Tocqueville Asset Management L.P. Invests $62.86 Million in FedEx Corporation $FDX

Key Points

• Tocqueville Asset Management acquired 200,746 FedEx shares worth approximately $62.86 million, making the stock about 0.8% of its portfolio. Institutional investors collectively own 84.47% of FedEx.
• Analysts maintain a generally positive view, with FedEx receiving a “Moderate Buy” consensus rating and an average price target of $350.54, despite several recent target-price reductions.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share. The company pays a quarterly dividend of $1.22, equivalent to a 1.5% yield, while a director recently sold 5,042 shares.

Tocqueville Asset Management L.P. purchased a new stake in shares of FedEx Corporation (NYSE:FDX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 200,746 shares of the shipping service provider's stock, valued at approximately $62,860,000. FedEx accounts for approximately 0.8% of Tocqueville Asset Management L.P.'s holdings, making the stock its 29th biggest holding. Tocqueville Asset Management L.P. owned about 0.08% of FedEx at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Sivia Capital Partners LLC acquired a new position in shares of FedEx in the second quarter valued at approximately $586,000. Canada Post Corp Registered Pension Plan boosted its position in FedEx by 85.9% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider's stock valued at $1,962,000 after buying an additional 3,138 shares during the period. North Dakota State Investment Board acquired a new position in shares of FedEx in the fourth quarter worth $2,122,000. OMERS ADMINISTRATION Corp grew its stake in shares of FedEx by 104.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider's stock worth $6,169,000 after acquiring an additional 8,868 shares in the last quarter. Finally, First Nebraska Trust Co purchased a new stake in shares of FedEx during the first quarter worth $10,675,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other FedEx 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 value of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on FDX shares. The Goldman Sachs Group reduced their price objective on FedEx from $405.00 to $375.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. HSBC lowered their target price on FedEx from $360.00 to $289.89 and set a "hold" rating for the company in a research note on Monday, June 1st. UBS Group reduced their price target on FedEx from $445.00 to $350.00 and set a "buy" rating on the stock in a research report on Wednesday, June 24th. Citigroup initiated coverage on FedEx in a research note on Wednesday, July 15th. They issued an "outperform" rating for the company. Finally, TD Cowen lowered their price objective on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $350.54.

FedEx Trading Down 0.1%

FDX opened at $328.07 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. FedEx Corporation has a one year low of $177.05 and a one year high of $345.36. The company has a market cap of $77.65 billion, a P/E ratio of 17.72, a PEG ratio of 1.69 and a beta of 1.30. The business's 50-day simple moving average is $319.53 and its 200-day simple moving average is $351.69.

FedEx (NYSE:FDX - Get Free Report) last issued its 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 business had revenue of $23.26 billion during the quarter. As a group, equities research analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

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

FedEx Company 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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