Focused Investors LLC cut its stake in FedEx Corporation (NYSE:FDX – Free Report) by 16.1% during the third quarter, HoldingsChannel reports. The firm owned 356,500 shares of the shipping service provider’s stock after selling 68,500 shares during the period. FedEx accounts for about 4.2% of Focused Investors LLC’s holdings, making the stock its 11th largest position. Focused Investors LLC’s holdings in FedEx were worth $101,635,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in FedEx in the 2nd quarter worth about $6,508,103,000. Primecap Management Co. CA purchased a new position in shares of FedEx during the second quarter worth approximately $2,554,138,000. Dimensional Fund Advisors LP raised its stake in shares of FedEx by 2.1% during the first quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider’s stock valued at $936,688,000 after acquiring an additional 52,963 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of FedEx by 6.3% during the first quarter. Bank of New York Mellon Corp now owns 2,134,672 shares of the shipping service provider’s stock valued at $760,328,000 after acquiring an additional 125,950 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of FedEx during the second quarter valued at approximately $579,171,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have weighed in on the company. Truist Financial lowered their target price on FedEx from $365.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Citigroup raised their price target on FedEx from $373.00 to $374.00 and gave the company a “buy” rating in a research note on Monday. Bank of America decreased their price objective on FedEx from $378.00 to $359.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. UBS Group reaffirmed a “hold” rating on shares of FedEx in a research note on Friday. Finally, HSBC upgraded shares of FedEx from a “hold” rating to a “buy” rating and set a $370.00 target price on the stock in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $359.16.
View Our Latest Stock Report on FedEx
Insider Activity at FedEx
In related news, EVP Tracy Brightman sold 26,611 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $316.68, for a total value of $8,427,171.48. Following the transaction, the executive vice president owned 12,245 shares in the company, valued at approximately $3,877,746.60. This represents a 68.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gina Adams sold 3,014 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $317.06, for a total transaction of $955,618.84. Following the transaction, the executive vice president directly owned 9,656 shares of the company’s stock, valued at $3,061,531.36. This represents a 23.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.65% of the stock is currently owned by corporate insiders.
FedEx Price Performance
Shares of NYSE FDX opened at $318.03 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.29 and a current ratio of 1.33. The company has a market cap of $74.48 billion, a PE ratio of 15.82, a P/E/G ratio of 1.28 and a beta of 1.27. The business has a 50-day simple moving average of $303.85 and a two-hundred day simple moving average of $337.21. FedEx Corporation has a fifty-two week low of $200.20 and a fifty-two week high of $345.36.
FedEx (NYSE:FDX – Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The shipping service provider reported $3.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.40. FedEx had a net margin of 4.09% and a return on equity of 15.53%. The business had revenue of $22.93 billion during the quarter, compared to analysts’ expectations of $22.73 billion. During the same quarter last year, the company posted $3.83 earnings per share. The business’s quarterly revenue was up 12.3% on a year-over-year basis. As a group, equities analysts expect that FedEx Corporation will post 18.29 EPS for the current fiscal year.
FedEx Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, September 14th were given a $1.22 dividend. The ex-dividend date was Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s dividend payout ratio is currently 30.01%.
FedEx Company Profile
FedEx Corporation (NYSE: FDX) is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, customs brokerage, logistics and supply chain services for businesses, governments and consumers.
The company’s services include domestic and international package delivery, less-than-truckload freight transportation, warehousing, fulfillment, supply chain management and specialized logistics solutions.
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