South Dakota Investment Council Has $11.06 Million Stock Position in FedEx Corporation $FDX

South Dakota Investment Council trimmed its position in shares of FedEx Corporation (NYSE:FDX) by 42.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,048 shares of the shipping service provider’s stock after selling 22,799 shares during the period. South Dakota Investment Council’s holdings in FedEx were worth $11,059,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of FedEx by 4.2% during the 4th quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock worth $2,763,824,000 after acquiring an additional 382,848 shares during the period. Franklin Resources Inc. raised its position in FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after purchasing an additional 318,293 shares in the last quarter. Geode Capital Management LLC lifted its stake in FedEx by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock worth $1,443,666,000 after purchasing an additional 45,818 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of FedEx by 3.1% in the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock valued at $853,372,000 after purchasing an additional 108,426 shares in the last quarter. Finally, Norges Bank bought a new position in shares of FedEx in the 4th quarter valued at $859,085,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wells Fargo & Company lowered their price target on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Wednesday, June 17th. TD Cowen decreased their target price on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft downgraded FedEx from a “buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Truist Financial reduced their price target on shares of FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. Finally, Sanford C. Bernstein set a $397.00 price target on shares of FedEx in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, FedEx currently has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

FedEx Price Performance

FedEx stock opened at $308.96 on Thursday. The stock has a 50-day moving average price of $332.02 and a two-hundred day moving average price of $350.48. FedEx Corporation has a 12 month low of $172.88 and a 12 month high of $345.36. The company has a market capitalization of $73.10 billion, a PE ratio of 16.69, a P/E/G ratio of 1.61 and a beta of 1.29. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74.

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

FedEx Cuts Dividend

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

About FedEx

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.