California Public Employees Retirement System Buys 54,007 Shares of FedEx Corporation $FDX

Key Points

• California Public Employees Retirement System increased its FedEx stake by 13.5% in the first quarter, buying 54,007 additional shares and bringing its holdings to 453,329 shares worth about $161.5 million.
• FedEx reported better-than-expected quarterly results, posting EPS of $6.31 versus estimates of $5.91 and revenue of $25.01 billion versus expectations of $24.04 billion, with revenue up 12.5% year over year.
• Despite the strong earnings, the stock was down 1.6% and analysts remain mixed, with an average rating of “Moderate Buy” and an average target price of $350.54.

California Public Employees Retirement System boosted its stake in FedEx Corporation (NYSE:FDX - Free Report) by 13.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 453,329 shares of the shipping service provider's stock after purchasing an additional 54,007 shares during the quarter. California Public Employees Retirement System owned about 0.19% of FedEx worth $161,467,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FDX. Sivia Capital Partners LLC bought a new position in shares of FedEx during the 2nd quarter valued at approximately $586,000. CWM LLC increased its position in FedEx by 32.2% in the fourth quarter. CWM LLC now owns 108,031 shares of the shipping service provider's stock worth $31,206,000 after purchasing an additional 26,322 shares during the last quarter. Canada Post Corp Registered Pension Plan raised its stake in FedEx by 85.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider's stock valued at $1,962,000 after purchasing an additional 3,138 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in FedEx by 19.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider's stock valued at $12,081,000 after purchasing an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board purchased a new position in shares of FedEx in the 4th quarter worth $2,122,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Stock Down 1.6%

Shares of NYSE FDX opened at $313.17 on Friday. 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 cap of $74.72 billion, a P/E ratio of 16.92, a PEG ratio of 1.95 and a beta of 1.29. FedEx Corporation has a 1 year low of $172.88 and a 1 year high of $345.36. The firm has a 50-day simple moving average of $342.12 and a two-hundred day simple moving average of $349.22.

FedEx (NYSE:FDX - Get Free Report) last announced its earnings results on Tuesday, June 23rd. The shipping service provider reported $6.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.91 by $0.40. The business had revenue of $25.01 billion during the quarter, compared to analyst estimates of $24.04 billion. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The company's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.07 earnings per share. FedEx has set its FY 2027 guidance at 16.900-18.100 EPS. Research analysts anticipate 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. Shareholders of record on Monday, June 22nd were given a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx's dividend payout ratio is 26.36%.

Analyst Ratings Changes

Several brokerages have weighed in on FDX. Weiss Ratings cut FedEx from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 3rd. Evercore set a $165.00 target price on FedEx in a report on Friday, June 26th. Rothschild & Co Redburn cut their target price on FedEx from $375.00 to $344.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 2nd. Seaport Research Partners started coverage on FedEx in a research report on Wednesday, May 27th. They set a "buy" rating on the stock. Finally, Barclays lowered their price target on FedEx from $450.00 to $425.00 and set an "overweight" rating for the company in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $350.54.

Insider Buying and Selling

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

FedEx Company 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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