The Manufacturers Life Insurance Company Invests $78.56 Million in FedEx Corporation $FDX

The Manufacturers Life Insurance Company purchased a new position in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 250,885 shares of the shipping service provider’s stock, valued at approximately $78,560,000. The Manufacturers Life Insurance Company owned 0.11% of FedEx as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of FedEx during the 2nd quarter valued at $6,508,103,000. State Street Corp raised its holdings in shares of FedEx by 4.2% during 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 acquiring an additional 382,848 shares in the last quarter. Franklin Resources Inc. boosted its position in FedEx by 6.6% during the fourth quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after purchasing an additional 318,293 shares during the last quarter. Geode Capital Management LLC boosted its position in FedEx by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock valued at $1,443,666,000 after purchasing an additional 45,818 shares during the last quarter. Finally, Invesco Ltd. grew its stake in FedEx by 3.1% in the third quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock valued at $853,372,000 after purchasing an additional 108,426 shares in the last quarter. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Performance

FDX opened at $333.54 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The company has a market cap of $78.94 billion, a PE ratio of 18.02, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30. The stock has a 50-day moving average of $318.91 and a 200-day moving average of $351.31. FedEx Corporation has a 52-week low of $177.05 and a 52-week 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 firm 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%. As a group, equities research analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Dividend Announcement

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

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FDX shares. HSBC dropped their target price on FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a research report on Monday, June 1st. UBS Group lowered their price target on FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Sanford C. Bernstein set a $397.00 price objective on FedEx in a report on Wednesday, June 24th. Bank of America raised their price objective on shares of FedEx from $376.00 to $378.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Evercore set a $165.00 target price on shares of FedEx in a research note on Friday, June 26th. One research 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 assigned a Sell rating to the company. According to data from MarketBeat.com, FedEx has an average rating of “Moderate Buy” and an average price target 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.