Assenagon Asset Management S.A. Buys 63,002 Shares of FedEx Corporation $FDX

Key Points

• Assenagon Asset Management increased its FedEx stake by 328.3% in the third quarter, acquiring 63,002 additional shares for a total holding of 82,191 shares valued at approximately $23.4 million. Institutional investors and hedge funds collectively own 84.47% of FedEx.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $354.64; ratings include 17 Buys, nine Holds, two Sells and one Strong Buy.
• FedEx shares opened at $293.51, while the company reported quarterly EPS of $5.88 on $23.26 billion in revenue and maintains a quarterly dividend of $1.22, equivalent to a 1.7% yield.

Assenagon Asset Management S.A. boosted its stake in FedEx Corporation (NYSE:FDX - Free Report) by 328.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 82,191 shares of the shipping service provider's stock after acquiring an additional 63,002 shares during the quarter. Assenagon Asset Management S.A.'s holdings in FedEx were worth $23,432,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Ninety One UK Ltd raised its position in shares of FedEx by 461.7% in the 3rd quarter. Ninety One UK Ltd now owns 1,034,829 shares of the shipping service provider's stock valued at $295,019,000 after purchasing an additional 850,597 shares in the last quarter. Ninety One SA Pty Ltd increased its position in shares of FedEx by 5.8% in the 3rd quarter. Ninety One SA Pty Ltd now owns 18,156 shares of the shipping service provider's stock worth $5,187,000 after purchasing an additional 992 shares during the last quarter. Ninety One North America Inc. bought a new stake in shares of FedEx in the 3rd quarter worth about $4,222,000. Turtle Creek Wealth Advisors LLC raised its stake in shares of FedEx by 11.4% in the 3rd quarter. Turtle Creek Wealth Advisors LLC now owns 2,862 shares of the shipping service provider's stock valued at $816,000 after purchasing an additional 294 shares in the last quarter. Finally, Nvwm LLC lifted its holdings in FedEx by 2,528.6% during the 3rd quarter. Nvwm LLC now owns 184 shares of the shipping service provider's stock worth $52,000 after buying an additional 177 shares during the last quarter. Institutional investors and hedge funds own 84.47% of the company's stock.

Analyst Ratings Changes

FDX has been the topic of several research analyst reports. Citigroup restated a "cautious" rating on shares of FedEx in a research note on Wednesday, October 7th. Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a report on Wednesday, June 24th. BNP Paribas Exane boosted their target price 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. Bank of America reissued a "buy" rating and issued a $140.00 target price on shares of FedEx in a report on Tuesday, September 29th. Finally, Wall Street Zen raised shares of FedEx to a "hold" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $354.64.

FedEx Stock Down 0.0%

Shares of FedEx stock opened at $293.51 on Monday. The business's fifty day moving average price is $309.44 and its two-hundred day moving average price is $334.11. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The company has a market capitalization of $69.47 billion, a P/E ratio of 15.86, a PEG ratio of 1.50 and a beta of 1.28. FedEx Corporation has a 1-year low of $187.62 and a 1-year high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The company had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, research analysts forecast that FedEx Corporation will post 18.27 EPS for the current year.

FedEx Dividend Announcement

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 $1.22 dividend. 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 (DPR) is 26.36%.

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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