Assenagon Asset Management S.A. Sells 128,740 Shares of FedEx Corporation $FDX

Key Points

• Assenagon Asset Management cut its FedEx stake by 87% in the second quarter, selling 128,740 shares and retaining 19,189 shares valued at approximately $6.0 million.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share. The company pays a quarterly dividend of $1.22, equivalent to a 1.5% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $350.54, compared with the stock’s reported price of $321.93.

Assenagon Asset Management S.A. cut its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 87.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,189 shares of the shipping service provider's stock after selling 128,740 shares during the quarter. Assenagon Asset Management S.A.'s holdings in FedEx were worth $6,009,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Apella Capital LLC lifted its position in shares of FedEx by 5.2% during the second quarter. Apella Capital LLC now owns 5,564 shares of the shipping service provider's stock worth $1,741,000 after purchasing an additional 273 shares in the last quarter. Evanson Financial LLC bought a new position in FedEx in the 2nd quarter worth approximately $259,000. Chapin Davis Inc. raised its position in FedEx by 12.7% in the 2nd quarter. Chapin Davis Inc. now owns 3,787 shares of the shipping service provider's stock worth $1,186,000 after purchasing an additional 426 shares during the last quarter. Bill Few Associates Inc. lifted its holdings in FedEx by 19.2% during the 2nd quarter. Bill Few Associates Inc. now owns 1,243 shares of the shipping service provider's stock worth $389,000 after buying an additional 200 shares in the last quarter. Finally, Foster Group Inc. boosted its position in FedEx by 1.0% in the 2nd quarter. Foster Group Inc. now owns 4,603 shares of the shipping service provider's stock valued at $1,441,000 after buying an additional 47 shares during the last quarter. 84.47% of the stock is owned by institutional investors.

FedEx Price Performance

FedEx stock opened at $321.93 on Wednesday. The firm has a market capitalization of $76.17 billion, a P/E ratio of 17.39, a PEG ratio of 1.67 and a beta of 1.30. FedEx Corporation has a 1 year low of $176.00 and a 1 year high of $345.36. The business has a 50-day moving average of $319.07 and a 200-day moving average of $350.81. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74.

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 for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The business had revenue of $23.26 billion for the quarter. On average, equities analysts anticipate that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were issued a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a yield of 1.5%. FedEx's dividend payout ratio (DPR) is 26.36%.

Analysts Set New Price Targets

FDX has been the subject of several research reports. JPMorgan Chase & Co. reissued a "buy" rating on shares of FedEx in a research note on Friday, June 26th. Citizens Jmp started coverage on shares of FedEx in a research report on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 price target for the company. Wall Street Zen raised shares of FedEx to a "hold" rating in a research note on Saturday. Jefferies Financial Group initiated coverage on shares of FedEx in a report on Tuesday, June 23rd. They issued a "buy" rating and a $200.00 price objective on the stock. Finally, Bank of America raised their price objective on shares of FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $350.54.

Insiders Place Their Bets

In other news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director directly owned 16,359 shares of the company's stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.53% of the company's stock.

About FedEx

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

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