Empowered Funds LLC Has $11.71 Million Stake in FedEx Corporation $FDX

Empowered Funds LLC boosted its position in shares of FedEx Corporation (NYSE:FDX) by 8.6% during the 1st quarter, HoldingsChannel reports. The firm owned 32,867 shares of the shipping service provider’s stock after buying an additional 2,605 shares during the quarter. Empowered Funds LLC’s holdings in FedEx were worth $11,707,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FDX. State Street Corp grew its holdings in shares of FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock valued at $2,763,824,000 after buying an additional 382,848 shares in the last quarter. Franklin Resources Inc. raised its position in FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after buying an additional 318,293 shares during the period. Geode Capital Management LLC lifted its stake in FedEx by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock worth $1,443,666,000 after acquiring an additional 45,818 shares in the last quarter. Invesco Ltd. lifted its stake in FedEx by 3.1% in the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after acquiring an additional 108,426 shares in the last quarter. Finally, Norges Bank acquired a new stake in FedEx during the 4th quarter worth about $859,085,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Insider Transactions at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FDX has been the topic of several research analyst reports. Stifel Nicolaus lowered their target price on FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. TD Cowen reduced their price target on shares of FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. The Goldman Sachs Group decreased their price target on shares of FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a report on Monday, June 1st. Seaport Research Partners began coverage on shares of FedEx in a research note on Wednesday, May 27th. They issued a “buy” rating on the stock. Finally, Evercore set a $165.00 price objective on shares of FedEx in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, FedEx currently has an average rating of “Moderate Buy” and an average target price of $350.54.

FedEx Stock Performance

Shares of FDX opened at $308.96 on Thursday. The company has a market capitalization of $73.10 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. FedEx Corporation has a one year low of $172.88 and a one year high of $345.36. The company’s fifty day moving average price is $332.02 and its 200 day moving average price is $350.48.

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

FedEx Cuts Dividend

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

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.