FedEx Corporation $FDX Stock: Sterling Capital Management LLC Reduces Position

Sterling Capital Management LLC reduced its position in FedEx Corporation (NYSE:FDX) by 43.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 23,306 shares of the shipping service provider’s stock after selling 17,677 shares during the period. Sterling Capital Management LLC’s holdings in FedEx were worth $6,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of FedEx during the 2nd quarter valued at $6,508,103,000. Primecap Management Co. CA bought a new position in shares of FedEx during the 2nd quarter worth $2,554,138,000. Dimensional Fund Advisors LP grew its stake in shares of FedEx by 2.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,630,669 shares of the shipping service provider’s stock worth $936,688,000 after acquiring an additional 52,963 shares during the period. Bank of New York Mellon Corp increased its holdings in FedEx by 6.3% in the 1st quarter. Bank of New York Mellon Corp now owns 2,134,672 shares of the shipping service provider’s stock worth $760,328,000 after acquiring an additional 125,950 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in FedEx in the 2nd quarter worth about $579,171,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FDX shares. Truist Financial lowered their price objective on FedEx from $365.00 to $350.00 and set a “buy” rating on the stock in a research note on Wednesday, October 7th. Weiss Ratings lowered shares of FedEx from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 2nd. Raymond James Financial reiterated an “outperform” rating on shares of FedEx in a research report on Thursday, October 15th. Wall Street Zen upgraded shares of FedEx to a “hold” rating in a research note on Saturday, August 8th. Finally, Citigroup reissued a “cautious” rating on shares of FedEx in a research report on Wednesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $354.64.

FedEx Stock Performance

Shares of FDX opened at $298.66 on Friday. The company has a market cap of $70.68 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.53 and a beta of 1.28. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. The stock has a 50-day moving average price of $306.35 and a 200-day moving average price of $332.16. FedEx Corporation has a 12-month low of $190.75 and a 12-month high of $345.36.

FedEx Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Monday, September 14th were given a $1.22 dividend. This represents a $4.88 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, September 14th. FedEx’s dividend payout ratio is 26.36%.

About FedEx

FedEx Corporation (NYSE: FDX) 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, customs brokerage, logistics and supply chain services for businesses, governments and consumers.

The company’s services include domestic and international package delivery, less-than-truckload freight transportation, warehousing, fulfillment, supply chain management and specialized logistics solutions.