Cannell & Spears LLC Trims Stock Position in FedEx Corporation $FDX

Cannell & Spears LLC decreased its stake in FedEx Corporation (NYSE:FDX) by 8.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,435 shares of the shipping service provider’s stock after selling 9,039 shares during the quarter. Cannell & Spears LLC’s holdings in FedEx were worth $37,185,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of FDX. Norges Bank purchased a new stake in FedEx during the fourth quarter worth $859,085,000. Boston Partners purchased a new position in shares of FedEx in the 3rd quarter valued at about $468,195,000. AQR Capital Management LLC raised its holdings in FedEx by 169.2% in 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 purchasing an additional 1,718,278 shares during the period. Waddell & Associates LLC grew its holdings in FedEx by 164.0% in the fourth quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock valued at $343,206,000 after purchasing an additional 738,122 shares during the period. Finally, Two Sigma Investments LP raised its stake in shares of FedEx by 3,211.5% during the 3rd quarter. Two Sigma Investments LP now owns 549,306 shares of the shipping service provider’s stock worth $129,532,000 after buying an additional 532,718 shares during the period. 84.47% of the stock is owned by institutional investors and hedge funds.

FedEx Stock Performance

NYSE:FDX opened at $314.77 on Friday. The stock has a market capitalization of $74.47 billion, a P/E ratio of 17.01, a PEG ratio of 1.62 and a beta of 1.29. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week high of $345.36. The company has a 50 day moving average price of $335.98 and a 200 day moving average price of $350.05.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The business 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%. Equities research analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were given a $1.22 dividend. This represents a $4.88 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 22nd. FedEx’s payout ratio is currently 26.36%.

Analyst Ratings Changes

FDX has been the topic of several recent analyst reports. Weiss Ratings downgraded shares of FedEx from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, June 3rd. Citigroup began coverage on FedEx in a research note on Wednesday, July 15th. They issued an “outperform” rating for the company. Raymond James Financial reduced their target price on shares of FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a research report on Wednesday, June 24th. BNP Paribas Exane lowered their target price on FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. Finally, Truist Financial dropped their target price on FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $350.54.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the business’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 sale, the director directly owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

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.