Pacific Heights Asset Management LLC Purchases Shares of 85,000 FedEx Corporation $FDX

Pacific Heights Asset Management LLC acquired a new position in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, HoldingsChannel reports. The fund acquired 85,000 shares of the shipping service provider’s stock, valued at approximately $26,616,000.

A number of other hedge funds have also made changes to their positions in the business. Sivia Capital Partners LLC acquired a new position in shares of FedEx during the second quarter worth about $586,000. Canada Post Corp Registered Pension Plan grew its stake in shares of FedEx by 85.9% in the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after buying an additional 3,138 shares in the last quarter. North Dakota State Investment Board acquired a new stake in shares of FedEx in the fourth quarter valued at about $2,122,000. OMERS ADMINISTRATION Corp raised its holdings in shares of FedEx by 104.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider’s stock valued at $6,169,000 after buying an additional 8,868 shares during the period. Finally, First Nebraska Trust Co purchased a new stake in shares of FedEx during the 1st quarter valued at about $10,675,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

FedEx Stock Performance

Shares of FDX opened at $331.45 on Friday. The firm has a market cap of $78.44 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.73 and a beta of 1.30. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The business’s 50 day moving average is $319.23 and its two-hundred day moving average is $350.85. FedEx Corporation has a 52-week low of $177.05 and a 52-week high of $345.36.

FedEx (NYSE:FDX) last released its quarterly earnings results 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 net margin of 4.68% and a return on equity of 16.49%. Analysts forecast that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FDX shares. Stifel Nicolaus decreased their price target on FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Truist Financial dropped their price objective on shares of FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. HSBC reduced their target price on shares of FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a research report on Monday, June 1st. Rothschild & Co Redburn lowered their price target on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a report on Tuesday, June 2nd. Finally, Wells Fargo & Company dropped their price target on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 17th. One investment 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $350.54.

Insider Buying and Selling at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the company’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 sale, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.65% of the company’s stock.

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.