Proficio Capital Partners LLC Makes New Investment in FedEx Corporation $FDX

Proficio Capital Partners LLC purchased a new stake in shares of FedEx Corporation (NYSE:FDX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,438 shares of the shipping service provider’s stock, valued at approximately $1,076,000.

A number of other hedge funds have also recently modified their holdings of FDX. BlackRock Inc. purchased a new position in FedEx during the second quarter worth about $6,508,103,000. Primecap Management Co. CA purchased a new stake in shares of FedEx in the 2nd quarter valued at approximately $2,554,138,000. Norges Bank acquired a new stake in shares of FedEx during the 4th quarter worth approximately $859,085,000. Boston Partners purchased a new stake in shares of FedEx during the 3rd quarter valued at approximately $468,195,000. Finally, Bank of America Corp DE acquired a new position in FedEx in the second quarter valued at approximately $579,171,000. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Wall Street Analyst Weigh In

FDX has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 17th. Stephens upgraded shares of FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. Wall Street Zen raised shares of FedEx to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of FedEx from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 18th. Finally, Stifel Nicolaus decreased their price objective on shares of FedEx from $442.00 to $326.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $350.54.

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 value of $1,636,431.52. Following the sale, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.65% of the company’s stock.

FedEx Trading Up 0.8%

NYSE FDX opened at $336.52 on Thursday. FedEx Corporation has a one year low of $177.05 and a one year high of $345.36. The firm has a 50 day simple moving average of $319.13 and a 200-day simple moving average of $351.11. The firm has a market cap of $79.64 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 1.72 and a beta of 1.30. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48.

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

FedEx Dividend Announcement

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

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.