Citizens Financial Group Inc. RI Acquires New Holdings in FedEx Corporation $FDX

Key Points

• Citizens Financial Group initiated a FedEx position of 5,135 shares valued at approximately $1.61 million in the second quarter. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a generally positive view, with FedEx carrying a “Moderate Buy” consensus rating and an average price target of $350.54, despite several recent target-price reductions.
• FedEx reported quarterly EPS of $5.88 on $23.26 billion in revenue and pays a quarterly dividend of $1.22 per share, equivalent to a 1.5% yield.

Citizens Financial Group Inc. RI bought a new position in shares of FedEx Corporation (NYSE:FDX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,135 shares of the shipping service provider's stock, valued at approximately $1,614,000.

Several other institutional investors and hedge funds also recently modified their holdings of FDX. Hollencrest Capital Management acquired a new position in FedEx in the 1st quarter valued at about $25,000. Bayban acquired a new stake in FedEx during the first quarter worth approximately $26,000. EFG International AG acquired a new stake in FedEx during the fourth quarter worth approximately $27,000. Wealth Watch Advisors INC acquired a new position in FedEx in the 3rd quarter valued at $28,000. Finally, Tucker Asset Management LLC acquired a new position in FedEx in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

Insider Transactions at FedEx

In related news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company's stock.

Analyst Ratings Changes

FDX has been the topic of several analyst reports. BMO Capital Markets restated a "market perform" rating on shares of FedEx in a report on Wednesday, June 24th. TD Cowen reduced their target price on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Wells Fargo & Company decreased their price target on FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 17th. Citizens Jmp started coverage on shares of FedEx in a research note on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 price objective for the company. Finally, Barclays cut their price objective on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, FedEx presently has an average rating of "Moderate Buy" and an average price target of $350.54.

FedEx Price Performance

Shares of FedEx stock opened at $328.43 on Wednesday. FedEx Corporation has a twelve month low of $177.05 and a twelve month high of $345.36. The stock has a market capitalization of $77.70 billion, a P/E ratio of 17.74, a PEG ratio of 1.72 and a beta of 1.30. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The business's fifty day moving average price is $319.36 and its 200 day moving average price is $351.63.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The company had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, research analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

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

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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