FedEx Corporation $FDX Shares Purchased by Saudi Central Bank

Saudi Central Bank grew its position in FedEx Corporation (NYSE:FDX) by 87.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 15,450 shares of the shipping service provider’s stock after acquiring an additional 7,205 shares during the quarter. Saudi Central Bank’s holdings in FedEx were worth $4,838,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Angeles Wealth Management LLC boosted its position in shares of FedEx by 2.5% in the second quarter. Angeles Wealth Management LLC now owns 1,664 shares of the shipping service provider’s stock worth $523,000 after buying an additional 40 shares during the period. Compass Financial Management LLC bought a new stake in FedEx in the second quarter valued at about $105,000. AlphaGrep UK Ltd acquired a new stake in shares of FedEx during the 2nd quarter valued at approximately $603,000. MW Advisory LLC acquired a new stake in shares of FedEx during the second quarter worth $444,000. Finally, Markowski Investments acquired a new position in FedEx in the second quarter valued at approximately $37,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

FedEx Stock Performance

FedEx stock opened at $322.11 on Monday. FedEx Corporation has a 52-week low of $177.65 and a 52-week high of $345.36. The firm has a market capitalization of $76.23 billion, a P/E ratio of 17.40, a P/E/G ratio of 1.71 and a beta of 1.32. The stock has a fifty day moving average price of $319.36 and a two-hundred day moving average price of $348.92. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44.

FedEx (NYSE:FDX) last issued its quarterly earnings data on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share 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 for the quarter. As a group, analysts anticipate that FedEx Corporation will post 17.6 EPS for the current fiscal year.

FedEx Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders 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 dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, September 14th. FedEx’s dividend payout ratio is 26.36%.

Insider Activity

In related news, Director Paul Walsh sold 5,042 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total value of $1,636,431.52. Following the transaction, the director owned 16,359 shares in the company, valued at $5,309,477.04. This trade 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 the SEC website. 0.65% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FDX shares. Truist Financial dropped their target price on FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a research report on Thursday, June 25th. BMO Capital Markets reiterated a “market perform” rating on shares of FedEx in a research report on Wednesday, June 24th. Wall Street Zen upgraded shares of FedEx to a “hold” rating in a research report on Saturday, August 8th. The Goldman Sachs Group dropped their price target on FedEx from $405.00 to $375.00 and set a “buy” rating on the stock in a research note on Monday, June 1st. Finally, Citigroup initiated coverage on shares of FedEx in a research report on Wednesday, July 15th. They set an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, FedEx currently has an average rating of “Moderate Buy” and an average target price of $350.54.

About FedEx

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.