Edgestream Partners L.P. Sells 9,252 Shares of FedEx Corporation $FDX

Key Points

• Edgestream Partners L.P. cut its FedEx stake by 93.5% in the first quarter, selling 9,252 shares and retaining 643 shares valued at approximately $229,000. Institutional investors collectively own 84.47% of FedEx.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $350.54, despite several firms recently lowering their targets.
• FedEx shares opened at $316.86, while the company reported quarterly revenue of $23.26 billion and earnings of $5.88 per share. Its quarterly dividend is $1.22 per share, representing a 1.5% yield.

Edgestream Partners L.P. reduced its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 93.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 643 shares of the shipping service provider's stock after selling 9,252 shares during the quarter. Edgestream Partners L.P.'s holdings in FedEx were worth $229,000 as of its most recent SEC filing.

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

Insider Transactions at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was 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 $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FDX has been the subject of several analyst reports. Bank of America increased their target price on shares of FedEx from $376.00 to $378.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. Rothschild & Co Redburn dropped their price target on shares of FedEx from $375.00 to $344.00 and set a "neutral" rating for the company in a research report on Tuesday, June 2nd. BNP Paribas Exane decreased their price objective on shares of FedEx from $335.00 to $269.76 and set a "neutral" rating on the stock in a research report on Tuesday, June 2nd. Truist Financial lowered their target price on shares of FedEx from $425.00 to $365.00 and set a "buy" rating on the stock in a research note on Thursday, June 25th. Finally, Citizens Jmp initiated coverage on shares of FedEx in a report on Wednesday, July 15th. They issued a "market outperform" rating and a $375.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have given 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 presently has a consensus rating of "Moderate Buy" and an average price target of $350.54.

FedEx Stock Up 2.0%

Shares of FDX stock opened at $316.86 on Friday. The stock has a market cap of $74.97 billion, a P/E ratio of 17.12, a PEG ratio of 1.60 and a beta of 1.30. FedEx Corporation has a 52 week low of $176.00 and a 52 week high of $345.36. 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's fifty day simple moving average is $321.35 and its two-hundred day simple moving average is $350.47.

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

FedEx Cuts Dividend

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

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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