Envestnet Asset Management Inc. Trims Stake in FedEx Co. (NYSE:FDX)

Posted by MarketBeat News on Aug 1st, 2022

Envestnet Asset Management Inc. reduced its stake in shares of FedEx Co. (NYSE:FDX – Get Rating) by 8.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 153,039 shares of the shipping service provider’s stock after selling 14,114 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of FedEx worth $35,412,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Dodge & Cox raised its position in FedEx by 22.2% during the fourth quarter. Dodge & Cox now owns 16,674,920 shares of the shipping service provider’s stock valued at $4,312,801,000 after acquiring an additional 3,031,046 shares in the last quarter. Geode Capital Management LLC increased its position in shares of FedEx by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 4,062,836 shares of the shipping service provider’s stock valued at $1,047,785,000 after buying an additional 153,131 shares in the last quarter. Norges Bank purchased a new stake in shares of FedEx in the fourth quarter valued at approximately $593,029,000. Invesco Ltd. increased its position in shares of FedEx by 13.1% in the fourth quarter. Invesco Ltd. now owns 1,796,457 shares of the shipping service provider’s stock valued at $464,636,000 after buying an additional 207,441 shares in the last quarter. Finally, Southeastern Asset Management Inc. TN increased its position in shares of FedEx by 26.0% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 1,447,324 shares of the shipping service provider’s stock valued at $374,336,000 after buying an additional 298,865 shares in the last quarter. 79.92% of the stock is currently owned by hedge funds and other institutional investors.

FedEx Stock Performance

Shares of FedEx stock opened at $233.09 on Monday. FedEx Co. has a 52 week low of $192.82 and a 52 week high of $282.88. The business’s fifty day simple moving average is $223.73 and its 200-day simple moving average is $222.15. The firm has a market cap of $60.57 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 0.81 and a beta of 1.23. The company has a quick ratio of 1.38, a current ratio of 1.43 and a debt-to-equity ratio of 0.81.

FedEx (NYSE:FDX – Get Rating) last posted its quarterly earnings data on Thursday, June 23rd. The shipping service provider reported $6.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.91 by ($0.04). The firm had revenue of $24.39 billion during the quarter, compared to analysts’ expectations of $24.28 billion. FedEx had a net margin of 4.09% and a return on equity of 22.29%. During the same quarter in the prior year, the firm posted $5.01 EPS. Equities analysts forecast that FedEx Co. will post 23.16 earnings per share for the current year.

FedEx Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 11th. Investors of record on Monday, June 27th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 1.97%. The ex-dividend date was Friday, June 24th. This is an increase from FedEx’s previous quarterly dividend of $0.75. FedEx’s payout ratio is currently 32.17%.

Insider Activity at FedEx

In related news, EVP Robert B. Carter sold 12,310 shares of the business’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $230.61, for a total value of $2,838,809.10. Following the sale, the executive vice president now owns 54,916 shares in the company, valued at approximately $12,664,178.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Amy B. Lane purchased 607 shares of the business’s stock in a transaction on Thursday, June 30th. The shares were bought at an average price of $228.12 per share, for a total transaction of $138,468.84. Following the acquisition, the director now directly owns 686 shares in the company, valued at $156,490.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert B. Carter sold 12,310 shares of the company’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $230.61, for a total value of $2,838,809.10. Following the sale, the executive vice president now owns 54,916 shares in the company, valued at approximately $12,664,178.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,955 shares of company stock worth $7,296,828. 8.16% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. StockNews.com cut FedEx from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 21st. Credit Suisse Group set a $314.00 price objective on FedEx in a research report on Thursday, July 7th. JPMorgan Chase & Co. set a $284.00 price target on FedEx in a research note on Thursday, June 30th. Barclays set a $320.00 price target on FedEx in a research note on Friday, June 24th. Finally, Bank of America lifted their price target on FedEx from $276.00 to $287.00 in a research note on Thursday, June 30th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $297.50.

FedEx Company Profile

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FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border e-commerce technology and e-commerce transportation solutions.