California State Teachers Retirement System Cuts Stock Holdings in FedEx Corporation $FDX

California State Teachers Retirement System trimmed its position in shares of FedEx Corporation (NYSE:FDX) by 3.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 258,614 shares of the shipping service provider’s stock after selling 7,899 shares during the quarter. California State Teachers Retirement System’s holdings in FedEx were worth $92,113,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in FDX. Royal Bank of Canada lifted its position in shares of FedEx by 15.7% during the 1st quarter. Royal Bank of Canada now owns 996,783 shares of the shipping service provider’s stock worth $355,035,000 after buying an additional 134,945 shares in the last quarter. Richwood Investment Advisors LLC grew its holdings in shares of FedEx by 3.5% in the first quarter. Richwood Investment Advisors LLC now owns 2,681 shares of the shipping service provider’s stock valued at $955,000 after acquiring an additional 90 shares in the last quarter. Rokos Capital Management LLP purchased a new stake in shares of FedEx during the first quarter valued at approximately $7,350,000. Electron Capital Partners LLC purchased a new stake in shares of FedEx during the first quarter valued at approximately $56,691,000. Finally, Empowered Funds LLC lifted its holdings in FedEx by 8.6% during the first quarter. Empowered Funds LLC now owns 32,867 shares of the shipping service provider’s stock worth $11,707,000 after acquiring an additional 2,605 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

FDX has been the topic of several research analyst reports. JPMorgan Chase & Co. reissued a “buy” rating on shares of FedEx in a research report on Friday, June 26th. Wolfe Research lowered their target price on FedEx from $427.00 to $423.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group started coverage on shares of FedEx in a report on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 price target on the stock. The Goldman Sachs Group reduced their price target on shares of FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, June 1st. Finally, Wells Fargo & Company decreased their price objective on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $350.54.

FedEx Price Performance

FDX opened at $308.96 on Thursday. The firm has a 50-day moving average price of $332.02 and a 200-day moving average price of $350.48. FedEx Corporation has a twelve month low of $172.88 and a twelve month high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $73.10 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.61 and a beta of 1.29.

FedEx (NYSE:FDX) last issued its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The business had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. Equities analysts expect that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio (DPR) is 26.36%.

Insider Activity at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.53% of the company’s stock.

FedEx Company Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.