Korea Investment CORP Raises Holdings in FedEx Corporation $FDX
by Scott Moore · The Cerbat GemKorea Investment CORP increased its holdings in FedEx Corporation (NYSE:FDX – Free Report) by 31.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 216,706 shares of the shipping service provider’s stock after acquiring an additional 52,273 shares during the period. Korea Investment CORP’s holdings in FedEx were worth $52,829,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in FDX. Transce3nd LLC purchased a new position in FedEx in the fourth quarter worth approximately $26,000. Accredited Wealth Management LLC acquired a new position in FedEx during the fourth quarter worth $35,000. Abound Financial LLC acquired a new position in FedEx during the first quarter worth $38,000. Optiver Holding B.V. acquired a new position in FedEx during the fourth quarter worth $39,000. Finally, Ameriflex Group Inc. acquired a new position in FedEx during the fourth quarter worth $43,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.
FedEx Stock Performance
Shares of FDX stock opened at $227.72 on Tuesday. The stock’s 50-day moving average is $229.52 and its two-hundred day moving average is $231.27. The firm has a market cap of $53.72 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.18 and a beta of 1.30. FedEx Corporation has a 1 year low of $194.29 and a 1 year high of $308.53. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.15 and a current ratio of 1.19.
FedEx (NYSE:FDX – Get Free Report) last issued its quarterly earnings data on Tuesday, June 24th. The shipping service provider reported $6.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.98 by $0.09. The company 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 quarter last year, the company posted $5.41 earnings per share. Analysts predict that FedEx Corporation will post 19.14 earnings per share for the current year.
FedEx Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 8th will be issued a dividend of $1.45 per share. The ex-dividend date of this dividend is Monday, September 8th. This represents a $5.80 annualized dividend and a dividend yield of 2.5%. FedEx’s dividend payout ratio (DPR) is presently 34.36%.
Insiders Place Their Bets
In other FedEx news, Director R Brad Martin sold 2,123 shares of the firm’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $241.75, for a total transaction of $513,235.25. Following the transaction, the director owned 8,935 shares of the company’s stock, valued at approximately $2,160,036.25. This trade represents a 19.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Marvin R. Ellison sold 3,610 shares of the firm’s stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $236.94, for a total value of $855,353.40. Following the transaction, the director directly owned 7,720 shares in the company, valued at approximately $1,829,176.80. This represents a 31.86% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,343 shares of company stock valued at $2,228,816. 8.87% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of research analysts have commented on the company. Cowen restated a “buy” rating on shares of FedEx in a research note on Wednesday, June 25th. TD Cowen reduced their price objective on FedEx from $310.00 to $269.00 and set a “buy” rating on the stock in a research note on Wednesday, June 25th. BMO Capital Markets reduced their price objective on FedEx from $275.00 to $260.00 and set a “market perform” rating on the stock in a research note on Monday, May 19th. Barclays reiterated an “overweight” rating and issued a $320.00 price objective (down from $330.00) on shares of FedEx in a research note on Wednesday, June 25th. Finally, UBS Group reduced their price objective on FedEx from $311.00 to $297.00 and set a “buy” rating on the stock in a research note on Wednesday, June 25th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, FedEx currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.13.
Check Out Our Latest Stock Analysis on FDX
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.
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