Blueshift Asset Management LLC Raises Stock Position in FedEx Corporation (NYSE:FDX)

Key Points

• Blueshift Asset Management LLC increased its stake in FedEx Corporation by 121.7%, owning 6,332 shares valued at approximately $1.54 million.
• Insider transactions included Director Marvin R. Ellison selling 3,610 shares, representing a 31.86% decrease in his position.
• FedEx recently announced a dividend increase to $1.45 per share, reflecting an annualized dividend yield of 2.6%.

Blueshift Asset Management LLC boosted its stake in FedEx Corporation (NYSE:FDX - Free Report) by 121.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,332 shares of the shipping service provider's stock after purchasing an additional 3,476 shares during the quarter. FedEx comprises approximately 0.6% of Blueshift Asset Management LLC's holdings, making the stock its 24th largest holding. Blueshift Asset Management LLC's holdings in FedEx were worth $1,544,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Transce3nd LLC bought a new stake in shares of FedEx in the 4th quarter worth about $26,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of FedEx in the 4th quarter worth about $28,000. Accredited Wealth Management LLC bought a new stake in shares of FedEx in the 4th quarter worth about $35,000. Abound Financial LLC bought a new stake in shares of FedEx in the 1st quarter worth about $38,000. Finally, Optiver Holding B.V. bought a new stake in shares of FedEx in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Stock Down 2.9%

NYSE:FDX traded down $6.47 during midday trading on Friday, reaching $217.02. 2,211,970 shares of the stock traded hands, compared to its average volume of 1,851,030. FedEx Corporation has a 12-month low of $194.29 and a 12-month high of $308.53. The business has a 50-day moving average of $227.85 and a two-hundred day moving average of $235.19. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. The stock has a market capitalization of $51.20 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 1.13 and a beta of 1.30.

FedEx (NYSE:FDX - Get Free Report) last posted its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating analysts' consensus estimates of $5.98 by $0.09. The company had revenue of $22.20 billion during the quarter, compared to analysts' expectations of $21.86 billion. FedEx had a net margin of 4.65% and a return on equity of 16.34%. During the same quarter in the prior year, the company posted $5.41 earnings per share. On average, equities analysts forecast that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd were issued a $1.45 dividend. This is an increase from FedEx's previous quarterly dividend of $1.38. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, June 23rd. FedEx's dividend payout ratio is 34.36%.

Insiders Place Their Bets

In other FedEx news, Director Marvin R. Ellison sold 3,610 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $236.94, for a total value of $855,353.40. Following the completion of the transaction, the director owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. This trade represents a 31.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director R Brad Martin sold 2,123 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $241.75, for a total transaction of $513,235.25. Following the completion of the transaction, the director directly owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. This represents a 19.20% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,343 shares of company stock valued at $2,228,816. Insiders own 8.87% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FDX shares. Stifel Nicolaus set a $315.00 target price on shares of FedEx in a report on Wednesday, June 25th. Wells Fargo & Company upped their price target on shares of FedEx from $220.00 to $235.00 and gave the company an "equal weight" rating in a report on Wednesday, June 25th. JPMorgan Chase & Co. upped their price target on shares of FedEx from $260.00 to $290.00 and gave the company an "overweight" rating in a report on Wednesday, June 25th. Susquehanna upped their price target on shares of FedEx from $290.00 to $295.00 and gave the company a "positive" rating in a report on Wednesday, June 25th. Finally, UBS Group cut their price target on shares of FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a report on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, FedEx has an average rating of "Moderate Buy" and an average price target of $283.25.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.