Sei Investments Co. Grows Stock Holdings in FedEx Corporation $FDX

Key Points

• Sei Investments Co. increased its FedEx stake by 17.2% in the first quarter, ending with 141,623 shares valued at about $50.4 million.
• Several other institutional investors also added to their positions, and 84.47% of FedEx shares are owned by institutions, highlighting continued heavy institutional interest.
• Analysts remain generally positive on FedEx with a Moderate Buy consensus and average price target of $350.54, though insider selling and recent target cuts show some caution.

Sei Investments Co. raised its holdings in shares of FedEx Corporation (NYSE:FDX - Free Report) by 17.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 141,623 shares of the shipping service provider's stock after acquiring an additional 20,759 shares during the quarter. Sei Investments Co. owned about 0.06% of FedEx worth $50,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. State Street Corp lifted its holdings in FedEx by 4.2% during the 4th quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider's stock worth $2,763,824,000 after purchasing an additional 382,848 shares in the last quarter. Franklin Resources Inc. grew its holdings in FedEx by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider's stock valued at $1,482,785,000 after buying an additional 318,293 shares in the last quarter. Geode Capital Management LLC grew its holdings in FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider's stock valued at $1,443,666,000 after buying an additional 45,818 shares in the last quarter. Invesco Ltd. increased its position in shares of FedEx by 3.1% during the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider's stock valued at $853,372,000 after buying an additional 108,426 shares during the period. Finally, Norges Bank bought a new stake in shares of FedEx during the fourth quarter valued at about $859,085,000. 84.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FDX. Bank of America raised their price objective on shares of FedEx from $376.00 to $378.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Wall Street Zen raised shares of FedEx from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 6th. Sanford C. Bernstein set a $397.00 target price on shares of FedEx in a research note on Wednesday, June 24th. Raymond James Financial cut their price target on shares of FedEx from $415.00 to $330.00 and set an "outperform" rating for the company in a report on Wednesday, June 24th. Finally, Wells Fargo & Company reduced their price target on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating for the company in a research report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, FedEx currently has an average rating of "Moderate Buy" and a consensus price target of $350.54.

Insider Transactions at FedEx

In related news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the transaction, the director owned 16,359 shares of the company's stock, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.53% of the company's stock.

FedEx Stock Down 0.3%

Shares of NYSE FDX opened at $314.77 on Friday. FedEx Corporation has a 12 month low of $172.88 and a 12 month high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $74.47 billion, a price-to-earnings ratio of 17.01, a PEG ratio of 1.62 and a beta of 1.29. The business has a 50-day moving average of $335.98 and a 200-day moving average of $350.05.

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

FedEx Cuts Dividend

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

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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