Baker Avenue Asset Management LP Invests $219,000 in FedEx Corporation (NYSE:FDX)

Baker Avenue Asset Management LP acquired a new position in shares of FedEx Corporation (NYSE:FDX) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 899 shares of the shipping service provider’s stock, valued at approximately $219,000.

Other institutional investors also recently modified their holdings of the company. Transce3nd LLC acquired a new stake in shares of FedEx during the 4th quarter worth approximately $26,000. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of FedEx in the 4th quarter worth approximately $28,000. Accredited Wealth Management LLC acquired a new position in shares of FedEx in the 4th quarter worth approximately $35,000. Optiver Holding B.V. acquired a new position in shares of FedEx in the 4th quarter worth approximately $39,000. Finally, Abound Financial LLC acquired a new position in shares of FedEx in the 1st quarter worth approximately $38,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FDX shares. UBS Group dropped their target price on FedEx from $311.00 to $297.00 and set a “buy” rating for the company in a report on Wednesday, June 25th. Wells Fargo & Company increased their target price on FedEx from $220.00 to $235.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 25th. Truist Financial reissued a “buy” rating and issued a $275.00 target price on shares of FedEx in a report on Wednesday, June 25th. JPMorgan Chase & Co. increased their target price on FedEx from $260.00 to $290.00 and gave the stock an “overweight” rating in a report on Wednesday, June 25th. Finally, Bank of America dropped their target price on FedEx from $270.00 to $245.00 and set a “buy” rating for the company in a report on Wednesday, June 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, FedEx presently has a consensus rating of “Moderate Buy” and an average price target of $283.25.

Insider Activity

In other news, Director R Brad Martin sold 2,123 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $241.75, for a total value of $513,235.25. Following the transaction, the director owned 8,935 shares of the company’s stock, valued at $2,160,036.25. This represents a 19.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Paul S. Walsh sold 3,610 shares of the stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $238.29, for a total value of $860,226.90. Following the completion of the transaction, the director directly owned 15,513 shares in the company, valued at approximately $3,696,592.77. This trade represents a 18.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,343 shares of company stock valued at $2,228,816 in the last 90 days. 8.87% of the stock is owned by company insiders.

FedEx Stock Down 2.9%

Shares of FDX opened at $217.02 on Monday. The firm has a market capitalization of $51.20 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 1.13 and a beta of 1.30. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19. The business’s fifty day moving average price is $227.85 and its two-hundred day moving average price is $234.90. FedEx Corporation has a 52 week low of $194.29 and a 52 week high of $308.53.

FedEx (NYSE:FDX) last announced its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 EPS for the quarter, beating analysts’ consensus estimates of $5.98 by $0.09. The firm had revenue of $22.20 billion for the quarter, compared to analyst estimates of $21.86 billion. FedEx had a return on equity of 16.34% and a net margin of 4.65%. During the same period last year, the company earned $5.41 EPS. On average, analysts predict that FedEx Corporation will post 19.14 earnings per share for the current year.

FedEx Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Monday, June 23rd were paid a $1.45 dividend. This is an increase from FedEx’s previous quarterly dividend of $1.38. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.7%. FedEx’s dividend payout ratio (DPR) is currently 34.36%.

About FedEx

FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. It operates through FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services segments. The FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; and time-critical transportation services.