Caisse de depot et placement du Quebec Takes Position in FedEx Corporation $FDX

Caisse de depot et placement du Quebec acquired a new position in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 175,380 shares of the shipping service provider’s stock, valued at approximately $54,917,000.

Several other institutional investors also recently modified their holdings of FDX. Pointe Capital Management LLC purchased a new position in FedEx in the 2nd quarter worth approximately $493,000. Man Group plc purchased a new stake in shares of FedEx during the 2nd quarter valued at $19,128,000. Western Wealth Management LLC bought a new stake in shares of FedEx during the 2nd quarter worth $1,045,000. Invst LLC purchased a new position in FedEx in the second quarter worth $1,077,000. Finally, Councilmark Asset Management LLC purchased a new position in FedEx in the second quarter worth $412,000. 84.47% of the stock is currently owned by institutional investors.

FedEx Stock Down 1.4%

Shares of NYSE:FDX opened at $331.45 on Friday. The stock has a market capitalization of $78.44 billion, a P/E ratio of 17.91, a price-to-earnings-growth ratio of 1.73 and a beta of 1.30. The stock’s 50-day moving average price is $319.23 and its 200-day moving average price is $350.85. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 12-month low of $177.05 and a 12-month high of $345.36.

FedEx (NYSE:FDX) last released its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share for the quarter. The company 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%. On average, equities analysts anticipate that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, September 14th will be given a dividend of $1.22 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $4.88 annualized dividend and a yield of 1.5%. FedEx’s dividend payout ratio is presently 26.36%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FDX shares. Jefferies Financial Group initiated coverage on FedEx in a research report on Tuesday, June 23rd. They set a “buy” rating and a $200.00 price target on the stock. Bank of America upped their price objective on FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Evercore set a $165.00 price objective on FedEx in a research report on Friday, June 26th. Barclays decreased their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Wednesday, June 17th. Finally, Citigroup initiated coverage on FedEx in a research note on Wednesday, July 15th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $350.54.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at $5,309,477.04. The trade was a 23.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.65% of the stock is owned by insiders.

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.