Geode Capital Management LLC Increases Stock Holdings in FedEx Corporation $FDX

Key Points

• Geode Capital Management increased its FedEx stake by 0.9% in the fourth quarter, adding 45,818 shares to hold nearly 5.0 million shares valued at about $1.44 billion.
• Wall Street sentiment remains bullish, with multiple analysts raising price targets and 18 analysts rating the stock a Buy; MarketBeat shows an average target price of $400.69 and a Moderate Buy consensus.
• FedEx reported stronger-than-expected quarterly results, posting $5.25 EPS on $24 billion in revenue, both above estimates, while investors continue to focus on the upcoming FedEx Freight spin-off as a potential value catalyst.

Geode Capital Management LLC lifted its position in FedEx Corporation (NYSE:FDX - Free Report) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,985,778 shares of the shipping service provider's stock after purchasing an additional 45,818 shares during the quarter. Geode Capital Management LLC owned about 2.12% of FedEx worth $1,443,666,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Wealth Watch Advisors INC purchased a new stake in shares of FedEx in the third quarter valued at about $28,000. Ameriflex Group Inc. grew its holdings in shares of FedEx by 103.3% in the third quarter. Ameriflex Group Inc. now owns 124 shares of the shipping service provider's stock valued at $29,000 after purchasing an additional 63 shares during the period. Ulland Investment Advisors LLC purchased a new stake in shares of FedEx in the fourth quarter valued at about $29,000. Tucker Asset Management LLC purchased a new stake in shares of FedEx in the fourth quarter valued at about $29,000. Finally, ORG Partners LLC grew its holdings in shares of FedEx by 50.0% in the fourth quarter. ORG Partners LLC now owns 105 shares of the shipping service provider's stock valued at $30,000 after purchasing an additional 35 shares during the period. Hedge funds and other institutional investors own 84.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. UBS Group initiated coverage on shares of FedEx in a report on Wednesday. They issued a "buy" rating and a $445.00 price objective for the company. TD Cowen increased their target price on shares of FedEx from $383.00 to $426.00 and gave the stock a "buy" rating in a research note on Friday, March 20th. Wolfe Research lowered their target price on shares of FedEx from $427.00 to $423.00 and set an "outperform" rating for the company in a research note on Tuesday, April 7th. Stephens reaffirmed an "overweight" rating and set a $435.00 target price on shares of FedEx in a research note on Tuesday, April 14th. Finally, Stifel Nicolaus increased their target price on shares of FedEx from $425.00 to $442.00 in a research note on Friday, April 10th. Eighteen research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $400.69.

Insider Buying and Selling at FedEx

In other news, EVP Kawal Preet sold 4,900 shares of the stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the sale, the executive vice president owned 10,953 shares of the company's stock, valued at approximately $4,029,499.17. This represents a 30.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan C. Schwab sold 5,795 shares of the stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the sale, the director directly owned 10,038 shares in the company, valued at $3,704,022. This 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 over the last ninety days. Company insiders own 0.53% of the company's stock.

FedEx Trading Down 0.0%

Shares of FDX stock opened at $411.67 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.47 and a quick ratio of 1.44. The firm has a market cap of $98.23 billion, a PE ratio of 21.91, a price-to-earnings-growth ratio of 1.56 and a beta of 1.29. The company has a 50-day moving average of $375.15 and a two-hundred day moving average of $337.51. FedEx Corporation has a 1-year low of $214.82 and a 1-year high of $413.70.

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

More FedEx News

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: JPMorgan upgraded FedEx to Overweight and lifted its price target to $460, signaling meaningful upside potential as the company approaches its freight separation. JPMorgan lifts FedEx to Overweight ahead of freight spin-off
• Positive Sentiment: Analysts say the FedEx Freight spin-off could unlock more value for the parent company by sharpening its focus and improving operating clarity. FedEx spin-off could unlock more value for remaining business—JP Morgan
• Positive Sentiment: FedEx Freight is expected to begin trading as an independent company on June 1 and is set to join the S&P 500 quickly, which reinforces investor interest in the transaction. FedEx Spin-Off Gets Rare S&P 500 Fast Pass As Freight Unit Prepares To Trade
• Positive Sentiment: Additional bullish coverage highlighted FedEx as a buy ahead of the freight spin-off, adding to the momentum around the stock. FedEx is a buy as freight business spinoff approaches, JPMorgan says
• Neutral Sentiment: Index changes tied to the spin-off should keep FedEx in the Dow Jones Transportation Average while the new freight company is added separately, but this is more of a technical market adjustment than a direct business driver. FedEx Freight Holding Set to Join Dow Jones Transportation Average

FedEx Company 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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