Convergence Investment Partners LLC Makes New Investment in FedEx Corporation $FDX

Convergence Investment Partners LLC purchased a new stake in FedEx Corporation (NYSE:FDX) in the first quarter, HoldingsChannel reports. The institutional investor purchased 7,343 shares of the shipping service provider’s stock, valued at approximately $2,615,000.

Other institutional investors also recently modified their holdings of the company. Sivia Capital Partners LLC bought a new stake in shares of FedEx during the 2nd quarter worth $586,000. CWM LLC increased its position in FedEx by 32.2% during the 4th quarter. CWM LLC now owns 108,031 shares of the shipping service provider’s stock worth $31,206,000 after purchasing an additional 26,322 shares in the last quarter. Canada Post Corp Registered Pension Plan increased its position in FedEx by 85.9% during the 4th 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in FedEx by 19.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock valued at $12,081,000 after purchasing an additional 6,864 shares during the last quarter. Finally, North Dakota State Investment Board bought a new position in FedEx in the 4th quarter valued at approximately $2,122,000. 84.47% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by insiders.

FedEx Trading Down 2.2%

FDX opened at $306.08 on Tuesday. FedEx Corporation has a fifty-two week low of $172.88 and a fifty-two week 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 $73.03 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.61 and a beta of 1.29. The company’s 50 day moving average price is $340.67 and its two-hundred day moving average price is $349.72.

FedEx (NYSE:FDX) last announced its quarterly earnings results on Tuesday, June 23rd. The shipping service provider reported $6.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.91 by $0.40. The firm had revenue of $25.01 billion during the quarter, compared to analysts’ expectations of $24.04 billion. FedEx had a net margin of 4.68% and a return on equity of 16.49%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted $6.07 EPS. FedEx has set its FY 2027 guidance at 16.900-18.100 EPS. As a group, research analysts predict that FedEx Corporation will post 17.6 earnings per share for the current year.

FedEx Cuts Dividend

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

Analysts Set New Price Targets

A number of research firms have weighed in on FDX. Citigroup initiated coverage on shares of FedEx in a research note on Wednesday, July 15th. They set an “outperform” rating on the stock. Raymond James Financial dropped their price target on FedEx from $415.00 to $330.00 and set an “outperform” rating for the company in a research note on Wednesday, June 24th. Citizens Jmp started coverage on FedEx in a report on Wednesday, July 15th. They set a “market outperform” rating and a $375.00 price objective on the stock. JPMorgan Chase & Co. restated a “buy” rating on shares of FedEx in a research report on Friday, June 26th. Finally, Argus upped their target price on FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $350.54.

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.