FedEx Co. (NYSE:FDX) Stake Cut by Patten & Patten Inc. TN

Patten & Patten Inc. TN lessened its holdings in shares of FedEx Co. (NYSE:FDX) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,145 shares of the shipping service provider’s stock after selling 115 shares during the quarter. Patten & Patten Inc. TN’s holdings in FedEx were worth $2,854,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FDX. bLong Financial LLC purchased a new position in FedEx during the fourth quarter valued at approximately $391,000. Virtu Financial LLC purchased a new position in shares of FedEx during the 3rd quarter valued at $3,405,000. Lodestone Wealth Management LLC acquired a new position in shares of FedEx in the fourth quarter worth $461,000. Wedmont Private Capital raised its holdings in shares of FedEx by 4.1% during the fourth quarter. Wedmont Private Capital now owns 2,329 shares of the shipping service provider’s stock worth $631,000 after acquiring an additional 91 shares in the last quarter. Finally, GFS Advisors LLC acquired a new stake in FedEx during the fourth quarter valued at $26,855,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

FedEx Trading Up 0.5 %

Shares of FDX opened at $242.27 on Friday. FedEx Co. has a 12-month low of $239.50 and a 12-month high of $313.84. The firm has a market capitalization of $58.35 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 1.11 and a beta of 1.23. The stock’s 50-day moving average price is $263.04 and its 200 day moving average price is $274.37. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.73.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, December 19th. The shipping service provider reported $4.05 earnings per share for the quarter, beating the consensus estimate of $3.88 by $0.17. FedEx had a net margin of 4.45% and a return on equity of 15.59%. The business had revenue of $22 billion for the quarter, compared to analyst estimates of $22.14 billion. During the same period in the previous year, the business earned $3.99 EPS. The firm’s revenue was down .7% on a year-over-year basis. As a group, research analysts predict that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be given a $1.38 dividend. This represents a $5.52 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Monday, March 10th. FedEx’s dividend payout ratio (DPR) is 35.18%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on FedEx from $372.00 to $323.00 and set an “overweight” rating on the stock in a research report on Monday, March 3rd. Truist Financial began coverage on shares of FedEx in a research report on Thursday. They set a “buy” rating and a $305.00 price objective on the stock. Raymond James downgraded shares of FedEx from an “outperform” rating to a “market perform” rating in a research report on Monday, February 3rd. Stifel Nicolaus cut their price target on shares of FedEx from $368.00 to $364.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Finally, Loop Capital cut shares of FedEx from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $365.00 to $283.00 in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $318.04.

Insider Activity

In other news, EVP John W. Dietrich acquired 1,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were purchased at an average cost of $273.98 per share, for a total transaction of $273,980.00. Following the transaction, the executive vice president now owns 9,067 shares of the company’s stock, valued at approximately $2,484,176.66. This represents a 12.40 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amy B. Lane acquired 333 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was purchased at an average price of $276.06 per share, with a total value of $91,927.98. Following the completion of the transaction, the director now owns 333 shares of the company’s stock, valued at approximately $91,927.98. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 8.87% of the stock is owned by corporate insiders.

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.