VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Position in FedEx Corporation $FDX

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of FedEx Corporation (NYSE:FDX) during the second quarter, HoldingsChannel reports. The institutional investor bought 143,550 shares of the shipping service provider’s stock, valued at approximately $44,950,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in shares of FedEx in the 1st quarter worth approximately $25,000. Bayban bought a new stake in FedEx during the first quarter worth approximately $26,000. Solstein Capital LLC bought a new stake in FedEx during the second quarter worth approximately $27,000. EFG International AG acquired a new position in FedEx in the fourth quarter worth approximately $27,000. Finally, Wealth Watch Advisors INC bought a new position in shares of FedEx in the third quarter valued at $28,000. 84.47% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on FDX. Barclays reduced their price objective on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a research note on Wednesday, June 17th. Wall Street Zen raised FedEx to a “hold” rating in a research report on Saturday, August 8th. TD Cowen reduced their target price on FedEx from $426.00 to $354.00 in a report on Wednesday, June 24th. Citigroup assumed coverage on FedEx in a research report on Wednesday, July 15th. They issued an “outperform” rating for the company. Finally, HSBC dropped their price target on FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a research note on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $350.54.

Insiders Place Their Bets

In other FedEx news, Director Paul Walsh sold 5,042 shares of FedEx 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 completion of the sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This trade represents a 23.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.65% of the company’s stock.

FedEx Stock Down 0.1%

NYSE:FDX opened at $322.11 on Monday. The business’s fifty day moving average price is $319.36 and its 200 day moving average price is $348.92. The firm has a market capitalization of $76.23 billion, a price-to-earnings ratio of 17.40, a PEG ratio of 1.71 and a beta of 1.32. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 1-year low of $177.65 and a 1-year high of $345.36.

FedEx (NYSE:FDX) last released 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 return on equity of 16.49% and a net margin of 4.68%. On average, sell-side analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Monday, September 14th will be given a dividend of $1.22 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. FedEx’s payout ratio is presently 26.36%.

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.