Profund Advisors LLC Increases Stock Holdings in FedEx Co. (NYSE:FDX)

Posted by on Apr 23rd, 2023

Profund Advisors LLC lifted its position in FedEx Co. (NYSE:FDX – Get Rating) by 26.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,664 shares of the shipping service provider’s stock after buying an additional 555 shares during the quarter. Profund Advisors LLC’s holdings in FedEx were worth $461,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Davidson Investment Advisors lifted its holdings in shares of FedEx by 7.1% in the fourth quarter. Davidson Investment Advisors now owns 63,836 shares of the shipping service provider’s stock worth $11,056,000 after buying an additional 4,256 shares in the last quarter. Resources Investment Advisors LLC. raised its stake in FedEx by 57.4% in the fourth quarter. Resources Investment Advisors LLC. now owns 2,691 shares of the shipping service provider’s stock valued at $466,000 after purchasing an additional 981 shares in the last quarter. W.H. Cornerstone Investments Inc. raised its stake in FedEx by 6.0% in the fourth quarter. W.H. Cornerstone Investments Inc. now owns 4,704 shares of the shipping service provider’s stock valued at $887,000 after purchasing an additional 265 shares in the last quarter. Sittner & Nelson LLC raised its stake in FedEx by 20.1% in the fourth quarter. Sittner & Nelson LLC now owns 1,933 shares of the shipping service provider’s stock valued at $335,000 after purchasing an additional 324 shares in the last quarter. Finally, TFG Advisers LLC raised its stake in FedEx by 5.7% in the fourth quarter. TFG Advisers LLC now owns 4,359 shares of the shipping service provider’s stock valued at $755,000 after purchasing an additional 235 shares in the last quarter. 72.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FDX shares. Barclays raised their target price on shares of FedEx from $240.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, March 17th. Bank of America raised their target price on shares of FedEx from $233.00 to $305.00 in a research note on Friday, March 17th. Susquehanna lifted their price target on shares of FedEx from $170.00 to $225.00 in a research note on Friday, March 17th. Morgan Stanley lifted their price target on shares of FedEx from $145.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 6th. Finally, Credit Suisse Group lifted their price target on shares of FedEx from $269.00 to $273.00 and gave the stock an “outperform” rating in a research note on Monday, April 3rd. Ten investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $241.41.

Insider Buying and Selling at FedEx

In other FedEx news, CEO Rajesh Subramaniam sold 11,125 shares of the firm’s stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $231.01, for a total transaction of $2,569,986.25. Following the completion of the transaction, the chief executive officer now owns 39,483 shares of the company’s stock, valued at $9,120,967.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other FedEx news, CEO Rajesh Subramaniam sold 11,125 shares of the firm’s stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $231.01, for a total transaction of $2,569,986.25. Following the completion of the transaction, the chief executive officer now owns 39,483 shares of the company’s stock, valued at $9,120,967.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Stephen E. Gorman acquired 1,080 shares of the stock in a transaction on Wednesday, April 12th. The shares were purchased at an average cost of $230.75 per share, with a total value of $249,210.00. Following the transaction, the director now directly owns 1,258 shares of the company’s stock, valued at approximately $290,283.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 146,486 shares of company stock valued at $34,001,009. 8.62% of the stock is currently owned by company insiders.

FedEx Stock Performance

NYSE:FDX opened at $230.44 on Friday. The stock has a market cap of $57.92 billion, a P/E ratio of 19.90, a price-to-earnings-growth ratio of 1.28 and a beta of 1.33. The firm’s fifty day simple moving average is $216.40 and its 200 day simple moving average is $189.46. FedEx Co. has a twelve month low of $141.92 and a twelve month high of $248.76. The company has a quick ratio of 1.27, a current ratio of 1.32 and a debt-to-equity ratio of 0.81.

FedEx (NYSE:FDX – Get Rating) last released its quarterly earnings results on Thursday, March 16th. The shipping service provider reported $3.41 earnings per share for the quarter, beating the consensus estimate of $2.67 by $0.74. The business had revenue of $22.17 billion for the quarter, compared to analysts’ expectations of $22.74 billion. FedEx had a net margin of 3.23% and a return on equity of 17.71%. The firm’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.59 earnings per share. As a group, research analysts predict that FedEx Co. will post 14.93 EPS for the current year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Monday, June 12th will be given a dividend of $1.26 per share. The ex-dividend date is Friday, June 9th. This represents a $5.04 annualized dividend and a yield of 2.19%. This is a positive change from FedEx’s previous quarterly dividend of $1.15. FedEx’s dividend payout ratio (DPR) is currently 39.72%.

FedEx Profile

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FedEx Corp. provides a broad portfolio of transportation, e-commerce and business services under the FedEx brand. It operates through the following segments: FedEx Express, FedEx Ground, FedEx Freight, FedEx Services, and Corporate, Other & Eliminations. The FedEx Express segment consists of domestic and international shipping services for delivery of packages and freight.

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Institutional Ownership by Quarter for FedEx (NYSE:FDX)

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