Manning & Napier Advisors LLC Makes New $7.74 Million Investment in FedEx Corporation $FDX

Manning & Napier Advisors LLC bought a new position in shares of FedEx Corporation (NYSE:FDX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 23,799 shares of the shipping service provider’s stock, valued at approximately $7,744,000.

Several other institutional investors have also recently added to or reduced their stakes in FDX. Sivia Capital Partners LLC purchased a new stake in shares of FedEx during the second quarter worth about $586,000. Canada Post Corp Registered Pension Plan raised its stake in FedEx by 85.9% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock worth $1,962,000 after purchasing an additional 3,138 shares during the period. North Dakota State Investment Board acquired a new stake in shares of FedEx during the 4th quarter worth $2,122,000. OMERS ADMINISTRATION Corp increased its stake in FedEx by 104.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider’s stock worth $6,169,000 after acquiring an additional 8,868 shares during the last quarter. Finally, First Nebraska Trust Co purchased a new stake in shares of FedEx during the 1st quarter worth about $10,675,000. Institutional investors and hedge funds own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

FDX has been the topic of several research reports. Bank of America raised their price objective on FedEx from $376.00 to $378.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. UBS Group cut their price target on FedEx from $445.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. Truist Financial decreased their price target on shares of FedEx from $425.00 to $365.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. BNP Paribas Exane dropped their target price on shares of FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. Finally, HSBC lowered their price objective on FedEx from $360.00 to $289.89 and set a “hold” rating for the company in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $350.54.

FedEx Stock Performance

Shares of FDX stock opened at $334.05 on Tuesday. FedEx Corporation has a 12-month low of $177.05 and a 12-month high of $345.36. 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 firm has a market capitalization of $79.06 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 1.67 and a beta of 1.30. The business has a 50 day simple moving average of $318.95 and a 200 day simple moving average of $351.51.

FedEx (NYSE:FDX) last released its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The company 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%. On average, equities research analysts anticipate that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Monday, September 14th will be issued a $1.22 dividend. The ex-dividend date is Monday, September 14th. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s dividend payout ratio (DPR) is 26.36%.

Insider Buying and Selling

In other news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the transaction, the director directly owned 16,359 shares in the company, valued at $5,309,477.04. The trade was a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.65% of the stock is currently owned by 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.