Glenmede Trust Co. NA Trims Stake in FedEx Corporation $FDX

Key Points

• Glenmede Trust cut its FedEx stake by 13% in the first quarter, selling 9,096 shares and retaining 60,724 shares valued at approximately $21.6 million.
• Institutional ownership remains high at 84.47%, with several major investors—including Norges Bank, AQR Capital Management, Waddell & Associates, and Amundi—building sizable FedEx positions.
• FedEx reported quarterly revenue of $23.26 billion and earnings per share of $5.88. Analysts maintain a “Moderate Buy” consensus, with an average price target of $350.54 versus the stock’s cited price of $307.41.

Glenmede Trust Co. NA lowered its position in FedEx Corporation (NYSE:FDX - Free Report) by 13.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,724 shares of the shipping service provider's stock after selling 9,096 shares during the period. Glenmede Trust Co. NA's holdings in FedEx were worth $21,629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Norges Bank bought a new position in shares of FedEx during the fourth quarter valued at approximately $859,085,000. Boston Partners bought a new stake in shares of FedEx during the 3rd quarter worth approximately $468,195,000. AQR Capital Management LLC boosted its holdings in FedEx by 169.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider's stock valued at $638,203,000 after acquiring an additional 1,718,278 shares during the period. Waddell & Associates LLC boosted its holdings in FedEx by 164.0% during the 4th quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider's stock valued at $343,206,000 after acquiring an additional 738,122 shares during the period. Finally, Amundi grew its position in FedEx by 181.9% in the 1st quarter. Amundi now owns 1,015,844 shares of the shipping service provider's stock valued at $361,823,000 after acquiring an additional 655,504 shares during the last quarter. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Trading Down 0.4%

FDX opened at $307.41 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The stock's fifty day moving average is $328.67 and its two-hundred day moving average is $350.16. The company has a market capitalization of $72.73 billion, a P/E ratio of 16.61, a PEG ratio of 1.58 and a beta of 1.29. FedEx Corporation has a 52 week low of $172.88 and a 52 week high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last issued its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion during the quarter. Analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were issued a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, June 22nd. FedEx's dividend payout ratio is presently 26.36%.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on FDX shares. Wells Fargo & Company reduced their target price on FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 17th. UBS Group lowered their target price on shares of FedEx from $445.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of FedEx from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 6th. The Goldman Sachs Group reduced their price target on shares of FedEx from $405.00 to $375.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of FedEx in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, FedEx currently has an average rating of "Moderate Buy" and an average price target of $350.54.

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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