CoreCap Advisors LLC Acquires 13,931 Shares of FedEx Corporation $FDX

Key Points

• CoreCap Advisors significantly increased its FedEx stake by purchasing 13,931 additional shares, bringing its holdings to 14,490 shares valued at approximately $4.54 million. Institutional investors collectively own 84.47% of FedEx.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share. The company pays a quarterly dividend of $1.22, equivalent to a 1.6% annualized yield.
• Analyst sentiment remains cautiously positive, with a consensus “Moderate Buy” rating and a $350.54 price target, despite several firms recently lowering their targets and one director selling 5,042 shares.

CoreCap Advisors LLC boosted its holdings in shares of FedEx Corporation (NYSE:FDX - Free Report) by 2,492.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,490 shares of the shipping service provider's stock after purchasing an additional 13,931 shares during the period. CoreCap Advisors LLC's holdings in FedEx were worth $4,537,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp raised its holdings in FedEx by 4.2% in the 4th quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider's stock worth $2,763,824,000 after purchasing an additional 382,848 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of FedEx by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock valued at $1,482,785,000 after purchasing an additional 318,293 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider's stock valued at $1,443,666,000 after purchasing an additional 45,818 shares in the last quarter. Invesco Ltd. increased its position in shares of FedEx by 3.1% during the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider's stock valued at $853,372,000 after buying an additional 108,426 shares during the period. Finally, Norges Bank bought a new position in FedEx in the fourth quarter worth about $859,085,000. 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 dated 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 sale, the director directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by insiders.

FedEx Stock Performance

FedEx stock opened at $310.69 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $73.51 billion, a P/E ratio of 16.79, a PEG ratio of 1.61 and a beta of 1.30. The stock's 50 day moving average is $323.24 and its 200 day moving average is $350.41. FedEx Corporation has a twelve month low of $176.00 and a twelve month high of $345.36.

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

FedEx Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx's payout ratio is currently 26.36%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. BNP Paribas Exane cut their price objective on FedEx from $335.00 to $269.76 and set a "neutral" rating on the stock in a research report on Tuesday, June 2nd. Stephens raised FedEx to a "strong-buy" rating in a research report on Wednesday, July 8th. TD Cowen lowered their target price on FedEx from $426.00 to $354.00 in a research note on Wednesday, June 24th. Rothschild & Co Redburn dropped their price target on FedEx from $375.00 to $344.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 2nd. Finally, Evercore set a $165.00 price target on FedEx in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $350.54.

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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