CenterStar Asset Management LLC Makes New Investment in FedEx Corporation $FDX

Key Points

• CenterStar Asset Management LLC has acquired a new stake of 1,047 shares in FedEx Corporation valued at approximately $238,000 in Q2 2023.
• Insider sales include Director Marvin R. Ellison and Paul S. Walsh selling 3,610 shares each, resulting in a significant decrease of their ownership positions by 31.86% and 18.88%, respectively.
• FedEx's quarterly earnings exceeded estimates, with revenue of $22.20 billion, up 3.1% year-over-year, prompting analysts to continue issuing 'buy' ratings with an average price target of $271.67.

CenterStar Asset Management LLC acquired a new stake in shares of FedEx Corporation (NYSE:FDX - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,047 shares of the shipping service provider's stock, valued at approximately $238,000.

A number of other hedge funds have also modified their holdings of the stock. Aaron Wealth Advisors LLC lifted its position in shares of FedEx by 2.6% in the 1st quarter. Aaron Wealth Advisors LLC now owns 1,875 shares of the shipping service provider's stock valued at $457,000 after acquiring an additional 48 shares in the last quarter. SouthState Corp lifted its holdings in shares of FedEx by 3.5% in the first quarter. SouthState Corp now owns 1,431 shares of the shipping service provider's stock valued at $349,000 after purchasing an additional 48 shares in the last quarter. Evanson Asset Management LLC lifted its holdings in shares of FedEx by 6.0% in the first quarter. Evanson Asset Management LLC now owns 879 shares of the shipping service provider's stock valued at $214,000 after purchasing an additional 50 shares in the last quarter. Hendershot Investments Inc. boosted its position in shares of FedEx by 4.3% in the first quarter. Hendershot Investments Inc. now owns 1,207 shares of the shipping service provider's stock worth $294,000 after buying an additional 50 shares during the period. Finally, Loudon Investment Management LLC grew its holdings in shares of FedEx by 5.0% during the second quarter. Loudon Investment Management LLC now owns 1,050 shares of the shipping service provider's stock valued at $239,000 after buying an additional 50 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at FedEx

In related news, Director Marvin R. Ellison sold 3,610 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the sale, the director owned 7,720 shares in the company, valued at $1,829,176.80. This represents a 31.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul S. Walsh sold 3,610 shares of FedEx stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the transaction, the director directly owned 15,513 shares in the company, valued at approximately $3,696,592.77. This represents a 18.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,343 shares of company stock worth $2,228,816 over the last ninety days. Company insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Cowen restated a "buy" rating on shares of FedEx in a research report on Wednesday, June 25th. Stifel Nicolaus decreased their price target on shares of FedEx from $308.00 to $296.00 and set a "buy" rating for the company in a report on Wednesday, September 17th. Citigroup increased their target price on shares of FedEx from $275.00 to $279.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Jefferies Financial Group boosted their price target on shares of FedEx from $275.00 to $280.00 and gave the company a "buy" rating in a report on Friday, September 19th. Finally, Truist Financial reiterated a "buy" rating and set a $275.00 price objective on shares of FedEx in a report on Wednesday, June 25th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, FedEx presently has an average rating of "Moderate Buy" and an average price target of $271.67.

FedEx Stock Up 1.1%

Shares of FDX stock opened at $242.25 on Friday. The stock's 50 day simple moving average is $229.75 and its 200 day simple moving average is $226.00. FedEx Corporation has a twelve month low of $194.29 and a twelve month high of $308.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.21 and a current ratio of 1.25. The company has a market capitalization of $57.16 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.33 and a beta of 1.28.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Thursday, September 18th. The shipping service provider reported $3.83 EPS for the quarter, beating the consensus estimate of $3.71 by $0.12. FedEx had a return on equity of 16.33% and a net margin of 4.65%.The company had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $21.74 billion. During the same quarter last year, the company posted $3.60 earnings per share. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. FedEx has set its FY 2026 guidance at 17.200-19.000 EPS. As a group, research analysts predict that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 8th were given a dividend of $1.45 per share. The ex-dividend date of this dividend was Monday, September 8th. This represents a $5.80 dividend on an annualized basis and a yield of 2.4%. FedEx's payout ratio is currently 33.86%.

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.

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