Primecap Management Co. CA Acquires New Position in FedEx Corporation $FDX

Primecap Management Co. CA bought a new position in shares of FedEx Corporation (NYSE:FDX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,156,799 shares of the shipping service provider’s stock, valued at approximately $2,554,138,000. FedEx comprises 1.5% of Primecap Management Co. CA’s portfolio, making the stock its 13th biggest holding. Primecap Management Co. CA owned approximately 3.45% of FedEx as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of FDX. Brighton Jones LLC boosted its holdings in shares of FedEx by 12.8% during the fourth quarter. Brighton Jones LLC now owns 1,825 shares of the shipping service provider’s stock worth $514,000 after purchasing an additional 207 shares during the last quarter. Empowered Funds LLC increased its stake in FedEx by 78.9% in the first quarter. Empowered Funds LLC now owns 10,311 shares of the shipping service provider’s stock valued at $2,514,000 after purchasing an additional 4,548 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in FedEx in the second quarter valued at $586,000. Quantbot Technologies LP purchased a new position in FedEx during the second quarter worth about $186,000. Finally, Jump Financial LLC purchased a new position in FedEx during the second quarter worth about $456,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $324.56, for a total value of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares of the company’s stock, valued at $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FDX. Barclays dropped their price objective on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a research note on Wednesday, June 17th. Wall Street Zen raised shares of FedEx to a “hold” rating in a research report on Saturday, August 8th. UBS Group lowered their target price on shares of FedEx from $445.00 to $350.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. HSBC cut their price target on shares of FedEx from $360.00 to $289.89 and set a “hold” rating on the stock in a research note on Monday, June 1st. Finally, Rothschild & Co Redburn decreased their price target on shares of FedEx from $375.00 to $344.00 and set a “neutral” rating on the stock in a report on Tuesday, June 2nd. One investment 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’s stock. According to data from MarketBeat.com, FedEx has an average rating of “Moderate Buy” and a consensus target price of $350.54.

FedEx Stock Performance

NYSE FDX opened at $333.54 on Wednesday. The firm has a market capitalization of $78.94 billion, a P/E ratio of 18.02, a P/E/G ratio of 1.72 and a beta of 1.30. FedEx Corporation has a 1-year low of $177.05 and a 1-year high of $345.36. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The business’s 50-day simple moving average is $318.91 and its 200-day simple moving average is $351.31.

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

FedEx Announces Dividend

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

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.