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FedEx Corporation (NYSE:FDX) Shares Sold by Levin Capital Strategies L.P.

FedEx logo with Transportation background

Key Points

  • Levin Capital Strategies L.P. has reduced its holdings in FedEx Corporation by 12.3% in the first quarter, now owning 34,230 shares worth $8.35 million.
  • Recent analyst ratings are mixed; with BNP Paribas Exane upgrading FedEx to "outperform" and setting a price target of $270, while others have maintained or adjusted their ratings lower.
  • FedEx recently announced an increase in its quarterly dividend to $1.45 per share, reflecting a 2.7% dividend yield on an annualized basis.
  • Want stock alerts on FedEx? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Levin Capital Strategies L.P. lowered its stake in FedEx Corporation (NYSE:FDX - Free Report) by 12.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,230 shares of the shipping service provider's stock after selling 4,816 shares during the quarter. Levin Capital Strategies L.P.'s holdings in FedEx were worth $8,345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FDX. Costello Asset Management INC increased its stake in shares of FedEx by 6.3% in the first quarter. Costello Asset Management INC now owns 1,700 shares of the shipping service provider's stock worth $414,000 after buying an additional 100 shares during the period. Cary Street Partners Financial LLC grew its holdings in shares of FedEx by 38.0% during the first quarter. Cary Street Partners Financial LLC now owns 50,152 shares of the shipping service provider's stock valued at $12,226,000 after buying an additional 13,818 shares during the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych boosted its position in shares of FedEx by 33.3% during the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 1,200 shares of the shipping service provider's stock valued at $293,000 after buying an additional 300 shares during the last quarter. Bank of Nova Scotia raised its holdings in shares of FedEx by 107.5% during the first quarter. Bank of Nova Scotia now owns 63,774 shares of the shipping service provider's stock valued at $15,547,000 after purchasing an additional 33,042 shares during the last quarter. Finally, Banco Santander S.A. grew its holdings in shares of FedEx by 51.2% in the first quarter. Banco Santander S.A. now owns 3,448 shares of the shipping service provider's stock worth $841,000 after acquiring an additional 1,167 shares during the period. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at FedEx

In related news, Director Paul S. Walsh sold 3,610 shares of FedEx stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the sale, the director owned 15,513 shares in the company, valued at approximately $3,696,592.77. This trade represents a 18.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Brad Martin sold 2,123 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $241.75, for a total value of $513,235.25. Following the transaction, the director directly owned 8,935 shares in the company, valued at approximately $2,160,036.25. The trade was a 19.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,343 shares of company stock worth $2,228,816 in the last 90 days. Insiders own 8.87% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on FDX. Truist Financial reiterated a "buy" rating and set a $275.00 target price on shares of FedEx in a research report on Wednesday, June 25th. BNP Paribas Exane raised FedEx from an "underperform" rating to an "outperform" rating and set a $270.00 price objective on the stock in a report on Thursday, July 3rd. Raymond James Financial reaffirmed an "outperform" rating and set a $260.00 price target (down from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. JPMorgan Chase & Co. boosted their target price on shares of FedEx from $260.00 to $290.00 and gave the company an "overweight" rating in a research note on Wednesday, June 25th. Finally, UBS Group dropped their price objective on shares of FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Two 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $283.25.

Get Our Latest Analysis on FDX

FedEx Price Performance

Shares of FedEx stock traded up $4.23 during trading hours on Wednesday, reaching $226.64. The stock had a trading volume of 2,130,348 shares, compared to its average volume of 1,922,856. FedEx Corporation has a twelve month low of $194.29 and a twelve month high of $308.53. The firm has a market capitalization of $53.46 billion, a PE ratio of 13.43, a PEG ratio of 1.16 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. The stock's 50 day moving average is $227.92 and its 200 day moving average is $234.41.

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

FedEx Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were issued a dividend of $1.45 per share. The ex-dividend date was Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.6%. This is an increase from FedEx's previous quarterly dividend of $1.38. FedEx's payout ratio is 34.36%.

About FedEx

(Free Report)

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.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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