Danske Bank A S Invests $66.49 Million in FedEx Corporation $FDX

Key Points

• Danske Bank initiated a $66.49 million position in FedEx during the second quarter, purchasing 212,331 shares and acquiring approximately 0.09% of the company. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a generally positive view, with FedEx receiving a “Moderate Buy” consensus rating and an average price target of $350.54, despite several recent target-price cuts.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share. Its shares opened at $328.43, while the company pays a $1.22 quarterly dividend, equivalent to a 1.5% yield.

Danske Bank A S purchased a new position in FedEx Corporation (NYSE:FDX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 212,331 shares of the shipping service provider's stock, valued at approximately $66,487,000. Danske Bank A S owned approximately 0.09% of FedEx at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in FedEx by 12.8% in the 4th quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock worth $514,000 after acquiring an additional 207 shares during the last quarter. Empowered Funds LLC lifted its position in FedEx by 78.9% in the 1st quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider's stock valued at $2,514,000 after acquiring an additional 4,548 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in FedEx during the 2nd quarter valued at $586,000. Quantbot Technologies LP purchased a new stake in FedEx during the 2nd quarter valued at $186,000. Finally, Jump Financial LLC bought a new stake in shares of FedEx in the 2nd quarter worth $456,000. 84.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling at FedEx

In other FedEx news, Director Paul S. 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 transaction, the director owned 16,359 shares of the company's stock, 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 Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

FDX has been the subject of several recent analyst reports. BMO Capital Markets reaffirmed a "market perform" rating on shares of FedEx in a report on Wednesday, June 24th. Truist Financial reduced their price objective on FedEx from $425.00 to $365.00 and set a "buy" rating for the company in a report on Thursday, June 25th. Raymond James Financial decreased their target price on FedEx from $415.00 to $330.00 and set an "outperform" rating for the company in a research report on Wednesday, June 24th. HSBC lowered their target price on shares of FedEx from $360.00 to $289.89 and set a "hold" rating on the stock in a research note on Monday, June 1st. Finally, JPMorgan Chase & Co. reiterated a "buy" rating on shares of FedEx in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, FedEx currently has an average rating of "Moderate Buy" and an average target price of $350.54.

FedEx Trading Down 0.9%

NYSE:FDX opened at $328.43 on Wednesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The firm has a market capitalization of $77.70 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. FedEx Corporation has a one year low of $177.05 and a one year high of $345.36. The business has a fifty day moving average price of $319.36 and a 200-day moving average price of $351.63.

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

FedEx Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx's dividend payout ratio (DPR) is 26.36%.

FedEx 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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