BlackRock Inc. Invests $6.51 Billion in FedEx Corporation $FDX

Key Points

• BlackRock acquired 20.78 million FedEx shares worth approximately $6.51 billion during the second quarter, giving it an 8.78% stake in the company.
• Analyst sentiment remains favorable, with FedEx carrying a “Moderate Buy” consensus rating and an average price target of $350.54.
• FedEx reported quarterly revenue of $23.26 billion and earnings per share of $5.88; its shares opened at $331.86, while the company paid a quarterly dividend of $1.22.

BlackRock Inc. acquired a new position in shares of FedEx Corporation (NYSE:FDX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 20,784,028 shares of the shipping service provider's stock, valued at approximately $6,508,103,000. BlackRock Inc. owned about 8.78% of FedEx at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in FedEx in the 1st quarter worth about $25,000. Bayban bought a new position in shares of FedEx during the 1st quarter worth approximately $26,000. Cedar Mountain Advisors LLC lifted its position 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 worth $33,000 after buying an additional 41 shares in the last quarter. EFG International AG purchased a new position in shares of FedEx in the 4th quarter worth approximately $27,000. Finally, Tucker Asset Management LLC bought a new position in shares of FedEx in the fourth quarter valued at approximately $29,000. Institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on FDX shares. Citigroup began coverage on FedEx in a report on Wednesday, July 15th. They set an "outperform" rating on the stock. Bank of America upped their price objective on FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded FedEx to a "hold" rating in a research note on Saturday, August 8th. Truist Financial cut their price target on shares of FedEx from $425.00 to $365.00 and set a "buy" rating on the stock in a report on Thursday, June 25th. Finally, Citizens Jmp began coverage on shares of FedEx in a report on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $350.54.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the business's 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 sale, the director owned 16,359 shares of the company's stock, valued at $5,309,477.04. The trade was a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.53% of the stock is owned by insiders.

FedEx Price Performance

NYSE FDX opened at $331.86 on Tuesday. The company has a market cap of $78.51 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. FedEx Corporation has a 52 week low of $177.05 and a 52 week high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The firm's 50-day simple moving average is $319.43 and its two-hundred day simple moving average is $351.54.

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. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The firm had revenue of $23.26 billion during the quarter. Research analysts predict that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, June 22nd. FedEx's payout ratio is currently 26.36%.

FedEx Profile

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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