Deutsche Bank AG acquired a new stake in shares of FedEx Corporation (NYSE:FDX – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 631,483 shares of the shipping service provider’s stock, valued at approximately $197,736,000.
Several other large investors also recently modified their holdings of the stock. Norges Bank bought a new position in shares of FedEx during the 4th quarter worth approximately $859,085,000. Boston Partners bought a new stake in FedEx in the third quarter valued at $468,195,000. AQR Capital Management LLC grew its position in FedEx by 169.2% in the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock valued at $638,203,000 after acquiring an additional 1,718,278 shares during the period. Bank of New York Mellon Corp acquired a new position in FedEx during the second quarter worth $466,943,000. Finally, Waddell & Associates LLC raised its stake in FedEx by 164.0% during the fourth quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock worth $343,206,000 after acquiring an additional 738,122 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several brokerages have recently commented on FDX. Weiss Ratings downgraded shares of FedEx from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. BMO Capital Markets reiterated a “market perform” rating on shares of FedEx in a research report on Wednesday, June 24th. Stifel Nicolaus reduced their price target on shares of FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Wells Fargo & Company decreased their price objective on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 17th. Finally, Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $350.54.
Insider Transactions at FedEx
In other news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction that occurred on Tuesday, June 30th. The shares were 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 owned 16,359 shares in the company, valued at $5,309,477.04. The trade was a 23.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.53% of the company’s stock.
FedEx Price Performance
Shares of FDX stock opened at $328.43 on Wednesday. FedEx Corporation has a 1 year low of $177.05 and a 1 year high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The firm’s 50 day moving average is $319.36 and its 200-day moving average is $351.63. The firm has a market capitalization of $77.70 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 1.72 and a beta of 1.30.
FedEx (NYSE:FDX – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. Sell-side analysts forecast that FedEx Corporation will post 17.6 EPS for the current fiscal year.
FedEx Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were issued a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx’s payout ratio is currently 26.36%.
FedEx Company 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.
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