Royal Bank of Canada Buys 134,945 Shares of FedEx Corporation $FDX

Royal Bank of Canada increased its position in shares of FedEx Corporation (NYSE:FDX) by 15.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 996,783 shares of the shipping service provider’s stock after acquiring an additional 134,945 shares during the period. Royal Bank of Canada’s holdings in FedEx were worth $355,035,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FDX. Richwood Investment Advisors LLC boosted its position in FedEx by 3.5% during the 1st quarter. Richwood Investment Advisors LLC now owns 2,681 shares of the shipping service provider’s stock worth $955,000 after buying an additional 90 shares during the period. Rokos Capital Management LLP acquired a new stake in FedEx in the first quarter worth $7,350,000. Electron Capital Partners LLC acquired a new position in shares of FedEx during the first quarter valued at about $56,691,000. Empowered Funds LLC boosted its holdings in FedEx by 8.6% in the first quarter. Empowered Funds LLC now owns 32,867 shares of the shipping service provider’s stock worth $11,707,000 after acquiring an additional 2,605 shares in the last quarter. Finally, Envision Financial Planning LLC bought a new position in shares of FedEx in the 1st quarter worth $216,000. Institutional investors own 84.47% of the company’s stock.

Insider Activity at FedEx

In other 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 transaction of $1,636,431.52. Following the sale, the director 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 can be accessed through this link. 0.53% of the stock is owned by insiders.

FedEx Price Performance

FedEx stock opened at $308.96 on Thursday. FedEx Corporation has a 52 week low of $172.88 and a 52 week high of $345.36. The business has a 50-day simple moving average of $332.02 and a 200 day simple moving average of $350.48. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The stock has a market cap of $73.10 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.61 and a beta of 1.29.

FedEx (NYSE:FDX) last released its quarterly 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 for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. On average, research analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FDX shares. JPMorgan Chase & Co. restated a “buy” rating on shares of FedEx in a report on Friday, June 26th. Argus lifted their price target on shares of FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, April 6th. Barclays dropped their price target on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 17th. HSBC cut their target price on shares of FedEx from $360.00 to $289.89 and set a “hold” rating for the company in a research report on Monday, June 1st. Finally, BNP Paribas Exane reduced their price target on FedEx from $335.00 to $269.76 and set a “neutral” rating for the company in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $350.54.

FedEx 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.