OLD National Bancorp IN Grows Stake in FedEx Co. (NYSE:FDX)

OLD National Bancorp IN lifted its holdings in shares of FedEx Co. (NYSE:FDX) by 3.7% during the fourth quarter, Holdings Channel reports. The fund owned 3,353 shares of the shipping service provider’s stock after purchasing an additional 120 shares during the quarter. OLD National Bancorp IN’s holdings in FedEx were worth $848,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Financial Management Professionals Inc. increased its position in shares of FedEx by 143.2% during the fourth quarter. Financial Management Professionals Inc. now owns 107 shares of the shipping service provider’s stock worth $27,000 after acquiring an additional 63 shares during the last quarter. Rakuten Securities Inc. bought a new stake in FedEx in the fourth quarter valued at about $30,000. Tennessee Valley Asset Management Partners bought a new stake in FedEx in the fourth quarter valued at about $31,000. Planned Solutions Inc. bought a new stake in FedEx in the fourth quarter valued at about $32,000. Finally, Valley National Advisers Inc. increased its holdings in FedEx by 123.3% in the fourth 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 last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FDX has been the subject of several research analyst reports. Melius Research raised FedEx from a “hold” rating to a “buy” rating and set a $310.00 price objective for the company in a report on Monday, January 8th. BNP Paribas restated an “underperform” rating and issued a $250.00 target price on shares of FedEx in a research note on Wednesday, March 27th. Morgan Stanley lifted their target price on FedEx from $195.00 to $210.00 and gave the company an “equal weight” rating in a research note on Friday, March 22nd. Evercore ISI lifted their target price on FedEx from $327.00 to $351.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. Finally, TD Cowen lifted their target price on FedEx from $293.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and an average price target of $301.33.

FedEx Price Performance

Shares of NYSE:FDX opened at $271.67 on Wednesday. The company’s fifty day moving average is $260.44 and its two-hundred day moving average is $254.28. 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 Co. has a 12-month low of $213.80 and a 12-month high of $291.27. The company has a market cap of $66.85 billion, a P/E ratio of 15.67, a price-to-earnings-growth ratio of 1.27 and a beta of 1.21.

FedEx (NYSE:FDX) last announced its earnings results on Thursday, March 21st. The shipping service provider reported $3.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.49 by $0.37. FedEx had a net margin of 5.02% and a return on equity of 16.60%. The company had revenue of $21.70 billion for the quarter, compared to the consensus estimate of $21.95 billion. During the same period in the previous year, the business earned $3.41 EPS. The company’s revenue was down 2.1% on a year-over-year basis. Equities analysts expect that FedEx Co. will post 17.67 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Monday, March 11th were issued a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Friday, March 8th. FedEx’s dividend payout ratio is currently 29.07%.

FedEx declared that its Board of Directors has approved 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 reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, 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 transaction of $31,105,620.00. Following the transaction, the chairman now directly owns 14,505,844 shares in the company, valued at approximately $3,978,953,009.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Susan C. Schwab sold 6,145 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $288.02, for a total transaction of $1,769,882.90. Following the completion of the transaction, the director now owns 7,865 shares of the company’s stock, valued at $2,265,277.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Frederick W. Smith sold 113,400 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $274.30, for a total transaction of $31,105,620.00. Following the transaction, the chairman now directly 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. Insiders have sold a total of 136,668 shares of company stock worth $37,758,773 in the last ninety days. Corporate insiders own 8.73% of the company’s stock.

FedEx Company 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.