Assetmark Inc. Sells 2,696 Shares of FedEx Corporation $FDX

Assetmark Inc. decreased its stake in FedEx Corporation (NYSE:FDX) by 11.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,842 shares of the shipping service provider’s stock after selling 2,696 shares during the quarter. Assetmark Inc.’s holdings in FedEx were worth $7,424,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of FDX. Sivia Capital Partners LLC purchased a new position in FedEx in the 2nd quarter worth approximately $586,000. CWM LLC increased its holdings in shares of FedEx by 32.2% in the 4th quarter. CWM LLC now owns 108,031 shares of the shipping service provider’s stock worth $31,206,000 after buying an additional 26,322 shares during the last quarter. Canada Post Corp Registered Pension Plan raised its position in FedEx by 85.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after purchasing an additional 3,138 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in FedEx by 19.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock valued at $12,081,000 after buying an additional 6,864 shares during the period. Finally, North Dakota State Investment Board bought a new stake in shares of FedEx in the 4th quarter worth about $2,122,000. 84.47% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the sale, the director directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by corporate insiders.

FedEx Stock Up 3.0%

FDX opened at $315.27 on Wednesday. The stock has a market capitalization of $75.23 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 1.58 and a beta of 1.29. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week high of $345.36. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The company has a fifty day moving average of $339.44 and a two-hundred day moving average of $349.91.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The company had revenue of $22.19 billion for the quarter. On average, research analysts expect that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were issued a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.5%. The ex-dividend date was Monday, June 22nd. FedEx’s payout ratio is presently 26.36%.

Analyst Upgrades and Downgrades

Several brokerages have commented on FDX. The Goldman Sachs Group cut their price objective on FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a research report on Monday, June 1st. Raymond James Financial lowered their target price on FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a report on Wednesday, June 24th. Jefferies Financial Group started coverage on shares of FedEx in a research report on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 price objective on the stock. Bank of America boosted their target price on FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Rothschild & Co Redburn decreased their price target on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

FedEx Profile

FedEx Corporation (NYSE: FDX) is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx’s core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.