FedEx Corporation $FDX Stock Purchased by CX Institutional

Key Points

• CX Institutional increased its FedEx stake by 839.8% in the third quarter, adding 33,113 shares to hold 37,056 shares valued at approximately $10.56 million.
• Analysts maintain a generally positive view, with FedEx receiving a consensus “Moderate Buy” rating and an average price target of $354.72, despite several recent target reductions.
• FedEx shares rose 1.2% to $290.49, while the company reported quarterly earnings of $5.88 per share and maintains an annualized dividend of $4.88 per share, yielding about 1.7%.

CX Institutional grew its holdings in shares of FedEx Corporation (NYSE:FDX - Free Report) by 839.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 37,056 shares of the shipping service provider's stock after purchasing an additional 33,113 shares during the quarter. CX Institutional's holdings in FedEx were worth $10,564,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in FDX. Hollencrest Capital Management purchased a new position in FedEx during the first quarter worth about $25,000. Bayban purchased a new position in shares of FedEx during the 1st quarter worth about $26,000. Solstein Capital LLC acquired a new stake in shares of FedEx in the second quarter worth approximately $27,000. Cedar Mountain Advisors LLC boosted its position in shares of FedEx by 77.4% in the first quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider's stock worth $33,000 after acquiring an additional 41 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new stake in FedEx in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 84.47% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FDX shares. TD Cowen cut their price target on shares of FedEx from $426.00 to $354.00 in a research note on Wednesday, June 24th. Truist Financial dropped 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. BMO Capital Markets reaffirmed a "market perform" rating on shares of FedEx in a research report on Wednesday, June 24th. UBS Group lowered their price target on FedEx from $445.00 to $350.00 and set a "buy" rating for the company in a research report on Wednesday, June 24th. Finally, Citigroup started coverage on FedEx in a research note on Wednesday, July 15th. They set an "outperform" rating for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $354.72.

FedEx Stock Up 1.2%

Shares of NYSE FDX traded up $3.42 on Friday, hitting $290.49. The company had a trading volume of 1,462,673 shares, compared to its average volume of 2,066,047. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 12-month low of $179.69 and a 12-month high of $345.36. The firm has a market capitalization of $68.75 billion, a P/E ratio of 15.69, a PEG ratio of 1.52 and a beta of 1.28. The business has a 50 day moving average of $314.00 and a two-hundred day moving average of $338.86.

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. The business 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, equities research analysts forecast that FedEx Corporation will post 17.55 earnings per share for the current fiscal year.

FedEx Dividend Announcement

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

FedEx Profile

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company's services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.

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