Canada Pension Plan Investment Board Sells 83,667 Shares of FedEx Co. (NYSE:FDX)

Canada Pension Plan Investment Board cut its holdings in FedEx Co. (NYSE:FDX) by 25.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 245,429 shares of the shipping service provider’s stock after selling 83,667 shares during the period. Canada Pension Plan Investment Board owned about 0.10% of FedEx worth $71,111,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Fortis Group Advisors LLC boosted its stake in shares of FedEx by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 100 shares of the shipping service provider’s stock worth $25,000 after purchasing an additional 50 shares during the period. Scarborough Advisors LLC purchased a new position in shares of FedEx during the 4th quarter worth about $25,000. Private Wealth Management Group LLC purchased a new position in shares of FedEx during the 4th quarter worth about $28,000. Rakuten Securities Inc. purchased a new stake in FedEx in the 4th quarter valued at about $30,000. Finally, Tennessee Valley Asset Management Partners purchased a new stake in FedEx in the 4th quarter valued at about $31,000. 84.47% of the stock is currently owned by institutional investors.

Insider Activity at FedEx

In related news, CEO Sriram Krishnasamy sold 8,421 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total transaction of $2,611,688.94. Following the sale, the chief executive officer now owns 12,246 shares in the company, valued at $3,797,974.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Sriram Krishnasamy sold 8,421 shares of FedEx stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $310.14, for a total value of $2,611,688.94. Following the sale, the chief executive officer now owns 12,246 shares in the company, valued at $3,797,974.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Robert B. Carter sold 16,010 shares of FedEx stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $294.48, for a total transaction of $4,714,624.80. Following the completion of the sale, the executive vice president now owns 59,884 shares in the company, valued at approximately $17,634,640.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,944 shares of company stock worth $9,882,355. 8.73% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Evercore ISI lowered their price objective on shares of FedEx from $351.00 to $318.00 and set an “outperform” rating for the company in a research report on Monday, June 24th. JPMorgan Chase & Co. raised shares of FedEx from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $296.00 to $359.00 in a research report on Wednesday, June 26th. Wells Fargo & Company boosted their price objective on shares of FedEx from $275.00 to $300.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 26th. Robert W. Baird boosted their price objective on shares of FedEx from $325.00 to $340.00 and gave the company an “outperform” rating in a research report on Wednesday, June 26th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $327.00 price target (up previously from $303.00) on shares of FedEx in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $314.00.

FedEx Trading Up 0.5 %

Shares of FedEx stock opened at $300.14 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.73. FedEx Co. has a 12-month low of $224.69 and a 12-month high of $313.84. The firm has a market capitalization of $73.32 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 1.08 and a beta of 1.18. The firm’s 50 day simple moving average is $273.07 and its two-hundred day simple moving average is $262.44.

FedEx (NYSE:FDX) last issued its quarterly earnings results on Tuesday, June 25th. The shipping service provider reported $5.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.34 by $0.07. FedEx had a net margin of 4.94% and a return on equity of 16.70%. The business had revenue of $22.11 billion for the quarter, compared to analyst estimates of $22.04 billion. During the same quarter in the prior year, the business posted $4.94 EPS. FedEx’s revenue for the quarter was up .8% compared to the same quarter last year. Analysts predict that FedEx Co. will post 20.94 EPS for the current year.

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 24th were given a dividend of $1.38 per share. This represents a $5.52 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend was Monday, June 24th. This is a positive change from FedEx’s previous quarterly dividend of $1.26. FedEx’s dividend payout ratio (DPR) is currently 32.04%.

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.