Handelsbanken Fonder AB Acquires 9,783 Shares of FedEx Corporation $FDX

Key Points

• Handelsbanken Fonder increased its FedEx stake by 9.3% in the second quarter, adding 9,783 shares to own 115,179 shares valued at approximately $36.1 million. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $350.54, despite several firms recently lowering their targets.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share, while its stock opened at $321.93. The company’s quarterly dividend equates to $4.88 annually, a 1.5% yield.

Handelsbanken Fonder AB lifted its holdings in FedEx Corporation (NYSE:FDX - Free Report) by 9.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 115,179 shares of the shipping service provider's stock after buying an additional 9,783 shares during the quarter. Handelsbanken Fonder AB's holdings in FedEx were worth $36,066,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Sivia Capital Partners LLC bought a new stake in FedEx during the 2nd quarter valued at $586,000. CWM LLC increased its position in shares of FedEx by 32.2% during the fourth quarter. CWM LLC now owns 108,031 shares of the shipping service provider's stock worth $31,206,000 after purchasing an additional 26,322 shares in the last quarter. Canada Post Corp Registered Pension Plan raised its stake in FedEx by 85.9% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider's stock valued at $1,962,000 after buying an additional 3,138 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of FedEx by 19.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider's stock valued at $12,081,000 after purchasing an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board purchased a new stake in FedEx during the 4th quarter worth approximately $2,122,000. 84.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Paul S. Walsh sold 5,042 shares of the company's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the transaction, the director owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FDX. The Goldman Sachs Group decreased their price target on shares of FedEx from $405.00 to $375.00 and set a "buy" rating for the company in a report on Monday, June 1st. Citigroup started coverage on FedEx in a research report on Wednesday, July 15th. They set an "outperform" rating for the company. BMO Capital Markets reissued a "market perform" rating on shares of FedEx in a report on Wednesday, June 24th. UBS Group dropped their target price on FedEx from $445.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, June 24th. Finally, HSBC cut their price target on shares of FedEx from $360.00 to $289.89 and set a "hold" rating on the stock in a report on Monday, June 1st. One 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 assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $350.54.

FedEx Stock Down 1.0%

FedEx stock opened at $321.93 on Wednesday. The firm has a market cap of $76.17 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 1.67 and a beta of 1.30. FedEx Corporation has a 52 week low of $176.00 and a 52 week high of $345.36. The business's 50-day moving average price is $319.07 and its 200 day moving average price is $350.81. 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 (NYSE:FDX - Get Free Report) last announced its quarterly 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 company had revenue of $23.26 billion during the quarter. As a group, sell-side analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were issued a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx's dividend payout ratio is 26.36%.

FedEx 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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