SouthState Corp Sells 63 Shares of FedEx Co. (NYSE:FDX)

SouthState Corp decreased its position in shares of FedEx Co. (NYSE:FDX) by 3.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,983 shares of the shipping service provider’s stock after selling 63 shares during the period. SouthState Corp’s holdings in FedEx were worth $502,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FDX. Financial Management Professionals Inc. lifted its position in FedEx by 143.2% during the 4th quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock valued at $27,000 after acquiring an additional 63 shares during the period. Rakuten Securities Inc. bought a new stake in shares of FedEx in the 4th quarter worth $30,000. Tennessee Valley Asset Management Partners purchased a new position in FedEx in the 4th quarter worth about $31,000. Planned Solutions Inc. purchased a new position in shares of FedEx during the fourth quarter valued at approximately $32,000. Finally, Valley National Advisers Inc. lifted its holdings in shares of FedEx by 123.3% during the 4th quarter. Valley National Advisers Inc. now owns 134 shares of the shipping service provider’s stock valued at $33,000 after buying an additional 74 shares during the period. Institutional investors own 84.47% of the company’s stock.

FedEx Price Performance

NYSE FDX traded down $1.37 during trading on Friday, hitting $260.66. 1,085,097 shares of the stock traded hands, compared to its average volume of 1,967,710. The company has a market capitalization of $64.14 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 1.23 and a beta of 1.23. FedEx Co. has a 12-month low of $213.80 and a 12-month high of $291.27. The firm has a 50-day simple moving average of $263.93 and a 200-day simple moving average of $254.81. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.76.

FedEx (NYSE:FDX) last posted its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share for the quarter, beating analysts’ consensus estimates of $3.49 by $0.37. The firm had revenue of $21.70 billion during the quarter, compared to analyst estimates of $21.95 billion. FedEx had a net margin of 5.02% and a return on equity of 16.60%. FedEx’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the firm posted $3.41 earnings per share. As a group, analysts predict that FedEx Co. will post 17.69 EPS for the current year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Monday, March 11th were issued a $1.26 dividend. This represents a $5.04 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Friday, March 8th. FedEx’s payout ratio is 29.07%.

FedEx announced that its Board of Directors has initiated a share buyback plan on Thursday, March 21st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the shipping service provider to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently commented on FDX shares. BMO Capital Markets upped their price target on shares of FedEx from $290.00 to $310.00 and gave the company a “market perform” rating in a research report on Friday, March 22nd. Jefferies Financial Group lifted their price target on shares of FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research note on Friday, March 22nd. Oppenheimer reissued a “market perform” rating on shares of FedEx in a research report on Friday, March 22nd. Evercore ISI raised their target price on FedEx from $327.00 to $351.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. Finally, Bank of America cut their price target on FedEx from $346.00 to $340.00 and set a “buy” rating for the company in a report on Tuesday, April 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $301.33.

Insider Buying and Selling

In other news, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $275.69, for a total value of $703,009.50. Following the sale, the executive vice president now directly owns 6,294 shares in the company, valued at $1,735,192.86. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total value of $31,105,620.00. Following the transaction, the chairman now owns 14,505,844 shares of the company’s stock, valued at approximately $3,978,953,009.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 136,668 shares of company stock worth $37,758,773. Corporate 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.