Resona Asset Management Co. Ltd. Sells 4,257 Shares of FedEx Corporation $FDX

Key Points

• Resona Asset Management trimmed its FedEx stake by 5.8% in the fourth quarter, selling 4,257 shares and leaving it with 69,403 shares worth about $20.1 million.
• Institutional ownership remains high at 84.47%, with several other large funds increasing their positions in FedEx during the period.
• FedEx posted strong quarterly results, beating EPS and revenue estimates, while analysts currently view the stock as a “Moderate Buy” with an average price target of $398.04.

Resona Asset Management Co. Ltd. decreased its stake in FedEx Corporation (NYSE:FDX - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 69,403 shares of the shipping service provider's stock after selling 4,257 shares during the period. Resona Asset Management Co. Ltd.'s holdings in FedEx were worth $20,096,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in FDX. Vanguard Group Inc. raised its position in FedEx by 13.2% in the third quarter. Vanguard Group Inc. now owns 23,442,049 shares of the shipping service provider's stock worth $5,527,870,000 after acquiring an additional 2,741,723 shares during the period. Boston Partners bought a new stake in FedEx in the third quarter worth about $468,195,000. Dodge & Cox raised its position in FedEx by 12.0% in the third quarter. Dodge & Cox now owns 16,225,160 shares of the shipping service provider's stock worth $3,826,055,000 after acquiring an additional 1,742,666 shares during the period. AQR Capital Management LLC raised its position in FedEx by 169.2% in the third quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider's stock worth $638,203,000 after acquiring an additional 1,718,278 shares during the period. Finally, Diamond Hill Capital Management Inc. bought a new stake in FedEx in the third quarter worth about $171,960,000. Institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $479.00 price target on shares of FedEx in a research report on Friday, February 13th. Zacks Research lowered shares of FedEx from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 18th. Wolfe Research lowered their price target on shares of FedEx from $427.00 to $423.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 7th. Rothschild & Co Redburn boosted their price target on shares of FedEx from $317.00 to $371.00 and gave the company a "neutral" rating in a research report on Tuesday, February 24th. Finally, Truist Financial boosted their price target on shares of FedEx from $400.00 to $425.00 and gave the company a "buy" rating in a research report on Friday, March 20th. Eighteen equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $398.04.

Insider Activity

In related news, Director Susan C. Schwab sold 5,795 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $369.00, for a total transaction of $2,138,355.00. Following the completion of the transaction, the director owned 10,038 shares of the company's stock, valued at approximately $3,704,022. The trade was a 36.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kawal Preet sold 4,900 shares of the business's stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $367.89, for a total transaction of $1,802,661.00. Following the transaction, the executive vice president directly owned 10,953 shares of the company's stock, valued at approximately $4,029,499.17. This represents a 30.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,104 shares of company stock worth $17,599,006 in the last three months. Insiders own 0.53% of the company's stock.

FedEx Stock Performance

NYSE FDX opened at $374.84 on Wednesday. The company's 50 day moving average is $369.29 and its 200-day moving average is $330.46. The firm has a market cap of $89.44 billion, a P/E ratio of 19.95, a price-to-earnings-growth ratio of 1.40 and a beta of 1.29. FedEx Corporation has a 12-month low of $214.35 and a 12-month high of $404.03. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings data on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, beating the consensus estimate of $4.12 by $1.13. The company had revenue of $24 billion during the quarter, compared to analysts' expectations of $23.44 billion. FedEx had a net margin of 4.88% and a return on equity of 16.76%. FedEx's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.51 earnings per share. Sell-side analysts predict that FedEx Corporation will post 19.72 earnings per share for the current year.

FedEx Profile

FedEx Corporation NYSE: FDX is a global logistics and courier company headquartered in Memphis, Tennessee. Founded by Frederick W. Smith in 1971 and beginning operations in the early 1970s, the company pioneered overnight express shipping and has since expanded into a diversified portfolio of transportation, e-commerce and supply-chain services. FedEx operates an integrated air-and-ground network that moves parcels, freight and documents for businesses and consumers worldwide.

FedEx's core operating segments include express parcel delivery via its FedEx Express division, domestic and residential parcel delivery through FedEx Ground, less-than-truckload (LTL) freight services, and logistics and supply-chain management solutions.

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