Coastal Bridge Advisors LLC Takes $997,000 Position in FedEx Corporation $FDX

Coastal Bridge Advisors LLC purchased a new position in FedEx Corporation (NYSE:FDX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,185 shares of the shipping service provider’s stock, valued at approximately $997,000.

Several other hedge funds have also recently made changes to their positions in FDX. Hollencrest Capital Management bought a new position in FedEx during the first quarter valued at approximately $25,000. Bayban bought a new stake in FedEx in the 1st quarter worth approximately $26,000. Solstein Capital LLC bought a new stake in FedEx in the 2nd quarter worth approximately $27,000. EFG International AG purchased a new stake in FedEx during the 4th quarter valued at $27,000. Finally, Wealth Watch Advisors INC purchased a new stake in FedEx during the 3rd quarter valued at $28,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Trading Down 1.4%

Shares of FDX stock opened at $331.45 on Friday. FedEx Corporation has a 1 year low of $177.05 and a 1 year high of $345.36. The firm has a fifty day moving average price of $319.23 and a 200-day moving average price of $350.85. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The company 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.

FedEx (NYSE:FDX) last posted its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The firm 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%. As a group, equities analysts predict that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Dividend Announcement

The business 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 $1.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s dividend payout ratio is presently 26.36%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FDX. BNP Paribas Exane dropped their price target on FedEx from $335.00 to $269.76 and set a “neutral” rating on the stock in a research note on Tuesday, June 2nd. Seaport Research Partners started coverage on FedEx in a research report on Wednesday, May 27th. They set a “buy” rating for the company. Truist Financial lowered their target price on FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a report on Thursday, June 25th. HSBC dropped their target price on FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a research report on Monday, June 1st. Finally, Citizens Jmp assumed coverage on FedEx in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $375.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

Insider Activity at FedEx

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 16,359 shares in the company, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.65% of the stock is owned by company insiders.

FedEx 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.