Cornerstone Investment Partners LLC Invests $50,013,000 in FedEx Corp. (FDX)
Cornerstone Investment Partners LLC bought a new position in FedEx Corp. (NYSE:FDX) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 286,311 shares of the shipping service provider’s stock, valued at approximately $50,013,000. FedEx Corp. accounts for 2.2% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 28th largest position.
A number of other hedge funds have also added to or reduced their stakes in the company. Emerald Acquisition Ltd. purchased a new position in FedEx Corp. during the second quarter worth about $102,955,000. Bank of Montreal Can purchased a new position in FedEx Corp. during the second quarter worth about $98,813,000. Societe Generale purchased a new position in FedEx Corp. during the second quarter worth about $57,378,000. First Manhattan Co. increased its position in FedEx Corp. by 512.7% in the second quarter. First Manhattan Co. now owns 328,102 shares of the shipping service provider’s stock worth $49,799,000 after buying an additional 274,555 shares during the last quarter. Finally, Artisan Partners Limited Partnership increased its position in FedEx Corp. by 21.2% in the second quarter. Artisan Partners Limited Partnership now owns 1,145,831 shares of the shipping service provider’s stock worth $173,914,000 after buying an additional 200,804 shares during the last quarter. Institutional investors and hedge funds own 73.96% of the company’s stock.
Shares of FedEx Corp. (NYSE:FDX) traded up 0.19% during mid-day trading on Tuesday, reaching $190.40. The company’s stock had a trading volume of 74,142 shares. The company’s 50 day moving average price is $178.12 and its 200-day moving average price is $166.84. The company has a market capitalization of $50.60 billion, a price-to-earnings ratio of 28.48 and a beta of 1.14. FedEx Corp. has a 1-year low of $119.71 and a 1-year high of $191.84.
FedEx Corp. (NYSE:FDX) last announced its earnings results on Tuesday, September 20th. The shipping service provider reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.81 by $0.09. The firm earned $14.70 billion during the quarter. FedEx Corp. had a return on equity of 21.65% and a net margin of 3.49%. The firm’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period last year, the company earned $2.42 earnings per share. Analysts predict that FedEx Corp. will post $12.15 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Monday, December 12th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.84%. FedEx Corp.’s dividend payout ratio (DPR) is presently 23.99%.
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A number of research firms have recently issued reports on FDX. Deutsche Bank AG began coverage on FedEx Corp. in a research report on Thursday, November 24th. They set a “buy” rating on the stock. BMO Capital Markets began coverage on FedEx Corp. in a research report on Thursday, November 17th. They set a “market perform” rating and a $190.00 price target on the stock. Oppenheimer Holdings Inc. increased their price target on FedEx Corp. from $180.00 to $184.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 21st. Stifel Nicolaus increased their price target on FedEx Corp. from $179.00 to $186.00 and gave the stock a “buy” rating in a research report on Wednesday, September 21st. Finally, Vetr raised FedEx Corp. from a “buy” rating to a “strong-buy” rating and set a $179.94 price target on the stock in a research report on Tuesday, August 2nd. Twelve equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $179.22.
In related news, EVP Robert B. Carter sold 24,784 shares of the company’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $176.95, for a total value of $4,385,528.80. Following the completion of the sale, the executive vice president now directly owns 68,183 shares of the company’s stock, valued at approximately $12,064,981.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP John L. Merino sold 10,280 shares of the company’s stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $181.72, for a total value of $1,868,081.60. Following the completion of the sale, the vice president now directly owns 29,722 shares of the company’s stock, valued at $5,401,081.84. The disclosure for this sale can be found here. 8.67% of the stock is owned by corporate insiders.
About FedEx Corp.
FedEx Corporation (FedEx) provides a portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively, under the FedEx brand. The Company’s segments include FedEx Express, TNT Express, FedEx Ground, FedEx Freight and FedEx Services.
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