4,260 Shares in FedEx Corporation $FDX Purchased by Sanders Morris Harris LLC

Key Points

• Sanders Morris Harris LLC purchased 4,260 FedEx shares in the third quarter, valued at approximately $1.215 million. Institutional investors collectively own 84.47% of FedEx’s outstanding stock.
• Analysts maintain a generally positive outlook, with FedEx receiving a consensus “Moderate Buy” rating and an average price target of $354.64, despite several recent target reductions.
• FedEx shares traded at $291.31, while the company reported quarterly earnings of $5.88 per share and revenue of $23.26 billion. It also pays a quarterly dividend of $1.22, equivalent to a 1.7% yield.

Sanders Morris Harris LLC acquired a new stake in shares of FedEx Corporation (NYSE:FDX - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,260 shares of the shipping service provider's stock, valued at approximately $1,215,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Hollencrest Capital Management bought a new position in shares of FedEx in the first quarter worth approximately $25,000. Bayban bought a new stake in shares of FedEx during the 1st quarter valued at $26,000. Solstein Capital LLC bought a new stake in shares of FedEx during the 2nd quarter valued at $27,000. Cedar Mountain Advisors LLC lifted its stake in shares of FedEx by 77.4% during the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider's stock valued at $33,000 after buying an additional 41 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of FedEx during the 2nd quarter valued at $31,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Stifel Nicolaus cut their price target on FedEx from $442.00 to $326.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. Wells Fargo & Company lowered their price objective on FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 17th. 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. Citizens Jmp initiated coverage on FedEx in a research note on Wednesday, July 15th. They issued a "market outperform" rating and a $375.00 price objective for the company. Finally, Sanford C. Bernstein set a $397.00 target price on FedEx in a research report on Wednesday, June 24th. One equities 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 stock. According to MarketBeat.com, FedEx presently has a consensus rating of "Moderate Buy" and an average target price of $354.64.

FedEx Price Performance

Shares of NYSE:FDX traded up $0.72 during midday trading on Wednesday, reaching $291.31. 1,120,294 shares of the company were exchanged, compared to its average volume of 2,029,934. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The business's fifty day moving average is $310.75 and its two-hundred day moving average is $335.21. FedEx Corporation has a one year low of $185.06 and a one year high of $345.36. The stock has a market cap of $68.94 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28.

FedEx (NYSE:FDX - Get Free Report) last posted its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The company had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. As a group, analysts predict that FedEx Corporation will post 17.53 earnings per share for the current year.

FedEx Announces Dividend

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

FedEx Company 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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