14,810 Shares in FedEx Corporation $FDX Acquired by Ninety One North America Inc.

Key Points

• Ninety One North America acquired 14,810 FedEx shares worth approximately $4.22 million in the third quarter. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a generally positive outlook, with FedEx holding a consensus “Moderate Buy” rating and an average price target of $354.64, despite several target-price reductions.
• FedEx shares rose 0.4% to $292.52, while the company reported quarterly revenue of $23.26 billion and earnings of $5.88 per share. Its quarterly dividend is $1.22 per share, equivalent to a 1.7% yield.

Ninety One North America Inc. purchased a new stake in FedEx Corporation (NYSE:FDX - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,810 shares of the shipping service provider's stock, valued at approximately $4,222,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC grew its position in shares of FedEx by 11.4% during the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 2,862 shares of the shipping service provider's stock worth $816,000 after buying an additional 294 shares in the last quarter. Nvwm LLC increased its stake in shares of FedEx by 2,528.6% during the third quarter. Nvwm LLC now owns 184 shares of the shipping service provider's stock valued at $52,000 after buying an additional 177 shares during the period. Strategy Asset Managers LLC purchased a new position in shares of FedEx during the third quarter valued at $750,000. Western Financial Corp CA raised its holdings in shares of FedEx by 22.6% in the third quarter. Western Financial Corp CA now owns 2,288 shares of the shipping service provider's stock valued at $652,000 after acquiring an additional 422 shares in the last quarter. Finally, Sanders Morris Harris LLC bought a new stake in shares of FedEx in the third quarter valued at about $1,215,000. Institutional investors own 84.47% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Barclays dropped their target price on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a report on Wednesday, June 17th. UBS Group reduced their price target on shares of FedEx from $445.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Stephens raised shares of FedEx to a "strong-buy" rating in a research report on Wednesday, July 8th. Sanford C. Bernstein set a $397.00 price target on shares of FedEx in a research report on Wednesday, June 24th. Finally, Wells Fargo & Company dropped 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. 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. According to data from MarketBeat.com, FedEx has a consensus rating of "Moderate Buy" and a consensus price target of $354.64.

FedEx Stock Up 0.4%

Shares of FDX stock traded up $1.24 during mid-day trading on Thursday, hitting $292.52. 297,084 shares of the stock traded hands, compared to its average volume of 2,021,258. The stock has a market cap of $69.23 billion, a P/E ratio of 15.81, a P/E/G ratio of 1.55 and a beta of 1.28. The stock's fifty day moving average is $310.36 and its two-hundred day moving average is $334.79. FedEx Corporation has a 52-week low of $186.40 and a 52-week high of $345.36. 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 (NYSE:FDX - Get Free Report) last announced its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. The firm had revenue of $23.26 billion for the quarter. Equities analysts predict that FedEx Corporation will post 17.53 EPS for the current year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 14th were issued a dividend of $1.22 per share. The ex-dividend date was Monday, September 14th. This represents a $4.88 annualized dividend and a dividend yield of 1.7%. FedEx's dividend payout ratio is 26.36%.

FedEx Profile

FedEx Corporation 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, and logistics services for businesses, government organizations and consumers.

The company's services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.

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