3,533 FedEx Corporation $FDX Shares Sold by CenterBook Partners LP

Key Points

• CenterBook Partners LP cut its FedEx stake by 32.4%, selling 3,533 shares in the third quarter and retaining 7,360 shares valued at about $2.1 million.
• FedEx reported quarterly EPS of $3.74, beating the $3.34 analyst consensus, while revenue rose 12.3% year over year to $22.93 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $359.16; the shares opened at $307.81 in the article’s cited session.

CenterBook Partners LP reduced its position in FedEx Corporation (NYSE:FDX - Free Report) by 32.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,360 shares of the shipping service provider's stock after selling 3,533 shares during the quarter. CenterBook Partners LP's holdings in FedEx were worth $2,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FDX. BlackRock Inc. bought a new stake in shares of FedEx during the 2nd quarter valued at $6,508,103,000. Primecap Management Co. CA purchased a new position in shares of FedEx during the 2nd quarter valued at $2,554,138,000. Bank of America Corp DE bought a new position in FedEx in the 2nd quarter worth $579,171,000. Bank of New York Mellon Corp bought a new position in FedEx in the 2nd quarter worth $466,943,000. Finally, Legal & General Group Plc bought a new position in FedEx in the 2nd quarter worth $448,121,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Tracy Brightman sold 26,611 shares of the company's stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $316.68, for a total transaction of $8,427,171.48. Following the sale, the executive vice president directly owned 12,245 shares of the company's stock, valued at $3,877,746.60. This represents a 68.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gina Adams sold 3,014 shares of the stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $317.06, for a total value of $955,618.84. Following the transaction, the executive vice president 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. The SEC filing for this sale provides additional information. Insiders own 0.65% of the company's stock.

FedEx Price Performance

Shares of NYSE:FDX opened at $307.81 on Monday. The firm has a market cap of $72.09 billion, a price-to-earnings ratio of 18.93, a P/E/G ratio of 1.24 and a beta of 1.27. The firm has a fifty day moving average price of $302.89 and a 200 day moving average price of $337.37. FedEx Corporation has a fifty-two week low of $202.95 and a fifty-two week high of $345.36. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.29 and a current ratio of 1.33.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The shipping service provider reported $3.74 earnings per share for the quarter, beating analysts' consensus estimates of $3.34 by $0.40. FedEx had a return on equity of 15.53% and a net margin of 4.09%. The firm had revenue of $22.93 billion during the quarter, compared to analyst estimates of $22.73 billion. During the same quarter last year, the business posted $3.83 earnings per share. The business's quarterly revenue was up 12.3% compared to the same quarter last year. As a group, sell-side analysts expect that FedEx Corporation will post 18.29 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Monday, September 14th were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. FedEx's payout ratio is presently 30.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FDX shares. UBS Group reiterated a "hold" rating on shares of FedEx in a research note on Friday, October 30th. Sanford C. Bernstein set a $377.00 price objective on FedEx in a research report on Monday, October 26th. Truist Financial dropped their price objective on FedEx from $365.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, October 7th. JPMorgan Chase & Co. upped their price objective on FedEx from $399.00 to $400.00 and gave the stock an "overweight" rating in a research note on Thursday, October 29th. Finally, BNP Paribas Exane increased their target price on FedEx from $269.80 to $300.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, FedEx currently has a consensus rating of "Moderate Buy" and an average price target of $359.16.

About FedEx

FedEx Corporation is a global transportation and logistics company that provides delivery, freight, and supply chain services to businesses and consumers. Its offerings include express and ground package delivery, freight transportation, customs clearance, and logistics solutions that help customers manage shipping and distribution.

Founded by Frederick W. Smith in 1971, FedEx began operations in 1973. The company serves customers throughout the United States and in international markets, connecting businesses and consumers through its transportation and delivery networks.

FedEx is headquartered in Memphis, Tennessee.

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