Royal Bank of Canada Acquires 134,945 Shares of FedEx Corporation $FDX

Key Points

• Royal Bank of Canada increased its FedEx stake by 15.7% in the first quarter, acquiring 134,945 additional shares for a total of 996,783 shares worth approximately $355 million. Institutional investors collectively own 84.47% of FedEx.
• Analyst sentiment remains broadly positive, with FedEx receiving a “Moderate Buy” consensus rating and an average price target of $350.54; ratings include 18 Buys, nine Holds, two Sells and one Strong Buy.
• FedEx reported quarterly earnings of $5.88 per share on $23.26 billion in revenue. The company pays an annualized dividend of $4.88 per share, yielding about 1.6%, while shares recently opened at $308.96.

Royal Bank of Canada boosted its stake in shares of FedEx Corporation (NYSE:FDX - Free Report) by 15.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 996,783 shares of the shipping service provider's stock after buying an additional 134,945 shares during the period. Royal Bank of Canada owned approximately 0.42% of FedEx worth $355,035,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Ferguson Wellman Capital Management Inc. increased its position in shares of FedEx by 3.2% during the first quarter. Ferguson Wellman Capital Management Inc. now owns 830 shares of the shipping service provider's stock worth $296,000 after acquiring an additional 26 shares in the last quarter. OneAscent Financial Services LLC lifted its position in FedEx by 1.7% in the 4th quarter. OneAscent Financial Services LLC now owns 1,699 shares of the shipping service provider's stock valued at $491,000 after acquiring an additional 29 shares in the last quarter. Whipplewood Advisors LLC lifted its position in FedEx by 9.9% in the 1st quarter. Whipplewood Advisors LLC now owns 333 shares of the shipping service provider's stock valued at $119,000 after acquiring an additional 30 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in FedEx by 11.9% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 283 shares of the shipping service provider's stock worth $101,000 after purchasing an additional 30 shares during the period. Finally, Arete Wealth Advisors LLC boosted its stake in FedEx by 1.7% in the 4th quarter. Arete Wealth Advisors LLC now owns 1,778 shares of the shipping service provider's stock worth $514,000 after purchasing an additional 30 shares during the period. Institutional investors own 84.47% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on FDX. Wall Street Zen raised FedEx from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 6th. Citizens Jmp began coverage on FedEx in a report on Wednesday, July 15th. They set a "market outperform" rating and a $375.00 price objective for the company. Jefferies Financial Group assumed coverage on FedEx in a research report on Tuesday, June 23rd. They issued a "buy" rating and a $200.00 target price on the stock. Citigroup assumed coverage on FedEx in a research note on Wednesday, July 15th. They issued an "outperform" rating on the stock. Finally, Barclays decreased their price target on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating for the company in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $350.54.

FedEx Stock Performance

FDX opened at $308.96 on Thursday. FedEx Corporation has a 52-week low of $172.88 and a 52-week high of $345.36. The firm has a market capitalization of $73.10 billion, a PE ratio of 16.69, a PEG ratio of 1.61 and a beta of 1.29. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The business's 50-day simple moving average is $332.02 and its 200 day simple moving average is $350.48.

FedEx (NYSE:FDX - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The firm had revenue of $23.26 billion during the quarter. As a group, sell-side analysts expect that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were issued a dividend of $1.22 per share. The ex-dividend date was Monday, June 22nd. This represents a $4.88 dividend on an annualized basis and a yield of 1.6%. FedEx's dividend payout ratio (DPR) is presently 26.36%.

Insider Activity at FedEx

In related news, Director Paul S. Walsh sold 5,042 shares of the business's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director directly owned 16,359 shares of the company's stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company's stock.

About FedEx

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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