Cibc World Market Inc. Takes $19.07 Million Position in FedEx Corporation $FDX

Cibc World Market Inc. bought a new stake in shares of FedEx Corporation (NYSE:FDX) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 60,916 shares of the shipping service provider’s stock, valued at approximately $19,075,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Hollencrest Capital Management purchased a new stake in shares of FedEx during the first quarter valued at approximately $25,000. Bayban bought a new position in shares of FedEx in the first quarter worth approximately $26,000. Solstein Capital LLC purchased a new position in shares of FedEx in the second quarter worth $27,000. Cedar Mountain Advisors LLC raised its holdings in FedEx by 77.4% during the 1st quarter. Cedar Mountain Advisors LLC now owns 94 shares of the shipping service provider’s stock valued at $33,000 after buying an additional 41 shares during the last quarter. Finally, EFG International AG bought a new stake in FedEx during the 4th quarter valued at $27,000. 84.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company cut their price target on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Wednesday, June 17th. Citigroup initiated coverage on shares of FedEx in a research note on Wednesday, July 15th. They set an “outperform” rating for the company. Sanford C. Bernstein set a $397.00 target price on shares of FedEx in a report on Wednesday, June 24th. Weiss Ratings raised FedEx from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. Finally, Seaport Research Partners initiated coverage on FedEx in a report on Wednesday, May 27th. They set a “buy” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

FedEx Stock Up 2.8%

Shares of FedEx stock opened at $334.05 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.74. FedEx Corporation has a 12-month low of $177.05 and a 12-month high of $345.36. The company has a market cap of $79.06 billion, a P/E ratio of 18.05, a PEG ratio of 1.67 and a beta of 1.30. The company’s fifty day simple moving average is $318.95 and its two-hundred day simple moving average is $351.51.

FedEx (NYSE:FDX) last posted its earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 EPS for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a net margin of 4.68% and a return on equity of 16.49%. Research analysts anticipate that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Announces Dividend

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

Insider Buying and Selling

In other FedEx news, Director Paul S. Walsh sold 5,042 shares of FedEx stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the sale, the director directly owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.65% of the stock is owned by company insiders.

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.