FedEx Corporation $FDX Shares Acquired by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its FedEx stake by 16.5% in the second quarter, bringing its holdings to 31,373 shares valued at approximately $9.8 million. Institutional investors collectively own 84.47% of FedEx.
• Analyst sentiment remains generally positive, with FedEx carrying a consensus “Moderate Buy” rating and an average price target of $362.99, despite some recent rating downgrades and target-price cuts.
• FedEx shares opened at $279.45 after falling 4.1%, while the company reported quarterly EPS of $5.88 on $23.26 billion in revenue and announced a quarterly dividend of $1.22 per share.

QRG Capital Management Inc. raised its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 16.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,373 shares of the shipping service provider's stock after purchasing an additional 4,439 shares during the period. QRG Capital Management Inc.'s holdings in FedEx were worth $9,824,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of FedEx during the 2nd quarter valued at $6,508,103,000. Primecap Management Co. CA acquired a new stake in FedEx during the second quarter worth about $2,554,138,000. Franklin Resources Inc. increased its holdings in FedEx by 6.6% in 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 buying an additional 318,293 shares during the period. Geode Capital Management LLC increased its holdings in FedEx by 0.9% in 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 buying an additional 45,818 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of FedEx by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider's stock valued at $936,688,000 after buying an additional 52,963 shares in the last quarter. 84.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FDX shares. Weiss Ratings lowered shares of FedEx from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, September 2nd. BNP Paribas Exane cut their target price on FedEx from $335.00 to $269.76 and set a "neutral" rating for the company in a research note on Tuesday, June 2nd. Sanford C. Bernstein set a $397.00 target price on FedEx in a report on Wednesday, June 24th. Evercore set a $350.00 price target on FedEx in a report on Wednesday, September 9th. Finally, Wall Street Zen upgraded FedEx to a "hold" rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $362.99.

Insider Transactions at FedEx

In other FedEx news, Director Paul Walsh sold 5,042 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.65% of the company's stock.

FedEx Trading Down 4.1%

Shares of FDX stock opened at $279.45 on Friday. FedEx Corporation has a twelve month low of $179.69 and a twelve month high of $345.36. The stock's fifty day simple moving average is $316.73 and its 200 day simple moving average is $341.33. 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 firm has a market capitalization of $66.14 billion, a P/E ratio of 15.10, a P/E/G ratio of 1.58 and a beta of 1.32.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 EPS 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%. As a group, sell-side analysts predict that FedEx Corporation will post 17.55 EPS for the current fiscal year.

FedEx Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be issued a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, September 14th. FedEx's payout ratio is presently 26.36%.

FedEx Profile

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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