Independent Advisor Alliance Has $2.14 Million Position in FedEx Corporation (NYSE:FDX)

Key Points

• Independent Advisor Alliance increased its stake in FedEx by 19.1% in Q1, owning 8,774 shares worth approximately $2.14 million as per its latest SEC filing.
• Multiple institutional investors, including Nuveen LLC and Dodge & Cox, have made significant changes to their positions in FedEx recently, indicating strong interest in the stock.
• FedEx announced a quarterly $1.45 dividend to be paid on October 1st, representing an annualized yield of 2.5%, with a payout ratio of 34.36%.

Independent Advisor Alliance grew its stake in FedEx Corporation (NYSE:FDX - Free Report) by 19.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,774 shares of the shipping service provider's stock after acquiring an additional 1,410 shares during the quarter. Independent Advisor Alliance's holdings in FedEx were worth $2,139,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FDX. Staley Capital Advisers Inc. lifted its holdings in shares of FedEx by 3.2% during the 1st quarter. Staley Capital Advisers Inc. now owns 250,471 shares of the shipping service provider's stock valued at $61,060,000 after purchasing an additional 7,768 shares in the last quarter. SouthState Corp lifted its stake in FedEx by 3.5% in the first quarter. SouthState Corp now owns 1,431 shares of the shipping service provider's stock valued at $349,000 after buying an additional 48 shares in the last quarter. Nuveen LLC acquired a new position in shares of FedEx in the first quarter valued at approximately $314,650,000. Cooper Financial Group increased its position in shares of FedEx by 14.4% during the first quarter. Cooper Financial Group now owns 6,355 shares of the shipping service provider's stock worth $1,549,000 after acquiring an additional 798 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of FedEx by 1.4% during the first quarter. Invesco Ltd. now owns 3,264,993 shares of the shipping service provider's stock worth $795,940,000 after acquiring an additional 43,989 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FDX has been the subject of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 25th. Sanford C. Bernstein reduced their price objective on FedEx from $282.00 to $249.00 and set a "market perform" rating for the company in a research report on Friday, June 13th. UBS Group dropped their target price on FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a research report on Wednesday, June 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $260.00 price target (down previously from $275.00) on shares of FedEx in a research report on Wednesday, June 25th. Finally, BMO Capital Markets decreased their price target on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $283.25.

FedEx Stock Performance

NYSE FDX traded up $0.80 during trading on Thursday, reaching $231.30. The company's stock had a trading volume of 1,615,778 shares, compared to its average volume of 1,979,591. FedEx Corporation has a 12 month low of $194.29 and a 12 month high of $308.53. The firm has a 50 day moving average price of $229.27 and a 200 day moving average price of $232.45. The firm has a market capitalization of $54.56 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. 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 quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.98 by $0.09. The business had revenue of $22.20 billion for the quarter, compared to the consensus estimate of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same quarter in the prior year, the business posted $5.41 earnings per share. As a group, equities analysts anticipate that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 8th will be paid a $1.45 dividend. This represents a $5.80 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Monday, September 8th. FedEx's dividend payout ratio (DPR) is 34.36%.

Insider Activity at FedEx

In related news, Director Paul S. Walsh sold 3,610 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $238.29, for a total transaction of $860,226.90. Following the completion of the sale, the director directly owned 15,513 shares in the company, valued at $3,696,592.77. This represents a 18.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director R Brad Martin sold 2,123 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $241.75, for a total value 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 trade represents a 19.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,343 shares of company stock valued at $2,228,816 over the last three months. 8.87% of the stock is owned by insiders.

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.