Cerity Partners LLC Has $34.89 Million Holdings in FedEx Corporation $FDX

Key Points

• Cerity Partners LLC boosted its FedEx stake by 27% in the fourth quarter, ending with 120,781 shares worth about $34.9 million.
• Institutional ownership in FedEx remains heavy, with large managers like Vanguard, Dodge & Cox, and Franklin Resources also increasing positions; 84.47% of the stock is held by institutions and hedge funds.
• FedEx faces a mix of positive and negative catalysts: it ratified a new pilots’ labor contract and updated its dividend after the Freight spin-off, but Amazon’s expanded trucking and LTL push is adding competitive pressure across transport stocks.

Cerity Partners LLC increased its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 27.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,781 shares of the shipping service provider's stock after buying an additional 25,698 shares during the period. Cerity Partners LLC owned 0.05% of FedEx worth $34,889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in FedEx by 13.2% during the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider's stock worth $5,527,870,000 after buying an additional 2,741,723 shares during the last quarter. Dodge & Cox increased its holdings in FedEx by 12.0% during the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider's stock worth $3,826,055,000 after buying an additional 1,742,666 shares during the last quarter. Franklin Resources Inc. increased its holdings in FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock worth $1,482,785,000 after buying an additional 318,293 shares during the last quarter. Geode Capital Management LLC increased its holdings in FedEx by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider's stock worth $1,443,666,000 after buying an additional 45,818 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in FedEx by 3.1% during the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider's stock worth $853,372,000 after buying an additional 108,426 shares during the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting FedEx

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx pilots ratified a new labor contract, ending a long dispute and reducing uncertainty around one major operating issue for the company. FedEx pilots ratify new wage deal, union says
• Positive Sentiment: FedEx also updated its annual dividend after the FedEx Freight spin-off, reinforcing shareholder returns and signaling management confidence in cash generation. FedEx Updates Annual Dividend Following FedEx Freight Spin-Off
• Neutral Sentiment: Commentary from Jim Cramer and a Zacks value-stock note were supportive of FedEx’s long-term investment case, but they are not major fundamental catalysts on their own. Jim Cramer Says “I’m Proud That We Held on to Our FedEx Freight” Here's Why FedEx (FDX) is a Strong Value Stock
• Neutral Sentiment: FedEx’s structural changes, including the Freight spin-off and an air-logistics partnership in Asia Pacific, may help the business over time but are not immediate stock-moving catalysts. FedEx Reshapes Freight And Asia Pacific Strategy As Valuation Gap Persists
• Negative Sentiment: Amazon’s expanded trucking and less-than-truckload service is sparking a selloff across transport stocks and creating fresh competitive pressure for FedEx and other logistics companies. Amazon’s Trucking Push Sparks New Slide in Transport Stocks
• Negative Sentiment: Old Dominion, Saia, and XPO fell sharply after Amazon opened its less-than-truckload service more broadly, highlighting investor concern that Amazon could intensify competition in freight markets relevant to FedEx. Amazon LTL expansion hits Old Dominion, Saia, and FedEx Freight stocks

Analyst Ratings Changes

A number of equities analysts recently weighed in on FDX shares. Deutsche Bank Aktiengesellschaft downgraded shares of FedEx from a "buy" rating to a "hold" rating in a report on Wednesday, May 27th. Jefferies Financial Group boosted their target price on shares of FedEx from $425.00 to $450.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. Wells Fargo & Company upgraded shares of FedEx from an "overweight" rating to an "overweight" rating in a report on Wednesday, May 27th. Argus boosted their target price on shares of FedEx from $350.00 to $400.00 and gave the stock a "buy" rating in a report on Monday, April 6th. Finally, Truist Financial set a $155.00 price objective on shares of FedEx in a report on Tuesday, June 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $372.41.

Insider Buying and Selling at FedEx

In other news, EVP Gina F. Adams sold 20,450 shares of the business's stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $366.45, for a total value of $7,493,902.50. Following the completion of the sale, the executive vice president owned 19,403 shares of the company's stock, valued at approximately $7,110,229.35. The trade was a 51.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan C. Schwab sold 5,795 shares of the business's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the completion of the sale, the director directly owned 10,038 shares of the company's stock, valued at approximately $3,704,022. The trade was a 36.60% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 48,104 shares of company stock worth $17,599,006. Insiders own 0.53% of the company's stock.

FedEx Price Performance

NYSE:FDX opened at $319.70 on Thursday. FedEx Corporation has a one year low of $172.88 and a one year high of $341.14. The company has a market cap of $76.28 billion, a P/E ratio of 17.01, a P/E/G ratio of 1.51 and a beta of 1.28. The firm's fifty day moving average price is $372.63 and its two-hundred day moving average price is $342.19. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, beating the consensus estimate of $4.12 by $1.13. FedEx had a net margin of 4.88% and a return on equity of 16.76%. The firm had revenue of $24 billion for the quarter, compared to the consensus estimate of $23.44 billion. During the same period in the previous year, the company earned $4.51 earnings per share. The company's quarterly revenue was up 8.3% on a year-over-year basis. Equities analysts expect that FedEx Corporation will post 19.72 earnings per share for the current year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd will be given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, June 22nd. FedEx's payout ratio is presently 30.87%.

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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