FedEx Corporation $FDX Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc reduced its FedEx stake by 3.0% in the fourth quarter, selling 43,831 shares and leaving it with 1.44 million shares valued at about $415.9 million.
• FedEx reported better-than-expected quarterly results, posting $5.25 EPS versus estimates of $4.12 and revenue of $24 billion, up 8.3% year over year.
• Analyst sentiment remains mostly positive, with 18 Buy ratings and a consensus Moderate Buy rating; the average price target is $399.62, near the stock’s recent trading level.

Legal & General Group Plc lowered its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,439,809 shares of the shipping service provider's stock after selling 43,831 shares during the period. Legal & General Group Plc owned about 0.61% of FedEx worth $415,903,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FDX. Brighton Jones LLC grew its holdings in shares of FedEx by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock worth $514,000 after buying an additional 207 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of FedEx by 78.9% during the first quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider's stock worth $2,514,000 after buying an additional 4,548 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of FedEx during the second quarter worth about $586,000. Quantbot Technologies LP purchased a new position in shares of FedEx during the second quarter worth about $186,000. Finally, Jump Financial LLC purchased a new position in shares of FedEx during the second quarter worth about $456,000. Institutional investors and hedge funds own 84.47% of the company's stock.

Analyst Upgrades and Downgrades

FDX has been the topic of a number of research reports. Truist Financial raised their price target on FedEx from $400.00 to $425.00 and gave the stock a "buy" rating in a report on Friday, March 20th. UBS Group lowered their price target on FedEx from $446.00 to $445.00 and set a "buy" rating on the stock in a report on Friday. Wells Fargo & Company raised their price target on FedEx from $430.00 to $450.00 and gave the stock an "overweight" rating in a report on Friday, March 20th. Zacks Research lowered FedEx from a "strong-buy" rating to a "hold" rating in a report on Wednesday, March 18th. Finally, Wolfe Research lowered their price target on FedEx from $427.00 to $423.00 and set an "outperform" rating on the stock in a report on Tuesday, April 7th. Eighteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $399.62.

FedEx Price Performance

FedEx stock opened at $394.18 on Tuesday. FedEx Corporation has a one year low of $214.35 and a one year high of $404.03. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.44 and a current ratio of 1.47. The business has a fifty day moving average of $371.88 and a two-hundred day moving average of $334.37. The company has a market cap of $94.05 billion, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 1.49 and a beta of 1.29.

FedEx (NYSE:FDX - Get Free Report) last released its earnings results on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, beating analysts' consensus estimates of $4.12 by $1.13. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The company had revenue of $24 billion during the quarter, compared to the consensus estimate of $23.44 billion. During the same quarter last year, the company earned $4.51 earnings per share. FedEx's quarterly revenue was up 8.3% compared to the same quarter last year. As a group, analysts predict that FedEx Corporation will post 19.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Tracy B. Brightman sold 16,959 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $363.47, for a total transaction of $6,164,087.73. Following the sale, the executive vice president owned 11,052 shares of the company's stock, valued at $4,017,070.44. The trade was a 60.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan C. Schwab sold 5,795 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $369.00, for a total value of $2,138,355.00. Following the sale, the director directly owned 10,038 shares in the company, valued at $3,704,022. This trade represents a 36.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,104 shares of company stock worth $17,599,006 in the last ninety days. 0.53% of the stock is owned by insiders.

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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