HBK Sorce Advisory LLC Makes New $764,000 Investment in FedEx Corporation $FDX

HBK Sorce Advisory LLC purchased a new position in shares of FedEx Corporation (NYSE:FDX) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 2,459 shares of the shipping service provider’s stock, valued at approximately $764,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FDX. Sivia Capital Partners LLC purchased a new stake in shares of FedEx during the 2nd quarter worth approximately $586,000. Canada Post Corp Registered Pension Plan increased its stake in FedEx by 85.9% in the 4th quarter. Canada Post Corp Registered Pension Plan now owns 6,792 shares of the shipping service provider’s stock valued at $1,962,000 after purchasing an additional 3,138 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in FedEx by 19.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,822 shares of the shipping service provider’s stock worth $12,081,000 after purchasing an additional 6,864 shares during the last quarter. North Dakota State Investment Board acquired a new position in FedEx during the fourth quarter worth $2,122,000. Finally, OMERS ADMINISTRATION Corp boosted its position in FedEx by 104.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 17,319 shares of the shipping service provider’s stock worth $6,169,000 after purchasing an additional 8,868 shares in the last quarter. Institutional investors and hedge funds own 84.47% of the company’s stock.

Insider Transactions at FedEx

In other news, Director Paul S. Walsh sold 5,042 shares of the business’s stock in a transaction on 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 sale, the director owned 16,359 shares of the company’s stock, valued at approximately $5,309,477.04. The trade was a 23.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

FedEx Price Performance

Shares of FDX opened at $331.86 on Tuesday. FedEx Corporation has a one year low of $177.05 and a one year high of $345.36. The stock’s fifty day moving average is $319.43 and its 200-day moving average is $351.54. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.44 and a current ratio of 1.48. The firm has a market capitalization of $78.51 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.30.

FedEx (NYSE:FDX) last announced 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 anticipate 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. Shareholders of record on Monday, June 22nd were given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio is 26.36%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Raymond James Financial reduced their price objective on FedEx from $415.00 to $330.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 24th. UBS Group cut their target price on FedEx from $445.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Citizens Jmp initiated coverage on shares of FedEx in a research report on Wednesday, July 15th. They set a “market outperform” rating and a $375.00 target price for the company. Stephens upgraded shares of FedEx to a “strong-buy” rating in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of FedEx in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.