Norges Bank Buys Shares of 2,974,052 FedEx Corporation $FDX

Norges Bank bought a new stake in shares of FedEx Corporation (NYSE:FDX) in the fourth quarter, HoldingsChannel.com reports. The firm bought 2,974,052 shares of the shipping service provider’s stock, valued at approximately $859,085,000.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Watch Advisors INC purchased a new stake in FedEx during the 3rd quarter valued at $28,000. Ameriflex Group Inc. raised its stake in FedEx by 103.3% during the 3rd quarter. Ameriflex Group Inc. now owns 124 shares of the shipping service provider’s stock valued at $29,000 after buying an additional 63 shares during the last quarter. Ulland Investment Advisors LLC purchased a new stake in FedEx during the 4th quarter valued at $29,000. Tucker Asset Management LLC purchased a new stake in FedEx during the 4th quarter valued at $29,000. Finally, ORG Partners LLC raised its stake in FedEx by 50.0% during the 4th quarter. ORG Partners LLC now owns 105 shares of the shipping service provider’s stock valued at $30,000 after buying an additional 35 shares during the last quarter. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

FedEx News Summary

Here are the key news stories impacting FedEx this week:

• Positive Sentiment: FedEx Freight’s spinoff is set to go live on June 1, and Wall Street commentary suggests the separation could unlock value for FedEx’s remaining business by sharpening its focus and simplifying the investment case. FedEx Freight (FDXF) Spinoff Goes Live June 1: Everything You Need to Know
• Positive Sentiment: JPMorgan reportedly turned constructive on FedEx ahead of the spinoff, saying the transaction could unlock more value for the parent company and supporting the stock as a buy idea. FedEx is a buy as freight business spinoff approaches, JPMorgan says
• Positive Sentiment: The new FedEx Freight company is expected to join major indexes quickly, including the S&P 500 and Dow Jones Transportation Average, which could create automatic index-related demand for the spun-off shares and reinforce investor attention on the separation. FedEx Freight Holding Set to Join Dow Jones Transportation Average
• Neutral Sentiment: Market coverage is also highlighting upcoming earnings and valuation debate around FedEx, with investors weighing whether the stock’s recent momentum can continue after the corporate restructuring.

Insiders Place Their Bets

In other FedEx news, EVP Tracy B. Brightman sold 16,959 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $363.47, for a total transaction of $6,164,087.73. Following the sale, the executive vice president directly owned 11,052 shares of the company’s stock, valued at $4,017,070.44. This trade represents a 60.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gina F. Adams sold 20,450 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $366.45, for a total value of $7,493,902.50. Following the sale, the executive vice president directly owned 19,403 shares in the company, valued at approximately $7,110,229.35. This represents a 51.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 48,104 shares of company stock valued at $17,599,006 in the last ninety days. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FDX shares. HSBC raised FedEx from a “reduce” rating to a “hold” rating and set a $360.00 target price on the stock in a report on Friday, March 20th. Susquehanna raised their target price on FedEx from $410.00 to $455.00 and gave the stock a “positive” rating in a report on Friday, March 20th. Wolfe Research decreased their target price on FedEx from $427.00 to $423.00 and set an “outperform” rating on the stock in a report on Tuesday, April 7th. Raymond James Financial raised their target price on FedEx from $305.00 to $410.00 and gave the stock an “outperform” rating in a report on Friday, February 13th. Finally, Argus raised their target price on FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, April 6th. Eighteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, FedEx currently has a consensus rating of “Moderate Buy” and an average price target of $400.69.

FedEx Price Performance

NYSE:FDX opened at $412.11 on Friday. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.77. The business’s 50-day simple moving average is $376.41 and its two-hundred day simple moving average is $338.03. The stock has a market cap of $98.33 billion, a PE ratio of 21.93, a P/E/G ratio of 1.57 and a beta of 1.29. FedEx Corporation has a 52 week low of $214.82 and a 52 week high of $413.87.

FedEx (NYSE:FDX) last posted its quarterly earnings results on Thursday, March 19th. The shipping service provider reported $5.25 EPS for the quarter, beating analysts’ consensus estimates of $4.12 by $1.13. The business had revenue of $24 billion for the quarter, compared to analysts’ expectations of $23.44 billion. FedEx had a return on equity of 16.76% and a net margin of 4.88%.The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the firm earned $4.51 earnings per share. As a group, analysts forecast that FedEx Corporation will post 19.63 EPS for the current fiscal year.

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.