OVERSEA CHINESE BANKING Corp Ltd Invests $596,000 in FedEx Corporation (NYSE:FDX)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd made a new investment in FedEx Corp, purchasing 2,445 shares for approximately $596,000.
• FedEx recently declared a quarterly dividend of $1.45, increasing from the previous $1.38, indicating confidence in its financial stability.
• Shares of FedEx are currently valued at around $217.02, down 2.9%, with analysts maintaining a generally positive outlook on its stock performance.

OVERSEA CHINESE BANKING Corp Ltd purchased a new position in FedEx Corporation (NYSE:FDX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,445 shares of the shipping service provider's stock, valued at approximately $596,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FDX. Brighton Jones LLC lifted its holdings in shares of FedEx by 12.8% in the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider's stock worth $514,000 after buying an additional 207 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in FedEx in the fourth quarter valued at approximately $18,703,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in FedEx in the fourth quarter valued at approximately $28,000. Aviva PLC raised its stake in FedEx by 68.7% in the fourth quarter. Aviva PLC now owns 139,538 shares of the shipping service provider's stock valued at $39,256,000 after purchasing an additional 56,803 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in FedEx by 3.6% in the fourth quarter. Russell Investments Group Ltd. now owns 384,292 shares of the shipping service provider's stock valued at $108,112,000 after purchasing an additional 13,395 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Down 2.9%

Shares of FedEx stock opened at $217.02 on Monday. The stock has a market capitalization of $51.20 billion, a price-to-earnings ratio of 12.86, a P/E/G ratio of 1.13 and a beta of 1.30. The company's 50 day moving average price is $227.85 and its 200-day moving average price is $234.90. FedEx Corporation has a 52-week low of $194.29 and a 52-week high of $308.53. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19.

FedEx (NYSE:FDX - Get Free Report) last released its quarterly earnings results on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share for the quarter, beating the consensus estimate of $5.98 by $0.09. The business 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 business posted $5.41 earnings per share. Equities research analysts forecast that FedEx Corporation will post 19.14 EPS for the current year.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Monday, June 23rd were issued a $1.45 dividend. This represents a $5.80 annualized dividend and a yield of 2.7%. This is an increase from FedEx's previous quarterly dividend of $1.38. The ex-dividend date was Monday, June 23rd. FedEx's dividend payout ratio (DPR) is presently 34.36%.

Wall Street Analysts Forecast Growth

FDX has been the topic of a number of recent analyst reports. Stephens reaffirmed an "overweight" rating and issued a $300.00 target price on shares of FedEx in a research note on Tuesday, May 20th. Raymond James Financial reaffirmed an "outperform" rating and issued a $260.00 target price (down from $275.00) on shares of FedEx in a research note on Wednesday, June 25th. TD Cowen lowered their target price on shares of FedEx from $310.00 to $269.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Truist Financial reaffirmed a "buy" rating and issued a $275.00 target price on shares of FedEx in a research note on Wednesday, June 25th. Finally, Susquehanna raised their target price on shares of FedEx from $290.00 to $295.00 and gave the company a "positive" rating in a research note on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, FedEx has an average rating of "Moderate Buy" and an average price target of $283.25.

Insider Activity at FedEx

In other FedEx news, Director Marvin R. Ellison sold 3,610 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the transaction, the director owned 7,720 shares of the company's stock, valued at approximately $1,829,176.80. This trade represents a 31.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director R Brad Martin sold 2,123 shares of the firm's stock in a transaction on Monday, July 7th. The shares were 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 of the company's stock, valued at $2,160,036.25. This represents a 19.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,343 shares of company stock worth $2,228,816 over the last quarter. Corporate insiders own 8.87% of the company's stock.

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.

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