Horizon Financial Services LLC Invests $2.38 Million in FedEx Corporation (NYSE:FDX)

Horizon Financial Services LLC bought a new stake in FedEx Corporation (NYSE:FDX - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 9,751 shares of the shipping service provider's stock, valued at approximately $2,377,000.

A number of other large investors have also recently made changes to their positions in FDX. Norges Bank bought a new stake in FedEx during the fourth quarter worth $807,352,000. Raymond James Financial Inc. bought a new stake in FedEx in the 4th quarter valued at about $234,028,000. Dodge & Cox raised its stake in FedEx by 5.6% in the 4th quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock valued at $3,907,568,000 after acquiring an additional 734,268 shares during the period. GAMMA Investing LLC lifted its holdings in FedEx by 18,202.1% during the first quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider's stock valued at $133,003,000 after purchasing an additional 542,605 shares during the last quarter. Finally, Capital Research Global Investors bought a new stake in shares of FedEx in the fourth quarter valued at approximately $145,733,000. 84.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of analyst reports. Truist Financial reissued a "buy" rating and set a $275.00 target price on shares of FedEx in a report on Wednesday, June 25th. Cowen reiterated a "buy" rating on shares of FedEx in a research report on Wednesday, June 25th. TD Cowen dropped their price objective on FedEx from $310.00 to $269.00 and set a "buy" rating on the stock in a report on Wednesday, June 25th. Oppenheimer restated a "market perform" rating on shares of FedEx in a research note on Friday, March 21st. Finally, Jefferies Financial Group upgraded FedEx from a "hold" rating to a "buy" rating and decreased their price target for the company from $300.00 to $275.00 in a research report on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $283.00.

FedEx Trading Up 2.0%

Shares of FDX traded up $4.67 during trading hours on Wednesday, reaching $239.00. 2,494,993 shares of the company traded hands, compared to its average volume of 1,845,268. The firm has a market cap of $57.26 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.19 and a beta of 1.35. FedEx Corporation has a 12-month low of $194.30 and a 12-month high of $313.84. The stock's fifty day moving average price is $221.18 and its 200 day moving average price is $241.96. The company has a current ratio of 1.19, a quick ratio of 1.15 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX - Get Free Report) last issued its earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, topping analysts' consensus estimates of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The business had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. During the same period last year, the company posted $5.41 earnings per share. Sell-side analysts forecast that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd will be issued a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a yield of 2.43%. This is a boost from FedEx's previous quarterly dividend of $1.38. The ex-dividend date of this dividend is Monday, June 23rd. FedEx's dividend payout ratio is presently 36.39%.

FedEx Company Profile

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.