Legal & General Group Plc Purchases New Shares in FedEx Corporation $FDX

Legal & General Group Plc purchased a new position in FedEx Corporation (NYSE:FDX) during the second quarter, Holdings Channel.com reports. The firm purchased 1,431,101 shares of the shipping service provider’s stock, valued at approximately $448,121,000.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of FedEx in the second quarter worth $6,508,103,000. Norges Bank acquired a new position in FedEx during the fourth quarter valued at $859,085,000. Boston Partners purchased a new stake in FedEx in the 3rd quarter worth about $468,195,000. AQR Capital Management LLC boosted its position in FedEx by 169.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock worth $638,203,000 after acquiring an additional 1,718,278 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in FedEx during the 2nd quarter worth about $466,943,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the 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 directly owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.65% of the stock is currently owned by company insiders.

FedEx Stock Performance

Shares of FDX opened at $333.54 on Wednesday. The company’s fifty day moving average is $318.91 and its 200-day moving average is $351.31. FedEx Corporation has a 12 month low of $177.05 and a 12 month high of $345.36. The firm has a market cap of $78.94 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74.

FedEx (NYSE:FDX) last released its quarterly earnings data 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%. Equities analysts expect that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be issued a dividend of $1.22 per share. 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 payout ratio is 26.36%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Raymond James Financial reiterated an “outperform” rating on shares of FedEx in a report on Wednesday, August 19th. Wall Street Zen raised shares of FedEx to a “hold” rating in a research report on Saturday, August 8th. Citizens Jmp initiated coverage on shares of FedEx in a research note on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 price objective on the stock. Sanford C. Bernstein set a $397.00 target price on shares of FedEx in a research report on Wednesday, June 24th. Finally, Truist Financial decreased their target price on shares of FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, FedEx has an average rating of “Moderate Buy” and a consensus target price of $350.54.

FedEx 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.