Strategy Asset Managers LLC Acquires 2,629 Shares of FedEx Corporation $FDX

Strategy Asset Managers LLC acquired a new position in FedEx Corporation (NYSE:FDX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,629 shares of the shipping service provider’s stock, valued at approximately $750,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. acquired a new position in FedEx during the 2nd quarter worth about $6,508,103,000. Primecap Management Co. CA acquired a new stake in shares of FedEx in the second quarter valued at about $2,554,138,000. Bank of America Corp DE bought a new position in shares of FedEx during the second quarter worth about $579,171,000. Bank of New York Mellon Corp bought a new position in shares of FedEx during the second quarter worth about $466,943,000. Finally, Legal & General Group Plc bought a new position in shares of FedEx during the second quarter worth about $448,121,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FDX. Stephens raised FedEx to a “strong-buy” rating in a research note on Wednesday, July 8th. Raymond James Financial set a $330.00 target price on shares of FedEx in a research report on Friday, August 28th. Truist Financial decreased their target price on shares of FedEx from $365.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, October 7th. Citigroup restated a “cautious” rating on shares of FedEx in a report on Wednesday, October 7th. Finally, Jefferies Financial Group initiated coverage on shares of FedEx in a research report on Tuesday, June 23rd. They issued a “buy” rating and a $200.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and a consensus target price of $354.64.

FedEx Stock Performance

Shares of FDX stock opened at $291.31 on Thursday. The firm has a 50 day moving average of $310.36 and a 200-day moving average of $334.79. The company has a market cap of $68.94 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 1.55 and a beta of 1.28. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 52 week low of $185.06 and a 52 week 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 (EPS) 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 analysts forecast that FedEx Corporation will post 17.53 earnings per share for the current year.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Monday, September 14th were issued a dividend of $1.22 per share. The ex-dividend date was Monday, September 14th. This represents a $4.88 annualized dividend and a dividend yield of 1.7%. FedEx’s dividend payout ratio is currently 26.36%.

FedEx Profile

FedEx Corporation is a global transportation, e-commerce and business services company headquartered in Memphis, Tennessee. Through its operating companies, FedEx provides time-definite express delivery, ground shipping, freight transportation, and logistics services for businesses, government organizations and consumers.

The company’s services include domestic and international parcel delivery, less-than-truckload freight transportation, supply chain management, customs and trade assistance, warehousing, fulfillment and other logistics solutions.