Swiss National Bank Cuts Position in FedEx Corporation (NYSE:FDX)

Key Points

• The Swiss National Bank has reduced its stake in FedEx Corporation by 1.6%, now holding 645,400 shares valued at approximately $157 million.
• FedEx reported earnings of $6.07 per share for the last quarter, which exceeded analysts' expectations, along with a revenue of $22.20 billion.
• The company is set to pay a quarterly dividend of $1.45 per share, with a dividend yield of 2.5% and a payout ratio of 34.36%.

Swiss National Bank lessened its holdings in shares of FedEx Corporation (NYSE:FDX - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 645,400 shares of the shipping service provider's stock after selling 10,300 shares during the period. Swiss National Bank owned approximately 0.27% of FedEx worth $157,336,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. AMF Tjanstepension AB purchased a new stake in shares of FedEx during the 1st quarter valued at $878,000. AlphaCore Capital LLC purchased a new stake in shares of FedEx during the 1st quarter valued at $91,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of FedEx by 11.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 399,282 shares of the shipping service provider's stock valued at $97,337,000 after purchasing an additional 40,592 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of FedEx by 5.9% during the 1st quarter. Deutsche Bank AG now owns 472,913 shares of the shipping service provider's stock valued at $115,287,000 after purchasing an additional 26,361 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its position in shares of FedEx by 8.2% in the 1st quarter. Chicago Partners Investment Group LLC now owns 1,695 shares of the shipping service provider's stock valued at $413,000 after acquiring an additional 129 shares during the period. Hedge funds and other institutional investors own 84.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FDX. Truist Financial restated a "buy" rating and issued a $275.00 target price on shares of FedEx in a research note on Wednesday, June 25th. Wells Fargo & Company raised their target price on FedEx from $220.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 25th. Sanford C. Bernstein cut their price target on FedEx from $282.00 to $249.00 and set a "market perform" rating on the stock in a research report on Friday, June 13th. BNP Paribas Exane raised FedEx from an "underperform" rating to an "outperform" rating and set a $270.00 price target on the stock in a research report on Thursday, July 3rd. Finally, Barclays reaffirmed an "overweight" rating and set a $320.00 price target (down from $330.00) on shares of FedEx in a research report on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, FedEx presently has a consensus rating of "Moderate Buy" and an average price target of $283.25.

FedEx Price Performance

Shares of FedEx stock traded up $5.58 on Tuesday, hitting $230.19. 1,920,723 shares of the company were exchanged, compared to its average volume of 1,994,115. The stock has a market capitalization of $54.30 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The company has a 50-day moving average price of $228.53 and a 200 day moving average price of $232.83. FedEx Corporation has a 1-year low of $194.29 and a 1-year high of $308.53. The company has a quick ratio of 1.15, a current ratio of 1.19 and a debt-to-equity ratio of 0.68.

FedEx (NYSE:FDX - Get Free Report) last issued its earnings results 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. The business had revenue of $22.20 billion for the quarter, compared to analysts' expectations of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same period in the previous year, the firm posted $5.41 EPS. As a group, sell-side analysts predict that FedEx Corporation will post 19.14 earnings per share for the current fiscal year.

FedEx Dividend Announcement

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

Insider Transactions at FedEx

In other news, Director R Brad Martin sold 2,123 shares of FedEx stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $241.75, for a total transaction of $513,235.25. Following the sale, the director owned 8,935 shares of the company's stock, valued at approximately $2,160,036.25. The trade was a 19.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $236.94, for a total transaction of $855,353.40. Following the sale, the director directly owned 7,720 shares in the company, valued at approximately $1,829,176.80. The trade was a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,343 shares of company stock worth $2,228,816 in the last ninety days. Insiders own 8.87% of the company's stock.

About FedEx

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.