Silvant Capital Management LLC Buys New Shares in FedEx Corporation $FDX

Key Points

• Silvant Capital Management initiated a FedEx position by purchasing 7,385 shares worth approximately $2.31 million in the second quarter. Hedge funds and institutional investors collectively own 84.47% of FedEx’s stock.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share, while the stock opened at $326.15 and has a market capitalization of about $77.19 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $350.54. FedEx pays a quarterly dividend of $1.22 per share, equivalent to a 1.5% yield, while director Paul S. Walsh recently sold 5,042 shares.

Silvant Capital Management LLC bought a new stake in FedEx Corporation (NYSE:FDX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,385 shares of the shipping service provider's stock, valued at approximately $2,312,000.

Other hedge funds have also made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in FedEx during the 1st quarter valued at approximately $25,000. Bayban acquired a new position in shares of FedEx in the 1st quarter valued at approximately $26,000. EFG International AG purchased a new position in shares of FedEx during the 4th quarter valued at approximately $27,000. Wealth Watch Advisors INC purchased a new position in shares of FedEx during the 3rd quarter valued at approximately $28,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of FedEx during the fourth quarter worth approximately $29,000. Hedge funds and other institutional investors own 84.47% of the company's stock.

FedEx Stock Down 0.7%

FDX stock opened at $326.15 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. FedEx Corporation has a 1-year low of $177.05 and a 1-year high of $345.36. The firm has a fifty day moving average price of $319.29 and a two-hundred day moving average price of $351.72. The firm has a market cap of $77.19 billion, a price-to-earnings ratio of 17.62, a PEG ratio of 1.69 and a beta of 1.30.

FedEx (NYSE:FDX - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) 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. Research analysts predict that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were paid a dividend of $1.22 per share. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a yield of 1.5%. FedEx's dividend payout ratio is 26.36%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. UBS Group cut their price target on shares of FedEx from $445.00 to $350.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Bank of America raised their price objective on shares of FedEx from $376.00 to $378.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. TD Cowen dropped their target price on shares of FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Weiss Ratings upgraded shares of FedEx from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Finally, Jefferies Financial Group started coverage on shares of FedEx in a research report on Tuesday, June 23rd. They set a "buy" rating and a $200.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, FedEx has an average rating of "Moderate Buy" and a consensus target price of $350.54.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm's stock in a transaction dated Tuesday, June 30th. The shares were 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 trade represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is owned by corporate insiders.

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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