FedEx Corporation $FDX Stock: Russell Investments Group Ltd. Decreases Stake

Russell Investments Group Ltd. cut its holdings in FedEx Corporation (NYSE:FDX) by 8.4% in the third quarter, Holdings Channel reports. The fund owned 309,474 shares of the shipping service provider’s stock after selling 28,273 shares during the quarter. Russell Investments Group Ltd.’s holdings in FedEx were worth $88,237,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Werba Rubin Papier Wealth Management increased its position in FedEx by 8.3% during the 3rd quarter. Werba Rubin Papier Wealth Management now owns 808 shares of the shipping service provider’s stock valued at $230,000 after purchasing an additional 62 shares during the period. R Squared Ltd bought a new stake in shares of FedEx in the 3rd quarter valued at about $239,000. Bingham Private Wealth LLC raised its holdings in shares of FedEx by 2.2% in the 3rd quarter. Bingham Private Wealth LLC now owns 2,656 shares of the shipping service provider’s stock valued at $757,000 after purchasing an additional 56 shares in the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of FedEx by 12.4% in the 3rd quarter. Maryland State Retirement & Pension System now owns 13,278 shares of the shipping service provider’s stock valued at $3,785,000 after purchasing an additional 1,463 shares in the last quarter. Finally, UNIVEST FINANCIAL Corp lifted its position in shares of FedEx by 1.6% in the 3rd quarter. UNIVEST FINANCIAL Corp now owns 29,536 shares of the shipping service provider’s stock worth $8,420,000 after purchasing an additional 476 shares during the period. 84.47% of the stock is currently owned by institutional investors.

FedEx Stock Up 1.4%

FDX traded up $4.61 on Friday, hitting $323.91. The company had a trading volume of 1,067,061 shares, compared to its average volume of 1,476,723. The stock has a fifty day moving average price of $302.53 and a 200-day moving average price of $337.70. FedEx Corporation has a 12-month low of $207.83 and a 12-month high of $345.36. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.29 and a current ratio of 1.33. The stock has a market capitalization of $75.86 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 1.29 and a beta of 1.27.

FedEx (NYSE:FDX) last released its quarterly earnings results on Wednesday, October 28th. The shipping service provider reported $3.74 EPS for the quarter, beating the consensus estimate of $3.34 by $0.40. The business had revenue of $22.93 billion during the quarter, compared to analyst estimates of $22.73 billion. FedEx had a net margin of 4.09% and a return on equity of 15.53%. The company’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.83 earnings per share. Analysts predict that FedEx Corporation will post 18.29 EPS for the current fiscal year.

FedEx Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 14th were given a dividend of $1.22 per share. The ex-dividend date of this dividend was 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 is presently 30.01%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on FDX. JPMorgan Chase & Co. increased their price objective on shares of FedEx from $399.00 to $400.00 and gave the company an “overweight” rating in a research note on Thursday, October 29th. BNP Paribas Exane lifted their price objective on shares of FedEx from $269.80 to $300.00 and gave the company a “neutral” rating in a report on Wednesday, September 30th. Truist Financial reduced their price objective on shares of FedEx from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Weiss Ratings downgraded shares of FedEx from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, October 29th. Finally, Sanford C. Bernstein set a $377.00 target price on FedEx in a report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, FedEx has a consensus rating of “Moderate Buy” and a consensus target price of $359.16.

Insider Transactions at FedEx

In other news, EVP Gina Adams sold 3,014 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $317.06, for a total transaction of $955,618.84. Following the transaction, the executive vice president directly owned 9,656 shares of the company’s stock, valued at approximately $3,061,531.36. This represents a 23.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claude Russ sold 16,762 shares of the stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $316.11, for a total value of $5,298,635.82. Following the sale, the chief financial officer owned 4,387 shares of the company’s stock, valued at approximately $1,386,774.57. This represents a 79.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 46,387 shares of company stock valued at $14,681,426. Corporate insiders own 0.65% of the company’s stock.

About FedEx

FedEx Corporation is a global transportation and logistics company that provides delivery, freight, and supply chain services to businesses and consumers. Its offerings include express and ground package delivery, freight transportation, customs clearance, and logistics solutions that help customers manage shipping and distribution. Founded by Frederick W. Smith in 1971, FedEx began operations in 1973. The company serves customers throughout the United States and in international markets, connecting businesses and consumers through its transportation and delivery networks.