Northcape Wealth Management LLC Acquires New Holdings in FedEx Corporation $FDX

Northcape Wealth Management LLC bought a new position in shares of FedEx Corporation (NYSE:FDX) during the second quarter, Holdings Channel reports. The fund bought 2,698 shares of the shipping service provider’s stock, valued at approximately $845,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Edmond DE Rothschild Holding S.A. bought a new position in FedEx in the 2nd quarter valued at $719,000. CM Wealth Advisors LLC bought a new position in shares of FedEx in the second quarter worth $265,000. Csenge Advisory Group bought a new position in shares of FedEx in the second quarter worth $688,000. AssuredPartners Investment Advisors LLC purchased a new stake in shares of FedEx in the second quarter worth $202,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of FedEx in the second quarter worth $170,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on FDX. Citizens Jmp assumed coverage on FedEx in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $375.00 target price for the company. Seaport Research Partners initiated coverage on FedEx in a report on Wednesday, May 27th. They issued a “buy” rating on the stock. TD Cowen dropped their price target on FedEx from $426.00 to $354.00 in a research report on Wednesday, June 24th. Bank of America boosted their price objective on FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Citigroup started coverage on shares of FedEx in a research report on Wednesday, July 15th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $350.54.

Insider Activity

In other news, Director Paul S. Walsh sold 5,042 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This trade represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

FedEx Trading Down 0.1%

NYSE FDX opened at $328.07 on Thursday. The firm has a market cap of $77.65 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 1.69 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 stock has a 50-day moving average of $319.53 and a 200-day moving average of $351.69. 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 (NYSE:FDX) last posted its quarterly earnings results on Tuesday, July 21st. The shipping service provider reported $5.88 earnings per share (EPS) for the quarter. The business had revenue of $23.26 billion for the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, sell-side analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were issued a $1.22 dividend. The ex-dividend date was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s dividend payout ratio (DPR) 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.