Pallas Capital Advisors LLC Purchases New Holdings in FedEx Corporation $FDX

Pallas Capital Advisors LLC acquired a new position in shares of FedEx Corporation (NYSE:FDX) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 9,961 shares of the shipping service provider’s stock, valued at approximately $3,119,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of FedEx by 4.2% during the fourth quarter. State Street Corp now owns 9,521,691 shares of the shipping service provider’s stock worth $2,763,824,000 after purchasing an additional 382,848 shares during the period. Franklin Resources Inc. increased its stake in FedEx by 6.6% in the 4th quarter. Franklin Resources Inc. now owns 5,133,231 shares of the shipping service provider’s stock valued at $1,482,785,000 after buying an additional 318,293 shares during the period. Geode Capital Management LLC increased its stake in FedEx by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,985,778 shares of the shipping service provider’s stock valued at $1,443,666,000 after buying an additional 45,818 shares during the period. Invesco Ltd. raised its position in FedEx by 3.1% during the 3rd quarter. Invesco Ltd. now owns 3,618,898 shares of the shipping service provider’s stock worth $853,372,000 after buying an additional 108,426 shares during the last quarter. Finally, Norges Bank purchased a new position in FedEx during the 4th quarter worth $859,085,000. 84.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at FedEx

In related news, Director Paul S. Walsh sold 5,042 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

FedEx Price Performance

Shares of NYSE:FDX opened at $331.86 on Tuesday. FedEx Corporation has a 12 month low of $177.05 and a 12 month high of $345.36. 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. The business’s 50 day simple moving average is $319.43 and its 200-day simple moving average is $351.54. 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 (EPS) for the quarter. The firm had revenue of $23.26 billion during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, equities analysts forecast that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were given 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 payout ratio is currently 26.36%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on FDX shares. Barclays lowered their target price on shares of FedEx from $450.00 to $425.00 and set an “overweight” rating on the stock in a report on Wednesday, June 17th. Deutsche Bank Aktiengesellschaft cut shares of FedEx from a “buy” rating to a “hold” rating in a report on Wednesday, May 27th. Raymond James Financial lowered their price objective on FedEx from $415.00 to $330.00 and set an “outperform” rating on the stock in a report on Wednesday, June 24th. Jefferies Financial Group started coverage on FedEx in a research report on Tuesday, June 23rd. They set a “buy” rating and a $200.00 target price on the stock. Finally, Stifel Nicolaus cut their target price on FedEx from $442.00 to $326.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus 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.