TCW Group Inc. Acquires 4,425 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• TCW Group Inc. increased its stake in FedEx Corporation by 17.6%, owning 29,576 shares valued at approximately $7.21 million.
• FedEx reported quarterly earnings with an EPS of $6.07, surpassing expectations and revealing revenue of $22.20 billion for the quarter.
• In a recent dividend announcement, FedEx declared a quarterly dividend of $1.45 per share, an increase from the previous $1.38, with a current yield of 2.38%.

TCW Group Inc. increased its position in FedEx Corporation (NYSE:FDX - Free Report) by 17.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,576 shares of the shipping service provider's stock after buying an additional 4,425 shares during the period. TCW Group Inc.'s holdings in FedEx were worth $7,210,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Transce3nd LLC acquired a new position in FedEx during the 4th quarter valued at about $26,000. Pilgrim Partners Asia Pte Ltd acquired a new position in FedEx during the 4th quarter valued at about $28,000. Accredited Wealth Management LLC acquired a new position in FedEx during the 4th quarter valued at about $35,000. Abound Financial LLC acquired a new position in FedEx during the 1st quarter valued at about $38,000. Finally, Optiver Holding B.V. acquired a new position in FedEx during the 4th quarter valued at about $39,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at FedEx

In other FedEx news, Director R Brad Martin sold 2,123 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $241.75, for a total transaction of $513,235.25. Following the completion of the sale, the director directly owned 8,935 shares in the company, valued at $2,160,036.25. This represents a 19.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Paul S. Walsh sold 3,610 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total transaction of $860,226.90. Following the sale, the director owned 15,513 shares of the company's stock, valued at approximately $3,696,592.77. The trade was a 18.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,343 shares of company stock worth $2,228,816 over the last three months. Company insiders own 8.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Stifel Nicolaus set a $315.00 price target on FedEx in a research note on Wednesday, June 25th. Bank of America cut their target price on FedEx from $270.00 to $245.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Barclays restated an "overweight" rating and issued a $320.00 target price (down previously from $330.00) on shares of FedEx in a research note on Wednesday, June 25th. Raymond James Financial restated an "outperform" rating and issued a $260.00 target price (down previously from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. Finally, Truist Financial restated a "buy" rating and issued a $275.00 target price on shares of FedEx in a research note on Wednesday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $283.25.

FedEx Price Performance

NYSE:FDX traded up $0.73 during trading hours on Thursday, hitting $224.59. 855,944 shares of the company's stock traded hands, compared to its average volume of 1,994,428. The firm has a market cap of $52.98 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.22 and a beta of 1.35. FedEx Corporation has a 52 week low of $194.29 and a 52 week high of $308.53. The business's fifty day simple moving average is $227.75 and its two-hundred day simple moving average is $236.25. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.98 by $0.09. FedEx had a return on equity of 16.34% and a net margin of 4.65%. The company had revenue of $22.20 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter last year, the company earned $5.41 earnings per share. On average, research analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd were given a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a yield of 2.58%. This is a positive change from FedEx's previous quarterly dividend of $1.38. The ex-dividend date of this dividend was Monday, June 23rd. FedEx's dividend payout ratio is presently 34.36%.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.