Czech National Bank Boosts Stock Position in FedEx Corporation $FDX

Key Points

• Czech National Bank increased its FedEx stake by 6.1% in the second quarter, adding 3,571 shares to hold 62,483 shares valued at approximately $19.6 million. Institutional investors collectively own 84.47% of FedEx.
• Analyst sentiment remains positive but mixed: FedEx has a consensus “Moderate Buy” rating and an average price target of $350.54, while several firms recently lowered their targets and Weiss Ratings downgraded the stock to “hold.”
• FedEx shares opened at $318.64, below their 200-day moving average of $350.25. The company reported quarterly earnings of $5.88 per share on $23.26 billion in revenue and pays a $1.22 quarterly dividend, yielding about 1.5%.

Czech National Bank boosted its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 6.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,483 shares of the shipping service provider's stock after acquiring an additional 3,571 shares during the quarter. Czech National Bank's holdings in FedEx were worth $19,565,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of FDX. Hollencrest Capital Management purchased a new position in FedEx during the 1st quarter worth $25,000. Bayban purchased a new stake in shares of FedEx in the first quarter valued at about $26,000. EFG International AG acquired a new position in shares of FedEx during the fourth quarter worth about $27,000. Wealth Watch Advisors INC acquired a new position in shares of FedEx during the third quarter worth about $28,000. Finally, Tucker Asset Management LLC purchased a new position in FedEx during the fourth quarter worth about $29,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on FDX. Truist Financial reduced their price objective on shares of FedEx from $425.00 to $365.00 and set a "buy" rating for the company in a research report on Thursday, June 25th. Citigroup began coverage on FedEx in a research note on Wednesday, July 15th. They set an "outperform" rating for the company. Rothschild & Co Redburn reduced their price target on FedEx from $375.00 to $344.00 and set a "neutral" rating for the company in a report on Tuesday, June 2nd. BNP Paribas Exane dropped their price objective on FedEx from $335.00 to $269.76 and set a "neutral" rating on the stock in a report on Tuesday, June 2nd. Finally, Weiss Ratings cut FedEx from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. 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. According to MarketBeat, FedEx has a consensus rating of "Moderate Buy" and an average price target of $350.54.

Insider Activity at FedEx

In related news, Director Paul S. Walsh sold 5,042 shares of the business's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

FedEx Price Performance

Shares of NYSE:FDX opened at $318.64 on Friday. The business's 50 day simple moving average is $319.48 and its 200-day simple moving average is $350.25. The firm has a market capitalization of $75.39 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 1.63 and a beta of 1.30. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. FedEx Corporation has a 12 month low of $176.00 and a 12 month high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings data 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 during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, equities analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

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

Want to see what other hedge funds are holding FDX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for FedEx Corporation (NYSE:FDX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source