Bull Harbor Capital LLC Makes New Investment in FedEx Corporation $FDX

Bull Harbor Capital LLC purchased a new stake in FedEx Corporation (NYSE:FDX) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 6,739 shares of the shipping service provider’s stock, valued at approximately $2,400,000. FedEx accounts for approximately 0.6% of Bull Harbor Capital LLC’s portfolio, making the stock its 24th biggest position.

Other large investors have also recently modified their holdings of the company. State Street Corp grew its stake in shares of FedEx by 4.2% in the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock worth $2,763,824,000 after purchasing an additional 382,848 shares during the last quarter. Franklin Resources Inc. raised its position in FedEx by 6.6% during the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock worth $1,482,785,000 after purchasing an additional 318,293 shares during the last quarter. Geode Capital Management LLC lifted its holdings in FedEx by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock worth $1,443,666,000 after buying an additional 45,818 shares during the period. Invesco Ltd. lifted its holdings in FedEx by 3.1% during the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after buying an additional 108,426 shares during the period. Finally, Norges Bank bought a new stake in shares of FedEx in the 4th quarter valued at about $859,085,000. Institutional investors own 84.47% of the company’s stock.

FedEx Stock Down 1.2%

Shares of NYSE FDX opened at $308.96 on Thursday. 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 50-day moving average price of $332.02 and a 200-day moving average price of $350.48. The stock has a market capitalization of $73.10 billion, a P/E ratio of 16.69, a P/E/G ratio of 1.61 and a beta of 1.29. FedEx Corporation has a 1 year low of $172.88 and a 1 year high of $345.36.

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 for the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. On average, equities research analysts forecast that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were paid a $1.22 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.6%. FedEx’s dividend payout ratio is 26.36%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group decreased their price target on FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Sanford C. Bernstein set a $397.00 price objective on FedEx in a research note on Wednesday, June 24th. Evercore set a $165.00 target price on shares of FedEx in a research report on Friday, June 26th. Bank of America boosted their price target on shares of FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Argus increased their price objective on shares of FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

Insider Buying and Selling at FedEx

In related news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. The trade was a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by corporate insiders.

FedEx Company 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.