UNIVEST FINANCIAL Corp Purchases New Stake in FedEx Corporation $FDX

Key Points

• UNIVEST FINANCIAL Corp acquired 29,060 FedEx shares during the second quarter, valued at approximately $9.1 million. Institutional investors and hedge funds collectively own 84.47% of FedEx.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $350.54, although several firms recently lowered their targets and Deutsche Bank downgraded the stock to “Hold.”
• FedEx reported quarterly earnings of $5.88 per share on $23.26 billion in revenue. The stock opened at $331.86, while the company declared a quarterly dividend of $1.22, representing a 1.5% annualized yield.

UNIVEST FINANCIAL Corp bought a new stake in FedEx Corporation (NYSE:FDX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 29,060 shares of the shipping service provider's stock, valued at approximately $9,100,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new position in shares of FedEx during the first quarter worth $25,000. Bayban purchased a new position in shares of FedEx in the first quarter valued at $26,000. EFG International AG acquired a new stake in FedEx during the 4th quarter valued at $27,000. Wealth Watch Advisors INC purchased a new stake in FedEx during the 3rd quarter worth $28,000. Finally, Tucker Asset Management LLC purchased a new stake in FedEx during the 4th quarter worth $29,000. 84.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Sanford C. Bernstein set a $397.00 price objective on shares of FedEx in a research report on Wednesday, June 24th. TD Cowen cut their price target on FedEx from $426.00 to $354.00 in a research note on Wednesday, June 24th. Jefferies Financial Group started coverage on FedEx in a report on Tuesday, June 23rd. They issued a "buy" rating and a $200.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered FedEx from a "buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus dropped their price objective on FedEx from $442.00 to $326.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $350.54.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the firm's stock in a transaction 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 in the company, 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.53% of the company's stock.

FedEx Price Performance

FDX opened at $331.86 on Tuesday. The company has a market capitalization of $78.51 billion, a P/E ratio of 17.93, a PEG ratio of 1.72 and a beta of 1.30. The company has a 50-day moving average of $319.43 and a 200-day moving average of $351.54. 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 1-year low of $177.05 and a 1-year high of $345.36.

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. The business had revenue of $23.26 billion for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. Equities 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. Stockholders of record on Monday, June 22nd were issued a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Monday, June 22nd. 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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