Cibc World Market Inc. Makes New Investment in FedEx Corporation $FDX

Cibc World Market Inc. acquired a new stake in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 60,916 shares of the shipping service provider’s stock, valued at approximately $19,075,000.

A number of other hedge funds have also recently modified their holdings of the business. Sivia Capital Partners LLC purchased a new stake in FedEx in the second quarter worth about $586,000. Canada Post Corp Registered Pension Plan lifted its holdings in shares of FedEx by 85.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after purchasing an additional 3,138 shares during the last quarter. North Dakota State Investment Board purchased a new position in shares of FedEx during the fourth quarter valued at approximately $2,122,000. OMERS ADMINISTRATION Corp boosted its position in shares of FedEx by 104.9% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider’s stock worth $6,169,000 after purchasing an additional 8,868 shares in the last quarter. Finally, First Nebraska Trust Co purchased a new stake in shares of FedEx in the 1st quarter worth approximately $10,675,000. Institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of FDX opened at $334.05 on Tuesday. The company has a market cap of $79.06 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 1.67 and a beta of 1.30. The business’s fifty day simple moving average is $318.95 and its two-hundred day simple moving average is $351.51. FedEx Corporation has a 12 month low of $177.05 and a 12 month 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.

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

FedEx Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be given a $1.22 dividend. The ex-dividend date of this dividend is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s payout ratio is 26.36%.

Insiders Place Their Bets

In other FedEx 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 transaction of $1,636,431.52. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on FDX shares. Evercore set a $165.00 price objective on FedEx in a research note on Friday, June 26th. Citigroup started coverage on FedEx in a research note on Wednesday, July 15th. They issued an “outperform” rating on the stock. BNP Paribas Exane lowered their price target on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. Jefferies Financial Group initiated coverage on shares of FedEx in a research note on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 price target on the stock. 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 research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

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.