Edgestream Partners L.P. Decreases Position in FedEx Corporation $FDX

Edgestream Partners L.P. lowered its stake in shares of FedEx Corporation (NYSE:FDX) by 93.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 643 shares of the shipping service provider’s stock after selling 9,252 shares during the quarter. Edgestream Partners L.P.’s holdings in FedEx were worth $229,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FDX. Norges Bank bought a new position in FedEx during the fourth quarter valued at $859,085,000. Boston Partners bought a new stake in shares of FedEx in the 3rd quarter worth about $468,195,000. AQR Capital Management LLC boosted its stake in shares of FedEx by 169.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock worth $638,203,000 after purchasing an additional 1,718,278 shares during the period. Waddell & Associates LLC grew its holdings in FedEx by 164.0% during the 4th quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock valued at $343,206,000 after purchasing an additional 738,122 shares during the last quarter. Finally, Amundi raised its position in FedEx by 181.9% in the 1st quarter. Amundi now owns 1,015,844 shares of the shipping service provider’s stock worth $361,823,000 after purchasing an additional 655,504 shares during the period. 84.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FDX has been the subject of several analyst reports. TD Cowen decreased their price objective on shares of FedEx from $426.00 to $354.00 in a research note on Wednesday, June 24th. Wells Fargo & Company reduced their price target on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Wednesday, June 17th. Stephens upgraded FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. BMO Capital Markets reaffirmed a “market perform” rating on shares of FedEx in a research report on Wednesday, June 24th. Finally, Truist Financial reduced their target price on FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction 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 transaction, the director directly owned 16,359 shares in the company, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

FedEx Stock Up 2.0%

NYSE:FDX opened at $316.86 on Friday. 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 1-year low of $176.00 and a 1-year high of $345.36. The company has a 50-day moving average of $321.35 and a 200 day moving average of $350.47. The firm has a market cap of $74.97 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.60 and a beta of 1.30.

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

FedEx Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Shareholders of record on Monday, June 22nd were given 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 was Monday, June 22nd. FedEx’s dividend payout ratio (DPR) is 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.