Resona Asset Management Co. Ltd. Buys 6,363 Shares of FedEx Corporation (NYSE:FDX)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in FedEx Corporation by 9.6%, bringing its total shares to 72,875, valued at approximately $17.74 million.
• FedEx recently announced a $1.45 quarterly dividend, with an annualized yield of 2.5%, set to be paid to shareholders on October 1st.
• Analysts maintain a Moderate Buy rating on FedEx, with an average price target of $283.25, following various adjustments by investment firms.

Resona Asset Management Co. Ltd. increased its stake in FedEx Corporation (NYSE:FDX - Free Report) by 9.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 72,875 shares of the shipping service provider's stock after acquiring an additional 6,363 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in FedEx were worth $17,743,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its holdings in shares of FedEx by 21.1% in the 1st quarter. Golden State Wealth Management LLC now owns 362 shares of the shipping service provider's stock worth $88,000 after acquiring an additional 63 shares during the last quarter. NBC Securities Inc. purchased a new stake in FedEx in the 1st quarter worth about $147,000. Farther Finance Advisors LLC boosted its position in FedEx by 27.6% during the 1st quarter. Farther Finance Advisors LLC now owns 2,223 shares of the shipping service provider's stock worth $538,000 after acquiring an additional 481 shares during the period. Parvin Asset Management LLC acquired a new stake in FedEx during the 4th quarter worth about $281,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in FedEx by 6.1% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 160,596 shares of the shipping service provider's stock valued at $39,150,000 after acquiring an additional 9,216 shares in the last quarter. 84.47% of the stock is currently owned by institutional investors and hedge funds.

FedEx Stock Performance

Shares of NYSE FDX traded up $0.80 during trading hours on Thursday, hitting $231.30. 1,615,778 shares of the company's stock were exchanged, compared to its average volume of 1,979,591. FedEx Corporation has a 1-year low of $194.29 and a 1-year high of $308.53. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.19 and a quick ratio of 1.15. The stock has a market capitalization of $54.56 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 1.20 and a beta of 1.30. The company's 50-day moving average price is $229.27 and its 200-day moving average price is $232.45.

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

FedEx Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wall Street Zen raised FedEx from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Truist Financial reaffirmed a "buy" rating and set a $275.00 target price on shares of FedEx in a research note on Wednesday, June 25th. Sanford C. Bernstein lowered their target price on FedEx from $282.00 to $249.00 and set a "market perform" rating on the stock in a research note on Friday, June 13th. BMO Capital Markets lowered their target price on FedEx from $275.00 to $260.00 and set a "market perform" rating on the stock in a research note on Monday, May 19th. Finally, UBS Group lowered their target price on FedEx from $311.00 to $297.00 and set a "buy" rating on the stock in a research note on Wednesday, June 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, FedEx has an average rating of "Moderate Buy" and an average target price of $283.25.

Insider Buying and Selling at FedEx

In other FedEx news, Director R Brad Martin sold 2,123 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul S. Walsh sold 3,610 shares of the company's 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 transaction, the director directly owned 15,513 shares of the company's stock, valued at approximately $3,696,592.77. This trade represents a 18.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 9,343 shares of company stock valued at $2,228,816 in the last quarter. Corporate insiders own 8.87% of the company's stock.

FedEx 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.