Flputnam Investment Management Co. Takes Position in FedEx Corporation $FDX

Flputnam Investment Management Co. bought a new position in shares of FedEx Corporation (NYSE:FDX) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 5,562 shares of the shipping service provider’s stock, valued at approximately $1,742,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FDX. Hollencrest Capital Management purchased a new stake in FedEx during the first quarter worth approximately $25,000. Bayban purchased a new position in shares of FedEx in the 1st quarter valued at $26,000. EFG International AG acquired a new position in shares of 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. Institutional investors and hedge funds own 84.47% of the company’s stock.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on FDX shares. Truist Financial lowered their price objective on shares of FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Barclays reduced their target price on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 17th. Wells Fargo & Company lowered their price target on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a report on Wednesday, June 17th. Bank of America lifted their price target on shares of FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Rothschild & Co Redburn cut 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $350.54.

FedEx Stock Performance

FedEx stock opened at $331.86 on Tuesday. FedEx Corporation has a 52 week low of $177.05 and a 52 week high of $345.36. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The stock has a market cap of $78.51 billion, a P/E ratio of 17.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The stock has a 50 day moving average of $319.43 and a 200-day moving average of $351.54.

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

FedEx Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s payout ratio is presently 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.