Miracle Mile Advisors LLC Has $5.88 Million Holdings in FedEx Co. (NYSE:FDX)

Miracle Mile Advisors LLC lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 0.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 20,287 shares of the shipping service provider’s stock after selling 114 shares during the period. Miracle Mile Advisors LLC’s holdings in FedEx were worth $5,878,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Crossmark Global Holdings Inc. lifted its holdings in FedEx by 20.9% in the fourth quarter. Crossmark Global Holdings Inc. now owns 29,246 shares of the shipping service provider’s stock valued at $7,398,000 after buying an additional 5,055 shares during the period. Western Wealth Management LLC lifted its holdings in FedEx by 10.0% in the fourth quarter. Western Wealth Management LLC now owns 3,655 shares of the shipping service provider’s stock valued at $925,000 after buying an additional 333 shares during the period. Trust Point Inc. acquired a new position in FedEx in the fourth quarter valued at $282,000. Planned Solutions Inc. bought a new stake in FedEx in the fourth quarter valued at $32,000. Finally, EFG Asset Management North America Corp. increased its stake in FedEx by 173.2% in the fourth quarter. EFG Asset Management North America Corp. now owns 7,620 shares of the shipping service provider’s stock valued at $1,928,000 after purchasing an additional 4,831 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of FedEx in a research note on Wednesday, June 26th. BNP Paribas reissued an “underperform” rating and set a $250.00 target price on shares of FedEx in a research report on Wednesday, March 27th. Wells Fargo & Company boosted their target price on shares of FedEx from $275.00 to $300.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 26th. Jefferies Financial Group boosted their target price on shares of FedEx from $265.00 to $300.00 and gave the stock a “hold” rating in a research report on Friday, March 22nd. Finally, BMO Capital Markets boosted their target price on shares of FedEx from $290.00 to $310.00 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $314.00.

FedEx Stock Performance

Shares of FDX stock traded down $1.16 during trading on Monday, reaching $298.68. 2,463,423 shares of the company’s stock traded hands, compared to its average volume of 1,957,061. The company has a market capitalization of $73.50 billion, a P/E ratio of 17.31, a PEG ratio of 1.10 and a beta of 1.18. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. The firm’s 50-day moving average is $258.10 and its 200 day moving average is $256.24. FedEx Co. has a 1 year low of $224.69 and a 1 year high of $302.41.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.34 by $0.07. The business had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. FedEx had a net margin of 4.94% and a return on equity of 16.70%. FedEx’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.94 EPS. Equities research analysts expect that FedEx Co. will post 20.67 EPS for the current year.

FedEx Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 24th will be issued a dividend of $1.38 per share. This represents a $5.52 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Monday, June 24th. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio is 32.04%.

FedEx announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 21st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the shipping service provider to buy up to 7.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Paul S. Walsh sold 2,535 shares of the 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 transaction, the director now owns 14,745 shares of the company’s stock, valued at approximately $4,345,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Paul S. Walsh sold 2,535 shares of the 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 transaction, the director now owns 14,745 shares of the company’s stock, valued at approximately $4,345,646.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Tracy B. Brightman sold 2,550 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $275.69, for a total transaction of $703,009.50. Following the completion of the transaction, the executive vice president now directly owns 6,294 shares in the company, valued at approximately $1,735,192.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,810 shares of company stock valued at $32,924,413. 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.