Corebridge Financial Inc. Has $14.53 Million Position in FedEx Co. (NYSE:FDX)

Corebridge Financial Inc. cut its holdings in FedEx Co. (NYSE:FDX) by 4.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,662 shares of the shipping service provider’s stock after selling 2,615 shares during the quarter. Corebridge Financial Inc.’s holdings in FedEx were worth $14,534,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FDX. Fortitude Family Office LLC raised its holdings in shares of FedEx by 144.4% during the 4th quarter. Fortitude Family Office LLC now owns 88 shares of the shipping service provider’s stock valued at $25,000 after purchasing an additional 52 shares in the last quarter. Peoples Financial Services CORP. bought a new position in shares of FedEx in the 4th quarter valued at approximately $28,000. City Holding Co. acquired a new stake in FedEx in the 4th quarter worth approximately $28,000. Kentucky Trust Co bought a new stake in FedEx during the fourth quarter worth approximately $28,000. Finally, Activest Wealth Management bought a new position in shares of FedEx in the fourth quarter valued at approximately $29,000. 84.47% of the stock is owned by institutional investors.

Insider Transactions at FedEx

In other FedEx news, Director Amy B. Lane purchased 333 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were bought 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 directly owns 333 shares in the company, valued at $91,927.98. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Susan C. Schwab sold 3,980 shares of the business’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $276.45, for a total value of $1,100,271.00. Following the completion of the transaction, the director now owns 8,904 shares of the company’s stock, valued at $2,461,510.80. This represents a 30.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 8.87% of the company’s stock.

FedEx Stock Down 0.5 %

NYSE:FDX opened at $241.19 on Wednesday. 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 Co. has a 12-month low of $217.22 and a 12-month high of $313.84. The stock’s fifty day simple moving average is $258.58 and its 200-day simple moving average is $271.75. The firm has a market capitalization of $58.09 billion, a P/E ratio of 15.37, a P/E/G ratio of 1.11 and a beta of 1.23.

FedEx (NYSE:FDX) last issued its earnings results on Thursday, March 20th. The shipping service provider reported $4.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.56 by ($0.05). The company had revenue of $22.16 billion for the quarter, compared to the consensus estimate of $21.96 billion. FedEx had a return on equity of 15.59% and a net margin of 4.45%. FedEx’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $3.86 EPS. Equities research analysts expect that FedEx Co. will post 19.14 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 10th will be issued a $1.38 dividend. The ex-dividend date is Monday, March 10th. This represents a $5.52 annualized dividend and a yield of 2.29%. FedEx’s dividend payout ratio (DPR) is presently 34.63%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FDX. Sanford C. Bernstein downgraded shares of FedEx from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $337.00 to $316.00 in a report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft started coverage on FedEx in a report on Friday, March 7th. They issued a “buy” rating and a $337.00 target price on the stock. Citigroup cut their price target on FedEx from $347.00 to $317.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company reduced their price target on shares of FedEx from $275.00 to $260.00 and set an “equal weight” rating for the company in a report on Friday, March 21st. Finally, UBS Group lowered their price objective on FedEx from $350.00 to $331.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, FedEx has an average rating of “Moderate Buy” and a consensus price target of $300.60.

About FedEx

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.