FedEx Corporation $FDX Stock Sold by Focused Investors LLC

Key Points

• Focused Investors LLC cut its FedEx stake by 16.1% in the third quarter, selling 68,500 shares; it retained 356,500 shares valued at about $101.6 million.
• FedEx reported quarterly earnings of $3.74 per share, above the $3.34 consensus estimate, while revenue rose 12.3% year over year to $22.93 billion.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $359.16; the article also reported a quarterly dividend of $1.22 per share.

Focused Investors LLC decreased its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 16.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 356,500 shares of the shipping service provider's stock after selling 68,500 shares during the period. FedEx comprises about 4.2% of Focused Investors LLC's investment portfolio, making the stock its 11th biggest holding. Focused Investors LLC owned 0.15% of FedEx worth $101,635,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. GRIMES & Co WEALTH MANAGEMENT LLC boosted its position in shares of FedEx by 2.9% during the third quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 1,231 shares of the shipping service provider's stock valued at $351,000 after buying an additional 35 shares during the last quarter. Welch Group LLC increased its holdings in FedEx by 39.9% in the 3rd quarter. Welch Group LLC now owns 1,087 shares of the shipping service provider's stock worth $310,000 after buying an additional 310 shares in the last quarter. Trek Financial LLC raised its position in FedEx by 1,179.3% in the 3rd quarter. Trek Financial LLC now owns 8,277 shares of the shipping service provider's stock worth $2,360,000 after buying an additional 7,630 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in FedEx in the 3rd quarter worth about $17,743,000. Finally, Aviance Capital Partners LLC lifted its stake in FedEx by 11.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 3,439 shares of the shipping service provider's stock valued at $981,000 after acquiring an additional 354 shares during the period. Institutional investors own 84.47% of the company's stock.

FedEx Stock Performance

Shares of NYSE FDX opened at $318.03 on Wednesday. FedEx Corporation has a 12-month low of $200.20 and a 12-month high of $345.36. The firm has a market capitalization of $74.48 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 1.28 and a beta of 1.27. The company has a current ratio of 1.33, a quick ratio of 1.29 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $303.85 and a 200 day moving average of $337.21.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The shipping service provider reported $3.74 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.40. The business had revenue of $22.93 billion for the quarter, compared to the consensus estimate of $22.73 billion. FedEx had a net margin of 4.09% and a return on equity of 15.53%. The company's revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.83 earnings per share. On average, research analysts anticipate that FedEx Corporation will post 18.29 earnings per share for the current 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 1.5%. The ex-dividend date was Monday, September 14th. FedEx's dividend payout ratio is currently 30.01%.

Insiders Place Their Bets

In other FedEx news, EVP Tracy Brightman sold 26,611 shares of the stock in a transaction on Friday, October 30th. The shares were sold at an average price of $316.68, for a total transaction of $8,427,171.48. Following the completion of the transaction, the executive vice president owned 12,245 shares in the company, valued at $3,877,746.60. This trade represents a 68.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Gina Adams sold 3,014 shares of the business's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $317.06, for a total transaction of $955,618.84. Following the completion of the sale, the executive vice president owned 9,656 shares in the company, valued at approximately $3,061,531.36. This trade represents a 23.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.65% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citizens Jmp assumed coverage on shares of FedEx in a research note on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 target price for the company. UBS Group restated a "hold" rating on shares of FedEx in a research note on Friday. Truist Financial cut their price objective on FedEx from $365.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, October 7th. Wall Street Zen upgraded FedEx to a "hold" rating in a research report on Saturday, August 8th. Finally, BNP Paribas Exane increased their target price on FedEx from $269.80 to $300.00 and gave the company a "neutral" rating in a report on Wednesday, September 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $359.16.

FedEx Profile

FedEx Corporation NYSE: FDX 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, customs brokerage, logistics and supply chain services for businesses, governments and consumers.

The company's services include domestic and international package delivery, less-than-truckload freight transportation, warehousing, fulfillment, supply chain management and specialized logistics solutions.

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