VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in FedEx Corporation $FDX

Key Points

• Virginia Retirement Systems acquired 143,550 FedEx shares worth approximately $44.95 million, representing about 0.06% of the company. Institutional investors collectively own 84.47% of FedEx.
• FedEx reported quarterly revenue of $23.26 billion and earnings of $5.88 per share, while analysts expect full-year earnings of approximately $17.60 per share.
• FedEx declared a quarterly dividend of $1.22, equivalent to $4.88 annually and a 1.5% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $348.32, above the reported share price of $316.49.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in FedEx Corporation (NYSE:FDX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 143,550 shares of the shipping service provider's stock, valued at approximately $44,950,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.06% of FedEx as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management purchased a new position in FedEx during the 1st quarter worth approximately $25,000. Bayban purchased a new position in shares of FedEx during the 1st quarter valued at approximately $26,000. Solstein Capital LLC acquired a new stake in FedEx in the 2nd quarter valued at $27,000. Cedar Mountain Advisors LLC grew its stake in FedEx by 77.4% in the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider's stock valued at $33,000 after acquiring an additional 41 shares during the period. Finally, EFG International AG acquired a new stake in FedEx during the 4th quarter worth $27,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Price Performance

NYSE:FDX traded down $6.03 during trading hours on Tuesday, hitting $316.49. The company's stock had a trading volume of 369,025 shares, compared to its average volume of 2,103,963. The business's 50-day moving average is $319.29 and its two-hundred day moving average is $348.55. The company has a market capitalization of $74.90 billion, a PE ratio of 17.10, a PEG ratio of 1.71 and a beta of 1.32. 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 52-week low of $177.86 and a 52-week high of $345.36.

FedEx (NYSE:FDX - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion during the quarter. As a group, research analysts anticipate that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be given a $1.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.5%. FedEx's dividend payout ratio (DPR) is currently 26.36%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FDX shares. The Goldman Sachs Group lowered their target price on shares of FedEx from $405.00 to $375.00 and set a "buy" rating on the stock in a research note on Monday, June 1st. Raymond James Financial set a $330.00 price target on FedEx in a report on Friday, August 28th. HSBC reduced their price objective on shares of FedEx from $360.00 to $289.89 and set a "hold" rating on the stock in a report on Monday, June 1st. Rothschild & Co Redburn reduced their price objective on shares of FedEx from $375.00 to $344.00 and set a "neutral" rating on the stock in a report on Tuesday, June 2nd. Finally, Wells Fargo & Company cut their price target on shares of FedEx from $450.00 to $425.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $348.32.

Insider Buying and Selling at FedEx

In other news, Director Paul 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 value of $1,636,431.52. Following the completion of the transaction, the director 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 filing with the SEC, which is available through the SEC website. 0.65% of the stock is currently 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.