17,677 FedEx Corporation $FDX Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management reduced its FedEx position by 43.1% in the third quarter, selling 17,677 shares and retaining 23,306 shares valued at approximately $6.64 million.
• Institutional investors own 84.47% of FedEx, with several major firms—including BlackRock and Primecap Management—initiating or increasing positions.
• FedEx pays a quarterly dividend of $1.22, equivalent to a $4.88 annualized payout and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $354.64.

Sterling Capital Management LLC decreased its position in FedEx Corporation (NYSE:FDX - Free Report) by 43.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,306 shares of the shipping service provider's stock after selling 17,677 shares during the quarter. Sterling Capital Management LLC's holdings in FedEx were worth $6,644,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FDX. BlackRock Inc. bought a new position in shares of FedEx during the second quarter valued at about $6,508,103,000. Primecap Management Co. CA purchased a new position in FedEx during the second quarter worth about $2,554,138,000. Dimensional Fund Advisors LP boosted its holdings in 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 worth $936,688,000 after purchasing an additional 52,963 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 worth $760,328,000 after purchasing an additional 125,950 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in FedEx in the 2nd quarter worth about $579,171,000. Institutional investors own 84.47% of the company's stock.

FedEx Price Performance

Shares of NYSE:FDX opened at $298.66 on Friday. The company has a market capitalization of $70.68 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.53 and a beta of 1.28. The company's 50-day moving average is $306.35 and its 200 day moving average is $332.16. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. FedEx Corporation has a fifty-two week low of $190.75 and a fifty-two week high of $345.36.

FedEx Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Monday, September 14th were given a $1.22 dividend. The ex-dividend date of this dividend was Monday, September 14th. This represents a $4.88 annualized dividend and a yield of 1.6%. FedEx's payout ratio is currently 26.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FDX shares. BNP Paribas Exane increased their price objective on shares of FedEx from $269.80 to $300.00 and gave the company a "neutral" rating in a research note on Wednesday, September 30th. Evercore lifted their target price on shares of FedEx from $350.00 to $351.00 in a research report on Monday, September 28th. JPMorgan Chase & Co. cut their target price on FedEx from $400.00 to $399.00 and set an "overweight" rating on the stock in a research note on Monday, October 5th. Citizens Jmp initiated coverage on FedEx in a report on Wednesday, July 15th. They issued a "market outperform" rating and a $375.00 target price for the company. Finally, Truist Financial decreased their price target on FedEx from $365.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $354.64.

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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