4,260 Shares in FedEx Corporation $FDX Purchased by Sanders Morris Harris LLC

Sanders Morris Harris LLC acquired a new stake in shares of FedEx Corporation (NYSE:FDX) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,260 shares of the shipping service provider’s stock, valued at approximately $1,215,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FDX. Hollencrest Capital Management bought a new position in shares of FedEx in the first quarter worth approximately $25,000. Bayban bought a new stake in shares of FedEx during the 1st quarter valued at $26,000. Solstein Capital LLC bought a new stake in shares of FedEx during the 2nd quarter valued at $27,000. Cedar Mountain Advisors LLC lifted its stake in shares of FedEx by 77.4% during the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after buying an additional 41 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of FedEx during the 2nd quarter valued at $31,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Stifel Nicolaus cut their price target on FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Wells Fargo & Company lowered their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 17th. Truist Financial dropped their price objective on FedEx from $365.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Citizens Jmp initiated coverage on FedEx in a research note on Wednesday, July 15th. They issued a “market outperform” rating and a $375.00 price objective for the company. Finally, Sanford C. Bernstein set a $397.00 target price on FedEx in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, FedEx presently has a consensus rating of “Moderate Buy” and an average target price of $354.64.

FedEx Price Performance

Shares of NYSE:FDX traded up $0.72 during midday trading on Wednesday, reaching $291.31. 1,120,294 shares of the company were exchanged, compared to its average volume of 2,029,934. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The business’s fifty day moving average is $310.75 and its two-hundred day moving average is $335.21. FedEx Corporation has a one year low of $185.06 and a one year high of $345.36. The stock has a market cap of $68.94 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 1.56 and a beta of 1.28.

FedEx (NYSE:FDX) last posted 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 net margin of 4.68% and a return on equity of 16.49%. As a group, analysts predict that FedEx Corporation will post 17.53 earnings per share for the current year.

FedEx Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 14th were issued a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, September 14th. FedEx’s payout ratio is 26.36%.

FedEx Company Profile

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company’s services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.