FedEx Corporation (NYSE:FDX) Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in FedEx Corporation by 1.4% during the first quarter, acquiring an additional 289,655 shares, bringing its total ownership to 20,489,161 shares, valued at approximately $4.99 billion.
• FedEx recently reported quarterly earnings of $6.07 per share, exceeding analyst estimates of $5.98, alongside revenue of $22.20 billion for the quarter, compared to forecasts of $21.86 billion.
• The company declared a quarterly dividend of $1.45, with a dividend yield of 2.6%, set to be paid on October 1st to shareholders of record as of September 8th.

Vanguard Group Inc. increased its position in shares of FedEx Corporation (NYSE:FDX - Free Report) by 1.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,489,161 shares of the shipping service provider's stock after buying an additional 289,655 shares during the period. Vanguard Group Inc. owned 8.55% of FedEx worth $4,994,848,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Renasant Bank purchased a new position in FedEx during the first quarter valued at $274,000. Cary Street Partners Investment Advisory LLC lifted its holdings in FedEx by 60.7% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 188 shares of the shipping service provider's stock valued at $46,000 after purchasing an additional 71 shares in the last quarter. Costello Asset Management INC lifted its holdings in FedEx by 6.3% during the first quarter. Costello Asset Management INC now owns 1,700 shares of the shipping service provider's stock valued at $414,000 after purchasing an additional 100 shares in the last quarter. Cary Street Partners Financial LLC lifted its holdings in FedEx by 38.0% during the first quarter. Cary Street Partners Financial LLC now owns 50,152 shares of the shipping service provider's stock valued at $12,226,000 after purchasing an additional 13,818 shares in the last quarter. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in shares of FedEx by 33.3% in the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 1,200 shares of the shipping service provider's stock valued at $293,000 after buying an additional 300 shares during the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FDX shares. Stephens reiterated an "overweight" rating and issued a $300.00 target price on shares of FedEx in a research report on Tuesday, May 20th. Stifel Nicolaus set a $315.00 target price on shares of FedEx in a research report on Wednesday, June 25th. TD Cowen reduced their target price on shares of FedEx from $310.00 to $269.00 and set a "buy" rating for the company in a research report on Wednesday, June 25th. Wells Fargo & Company increased their target price on shares of FedEx from $220.00 to $235.00 and gave the company an "equal weight" rating in a research report on Wednesday, June 25th. Finally, BMO Capital Markets reduced their target price on shares of FedEx from $275.00 to $260.00 and set a "market perform" rating for the company in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $283.25.

FedEx Trading Up 1.4%

Shares of FDX traded up $3.21 during trading on Friday, reaching $227.87. 1,324,753 shares of the company traded hands, compared to its average volume of 1,908,180. FedEx Corporation has a twelve month low of $194.29 and a twelve month high of $308.53. The stock has a market cap of $53.75 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. The stock has a 50-day simple moving average of $228.40 and a 200-day simple moving average of $233.42. 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 posted its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating the consensus estimate of $5.98 by $0.09. FedEx had a net margin of 4.65% and a return on equity of 16.34%. The business had revenue of $22.20 billion during the quarter, compared to analyst estimates of $21.86 billion. During the same quarter last year, the firm posted $5.41 earnings per share. On average, analysts anticipate that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Announces Dividend

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

Insider Buying and Selling

In related 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 value of $513,235.25. Following the completion of the transaction, the director owned 8,935 shares in the company, valued at $2,160,036.25. The trade was a 19.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Marvin R. Ellison sold 3,610 shares of FedEx stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total transaction of $855,353.40. Following the completion of the transaction, the director owned 7,720 shares of the company's stock, valued at $1,829,176.80. This represents a 31.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,343 shares of company stock worth $2,228,816 over the last 90 days. 8.87% of the stock is owned by insiders.

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.