Corient Private Wealth LP Reduces Holdings in FedEx Corporation $FDX

Key Points

• Corient Private Wealth reduced its FedEx stake by 29.1% in the second quarter, selling 36,081 shares and retaining 88,021 shares valued at approximately $27.6 million. Institutional investors collectively own 84.47% of FedEx.
• Analyst views remain mixed, but FedEx carries a consensus “Moderate Buy” rating with an average price target of $355.17. Recent actions included several downgrades alongside a Stephens upgrade to “strong buy.”
• FedEx reported quarterly earnings of $5.88 per share on $23.26 billion in revenue and announced a quarterly dividend of $1.22 per share, equivalent to an annualized $4.88 and a 1.6% yield.

Corient Private Wealth LP lowered its position in FedEx Corporation (NYSE:FDX - Free Report) by 29.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 88,021 shares of the shipping service provider's stock after selling 36,081 shares during the quarter. Corient Private Wealth LP's holdings in FedEx were worth $27,564,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in shares of FedEx in the first quarter worth about $25,000. Bayban purchased a new stake in shares of FedEx during the 1st quarter valued at approximately $26,000. Solstein Capital LLC bought a new position in FedEx in the 2nd quarter worth approximately $27,000. EFG International AG purchased a new position in FedEx in the 4th quarter valued at approximately $27,000. Finally, Wealth Watch Advisors INC purchased a new position in FedEx in the 3rd quarter valued at approximately $28,000. 84.47% of the stock is currently owned by institutional investors.

Insider Transactions at FedEx

In other FedEx news, Director Paul Walsh sold 5,042 shares of FedEx 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 directly owned 16,359 shares in the company, valued at $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.65% of the stock is currently owned by insiders.

Analyst Ratings Changes

FDX has been the topic of several recent research reports. Raymond James Financial set a $330.00 target price on FedEx in a research report on Friday, August 28th. Weiss Ratings cut FedEx from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. Stephens raised FedEx to a "strong-buy" rating in a report on Wednesday, July 8th. BNP Paribas Exane decreased their price target on FedEx from $335.00 to $269.76 and set a "neutral" rating on the stock in a research report on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of FedEx from a "buy" rating to a "hold" rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $355.17.

FedEx Price Performance

FedEx stock opened at $311.95 on Monday. The stock has a market cap of $73.83 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 1.66 and a beta of 1.32. 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 business has a 50-day simple moving average of $319.16 and a 200 day simple moving average of $346.50. FedEx Corporation has a 52 week low of $179.50 and a 52 week high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The firm had revenue of $23.26 billion for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. On average, research analysts forecast that FedEx Corporation will post 17.55 earnings per share for the current fiscal year.

FedEx Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, September 14th. FedEx's dividend payout ratio (DPR) is currently 26.36%.

About FedEx

FedEx Corporation NYSE: FDX is a global transportation, e-commerce and business services company. Through its operating companies, FedEx provides package delivery, freight transportation, logistics, supply chain management and related services for businesses, governments and consumers.

The company's offerings include time-definite express shipping, ground delivery, less-than-truckload freight transportation, customs and international trade support, warehousing, fulfillment and other logistics solutions.

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