New South Capital Management Inc. Sells 2,834 Shares of FedEx Co. (NYSE:FDX)

New South Capital Management Inc. trimmed its position in shares of FedEx Co. (NYSE:FDX) by 1.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,136 shares of the shipping service provider’s stock after selling 2,834 shares during the period. FedEx accounts for 2.4% of New South Capital Management Inc.’s portfolio, making the stock its 16th largest holding. New South Capital Management Inc. owned 0.07% of FedEx worth $52,813,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FDX. Norges Bank purchased a new position in shares of FedEx in the fourth quarter valued at about $700,291,000. Capital International Investors boosted its stake in FedEx by 32.5% in the 1st quarter. Capital International Investors now owns 8,831,084 shares of the shipping service provider’s stock worth $2,558,718,000 after purchasing an additional 2,163,622 shares during the period. Sentry LLC purchased a new stake in FedEx during the 4th quarter valued at approximately $307,007,000. Vanguard Group Inc. raised its position in shares of FedEx by 5.6% during the first quarter. Vanguard Group Inc. now owns 19,868,165 shares of the shipping service provider’s stock valued at $5,756,602,000 after buying an additional 1,056,061 shares during the last quarter. Finally, Putnam Investments LLC lifted its holdings in shares of FedEx by 38.1% in the fourth quarter. Putnam Investments LLC now owns 2,893,781 shares of the shipping service provider’s stock worth $732,040,000 after buying an additional 798,084 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Trading Down 0.8 %

FDX opened at $283.04 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.32 and a current ratio of 1.36. The stock’s 50 day moving average price is $294.25 and its 200-day moving average price is $272.09. FedEx Co. has a one year low of $224.69 and a one year high of $313.84. The stock has a market cap of $69.65 billion, a price-to-earnings ratio of 16.43, a P/E/G ratio of 1.08 and a beta of 1.17.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 25th. The shipping service provider reported $5.41 EPS for the quarter, beating the consensus estimate of $5.34 by $0.07. FedEx had a return on equity of 16.70% and a net margin of 4.94%. The company had revenue of $22.11 billion for the quarter, compared to the consensus estimate of $22.04 billion. During the same quarter in the prior year, the company posted $4.94 EPS. FedEx’s quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts forecast that FedEx Co. will post 20.87 EPS for the current year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be issued a dividend of $1.38 per share. The ex-dividend date is Monday, September 9th. This represents a $5.52 dividend on an annualized basis and a yield of 1.95%. FedEx’s payout ratio is 32.04%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FDX. Morgan Stanley lifted their price target on shares of FedEx from $210.00 to $215.00 and gave the company an “equal weight” rating in a report on Wednesday, June 26th. The Goldman Sachs Group lifted their target price on FedEx from $316.00 to $333.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. raised FedEx from a “neutral” rating to an “overweight” rating and increased their price target for the company from $296.00 to $359.00 in a research note on Wednesday, June 26th. Wells Fargo & Company lifted their price objective on FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 26th. Finally, Evercore ISI lowered their target price on FedEx from $351.00 to $318.00 and set an “outperform” rating for the company in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $313.96.

Insider Buying and Selling at FedEx

In other news, EVP Robert B. Carter sold 16,010 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the transaction, the executive vice president now directly owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Robert B. Carter sold 16,010 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $294.48, for a total value of $4,714,624.80. Following the transaction, the executive vice president now owns 59,884 shares of the company’s stock, valued at $17,634,640.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul S. Walsh sold 2,535 shares of FedEx stock in a transaction on Friday, June 28th. The shares were sold at an average price of $294.72, for a total value of $747,115.20. Following the sale, the director now directly owns 14,745 shares of the company’s stock, valued at $4,345,646.40. The disclosure for this sale can be found here. Insiders sold a total of 32,944 shares of company stock valued at $9,882,355 in the last three months. Company 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.