If I'm following correctly, you didn't give him food when you got the 49 until I'd answered you, right? So that was only 11 minutes ago and it may not have been long enough to show up in his blood sugar.
I think you have a choice. I suspect that he'll go up in another 15 minutes or so from the LC you gave him.
But if you're concerned, you could give him another bite of food and add a drop of syrup (karo, corn, honey, maple) on it to pull him back over 50.
Either way I'd retest in another 15 minutes or so. The 40's aren't dangerous but you don't want him hanging out there. It's safer to get him back over 50.