Saudi Central Bank Increases Stake in FedEx Corporation $FDX

Key Points

• Saudi Central Bank increased its FedEx stake by 87.4% in the second quarter, bringing its holdings to 15,450 shares worth approximately $4.84 million. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $348.32, above the reported share price of $316.49.
• FedEx reported quarterly earnings of $5.88 per share on $23.26 billion in revenue and declared a quarterly dividend of $1.22, equivalent to a $4.88 annual payout and a 1.5% yield.

Saudi Central Bank lifted its stake in FedEx Corporation (NYSE:FDX - Free Report) by 87.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,450 shares of the shipping service provider's stock after purchasing an additional 7,205 shares during the quarter. Saudi Central Bank's holdings in FedEx were worth $4,838,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in FedEx during the 1st quarter worth approximately $25,000. Bayban purchased a new position in shares of FedEx during the 1st quarter valued at approximately $26,000. Solstein Capital LLC purchased a new position in shares of FedEx during the 2nd quarter valued at approximately $27,000. Cedar Mountain Advisors LLC grew its stake in FedEx by 77.4% in the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider's stock valued at $33,000 after acquiring an additional 41 shares during the period. Finally, EFG International AG acquired a new stake in FedEx in the 4th quarter valued at $27,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at FedEx

In other FedEx news, Director Paul Walsh sold 5,042 shares of the stock in a transaction on Tuesday, June 30th. The stock was 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 owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.65% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FDX shares. Stephens raised shares of FedEx to a "strong-buy" rating in a research note on Wednesday, July 8th. BNP Paribas Exane reduced their price target on FedEx from $335.00 to $269.76 and set a "neutral" rating on the stock in a report on Tuesday, June 2nd. Sanford C. Bernstein set a $397.00 price target on FedEx in a report on Wednesday, June 24th. Citigroup initiated coverage on shares of FedEx in a report on Wednesday, July 15th. They issued an "outperform" rating on the stock. Finally, Jefferies Financial Group initiated coverage on shares of FedEx in a research note on Tuesday, June 23rd. They set a "buy" rating and a $200.00 price target on the stock. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $348.32.

FedEx Stock Performance

Shares of FedEx stock traded down $6.03 during trading hours on Tuesday, hitting $316.49. 369,025 shares of the company were exchanged, compared to its average volume of 2,103,963. FedEx Corporation has a 1 year low of $177.86 and a 1 year high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average of $319.29 and a 200-day moving average of $348.55. The stock has a market capitalization of $74.90 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of 1.71 and a beta of 1.32.

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 (EPS) 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, analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be given a $1.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.88 annualized dividend and a yield of 1.5%. FedEx's dividend payout ratio is presently 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.