Maverick Capital Ltd. Lowers Position in FedEx Corporation $FDX

Maverick Capital Ltd. trimmed its position in shares of FedEx Corporation (NYSE:FDX) by 92.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,980 shares of the shipping service provider’s stock after selling 23,043 shares during the quarter. Maverick Capital Ltd.’s holdings in FedEx were worth $705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Excelsior Advisor Network LLC bought a new stake in FedEx in the 1st quarter worth about $237,000. Quantinno Capital Management LP increased its stake in FedEx by 24.3% in the 1st quarter. Quantinno Capital Management LP now owns 164,212 shares of the shipping service provider’s stock valued at $58,489,000 after buying an additional 32,067 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of FedEx by 51.9% during the 1st quarter. Lazard Asset Management LLC now owns 1,394 shares of the shipping service provider’s stock worth $497,000 after buying an additional 476 shares in the last quarter. Family Manage LLC bought a new position in shares of FedEx during the 1st quarter worth approximately $274,000. Finally, Intelligence Driven Advisers LLC purchased a new position in shares of FedEx in the 1st quarter worth approximately $249,000. Institutional investors own 84.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on FDX shares. Rothschild & Co Redburn reduced their target price on FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a report on Tuesday, June 2nd. Argus boosted their price objective on FedEx from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Monday, April 6th. Wolfe Research reduced their price objective on FedEx from $427.00 to $423.00 and set an “outperform” rating for the company in a research note on Tuesday, April 7th. The Goldman Sachs Group reduced their price objective on FedEx from $405.00 to $375.00 and set a “buy” rating for the company in a research note on Monday, June 1st. Finally, Truist Financial lowered their target price on FedEx from $425.00 to $365.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $350.54.

FedEx Price Performance

Shares of NYSE:FDX opened at $313.08 on Wednesday. The company has a 50-day moving average price of $333.57 and a two-hundred day moving average price of $350.48. FedEx Corporation has a twelve month low of $172.88 and a twelve month high of $345.36. The company has a quick ratio of 1.44, a current ratio of 1.48 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $74.07 billion, a PE ratio of 16.91, a P/E/G ratio of 1.60 and a beta of 1.29.

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. FedEx had a return on equity of 16.49% and a net margin of 4.68%.The business had revenue of $23.26 billion for the quarter. Equities analysts forecast that FedEx Corporation will post 17.6 EPS for the current year.

FedEx Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Stockholders of record on Monday, June 22nd were given a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Monday, June 22nd. FedEx’s dividend payout ratio (DPR) is 26.36%.

Insider Buying and Selling

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

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.