9,842 Shares in FedEx Corporation (NYSE:FDX) Acquired by Neo Ivy Capital Management

Key Points

• Neo Ivy Capital Management has acquired a new position in FedEx, purchasing 9,842 shares valued at approximately $2.4 million, making it the 29th largest position in their portfolio.
• FedEx's quarterly earnings report showed EPS of $6.07, exceeding analyst estimates and indicating a revenue of $22.20 billion, surpassing predictions of $21.86 billion.
• The company recently raised its quarterly dividend from $1.38 to $1.45 per share, resulting in an annualized dividend of $5.80 and a yield of 2.38%.

Neo Ivy Capital Management acquired a new position in shares of FedEx Corporation (NYSE:FDX - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 9,842 shares of the shipping service provider's stock, valued at approximately $2,399,000. FedEx comprises 0.8% of Neo Ivy Capital Management's investment portfolio, making the stock its 29th biggest position.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in FedEx in the fourth quarter valued at about $807,352,000. Dodge & Cox raised its stake in FedEx by 5.6% in the fourth quarter. Dodge & Cox now owns 13,889,624 shares of the shipping service provider's stock valued at $3,907,568,000 after buying an additional 734,268 shares during the last quarter. ACR Alpine Capital Research LLC raised its stake in FedEx by 85.9% in the first quarter. ACR Alpine Capital Research LLC now owns 1,585,033 shares of the shipping service provider's stock valued at $386,399,000 after buying an additional 732,266 shares during the last quarter. GAMMA Investing LLC raised its stake in FedEx by 18,202.1% in the first quarter. GAMMA Investing LLC now owns 545,586 shares of the shipping service provider's stock valued at $133,003,000 after buying an additional 542,605 shares during the last quarter. Finally, Capital Research Global Investors purchased a new stake in FedEx in the fourth quarter valued at about $145,733,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at FedEx

In other FedEx news, Director R Brad Martin sold 2,123 shares of the firm's stock in a transaction on 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 owned 8,935 shares in the company, valued at approximately $2,160,036.25. This trade represents a 19.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul S. Walsh sold 3,610 shares of the firm's stock in a transaction 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 transaction, the director owned 15,513 shares in the company, valued at $3,696,592.77. The trade was a 18.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,343 shares of company stock worth $2,228,816. Corporate insiders own 8.87% of the company's stock.

Analysts Set New Price Targets

FDX has been the subject of a number of research analyst reports. Cowen reiterated a "buy" rating on shares of FedEx in a research note on Wednesday, June 25th. Susquehanna increased their price target on FedEx from $290.00 to $295.00 and gave the company a "positive" rating in a research note on Wednesday, June 25th. Wells Fargo & Company raised their price objective on FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 25th. Stifel Nicolaus set a $315.00 price objective on FedEx in a research note on Wednesday, June 25th. Finally, Citigroup raised their price objective on FedEx from $259.00 to $278.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $283.25.

FedEx Price Performance

Shares of NYSE FDX traded up $6.77 during midday trading on Friday, hitting $243.28. The stock had a trading volume of 1,811,699 shares, compared to its average volume of 1,994,019. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $227.02 and a 200-day simple moving average of $237.07. The company has a market capitalization of $57.39 billion, a PE ratio of 14.41, a P/E/G ratio of 1.23 and a beta of 1.35. FedEx Corporation has a 1 year low of $194.29 and a 1 year high of $308.53.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating the consensus estimate of $5.98 by $0.09. The firm had revenue of $22.20 billion during 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 period in the prior year, the company earned $5.41 EPS. On average, sell-side analysts expect that FedEx Corporation will post 19.14 EPS for the current fiscal year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Monday, June 23rd were issued a $1.45 dividend. The ex-dividend date was Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a yield of 2.38%. This is a positive change from FedEx's previous quarterly dividend of $1.38. FedEx's dividend payout ratio (DPR) is presently 34.36%.

About FedEx

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.