Birch Capital Management LLC lowered its position in shares of FedEx Corporation (NYSE:FDX – Free Report) by 17.4% during the second quarter, Holdings Channel reports. The fund owned 22,796 shares of the shipping service provider’s stock after selling 4,786 shares during the quarter. FedEx makes up 3.5% of Birch Capital Management LLC’s holdings, making the stock its 9th largest holding. Birch Capital Management LLC’s holdings in FedEx were worth $7,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also made changes to their positions in FDX. Ferguson Wellman Capital Management Inc. boosted its stake in FedEx by 3.2% in the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 830 shares of the shipping service provider’s stock worth $296,000 after purchasing an additional 26 shares during the period. OneAscent Financial Services LLC raised its stake in FedEx by 1.7% during the 4th quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider’s stock valued at $491,000 after purchasing an additional 29 shares during the period. Whipplewood Advisors LLC raised its stake in FedEx by 9.9% during the 1st quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider’s stock valued at $119,000 after purchasing an additional 30 shares during the period. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in shares of FedEx by 11.9% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 283 shares of the shipping service provider’s stock valued at $101,000 after purchasing an additional 30 shares in the last quarter. Finally, Arete Wealth Advisors LLC boosted its position in shares of FedEx by 1.7% in the fourth quarter. Arete Wealth Advisors LLC now owns 1,778 shares of the shipping service provider’s stock worth $514,000 after buying an additional 30 shares during the period. Hedge funds and other institutional investors own 84.47% of the company’s stock.
FedEx Stock Down 1.0%
FDX opened at $324.12 on Wednesday. The company has a market capitalization of $76.71 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 1.68 and a beta of 1.32. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. FedEx Corporation has a fifty-two week low of $177.05 and a fifty-two week high of $345.36. The business has a 50-day moving average of $319.41 and a 200-day moving average of $350.02.
FedEx Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be given a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Monday, September 14th. FedEx’s payout ratio is currently 26.36%.
Analyst Upgrades and Downgrades
FDX has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their price target on FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Citigroup assumed coverage on FedEx in a research note on Wednesday, July 15th. They issued an “outperform” rating for the company. Rothschild & Co Redburn decreased their price objective on FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. Weiss Ratings raised FedEx from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. Finally, Jefferies Financial Group assumed coverage on FedEx in a report on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $350.54.
View Our Latest Research Report on FDX
Insider Activity at FedEx
In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction 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 transaction, the director owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.65% of the stock is currently owned by company insiders.
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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