Maverick Capital Ltd. Sells 23,043 Shares of FedEx Corporation $FDX

Maverick Capital Ltd. lessened its stake in FedEx Corporation (NYSE:FDX) by 92.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,980 shares of the shipping service provider’s stock after selling 23,043 shares during the quarter. Maverick Capital Ltd.’s holdings in FedEx were worth $705,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FDX. Hollencrest Capital Management bought a new position in shares of FedEx during the 1st quarter valued at about $25,000. Bayban bought a new stake in FedEx in the 1st quarter worth approximately $26,000. Cedar Mountain Advisors LLC lifted its position in FedEx by 77.4% in the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock worth $33,000 after buying an additional 41 shares during the last quarter. EFG International AG purchased a new stake in FedEx in the fourth quarter worth approximately $27,000. Finally, Tucker Asset Management LLC bought a new position in FedEx during the fourth quarter valued at approximately $29,000. Institutional investors own 84.47% of the company’s stock.

Insider Activity

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 value of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. The trade was 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 the SEC website. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

FDX has been the topic of several research reports. Evercore set a $165.00 price target on shares of FedEx in a research note on Friday, June 26th. Truist Financial cut their price objective 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. Stifel Nicolaus reduced their target price on shares of FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of FedEx in a research report on Friday, June 26th. Finally, Stephens raised shares of FedEx to a “strong-buy” rating in a research note on Wednesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

FedEx Stock Performance

NYSE:FDX opened at $313.08 on Wednesday. The firm has a market cap of $74.07 billion, a PE ratio of 16.91, a price-to-earnings-growth ratio of 1.60 and a beta of 1.29. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week high of $345.36. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The business has a 50 day moving average price of $333.57 and a 200-day moving average price of $350.48.

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

FedEx Cuts Dividend

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

FedEx Company 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.