock valued at $12,343,000 after acquiring an additional 1,203 shares during the last quarter. Finally, PFG Investments LLC grew its position in shares of FedEx by 9.8% during the 3rd quarter. PFG Investments LLC now owns 5,084 shares of the shipping service provider’s stock valued at $1,391,000 after acquiring an additional 452 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on FDX. Bernstein Bank upped their price objective on FedEx from $305.00 to $337.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Evercore ISI dropped their price target on FedEx from $335.00 to $318.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. StockNews.com raised FedEx from a “hold” rating to a “buy” rating in a report on Monday, October 21st. Raymond James dropped their price objective on shares of FedEx from $335.00 to $330.00 and set a “buy” rating on the stock in a report on Friday, September 20th. Finally, Bank of America cut their target price on shares of FedEx from $347.00 to $345.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $314.17.

FedEx Stock Performance

FedEx stock opened at $272.12 on Friday. FedEx Co. has a fifty-two week low of $224.69 and a fifty-two week high of $313.84. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.24 and a current ratio of 1.28. The stock has a market cap of $66.48 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 1.08 and a beta of 1.17. The firm’s fifty day moving average price is $278.83 and its 200-day moving average price is $274.81.

FedEx (NYSE:FDX) last released its quarterly earnings results on Thursday, September 19th. The shipping service provider reported $3.60 earnings per share for the quarter, missing analysts’ consensus estimates of $4.82 by ($1.22). FedEx had a net margin of 4.62% and a return on equity of 15.61%. The firm had revenue of $21.58 billion for the quarter, compared to analysts’ expectations of $21.87 billion. During the same quarter in the previous year, the business earned $4.55 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. On average, equities research analysts expect that FedEx Co. will post 19.59 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 9th were given a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date of this dividend was Monday, September 9th. FedEx’s payout ratio is currently 34.05%.

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.