Processus Wealth & Capital Management LLC Sells 1,810 Shares of FedEx Corporation $FDX

Processus Wealth & Capital Management LLC lessened its stake in shares of FedEx Corporation (NYSE:FDX) by 12.1% during the second quarter, Holdings Channel reports. The fund owned 13,181 shares of the shipping service provider’s stock after selling 1,810 shares during the quarter. FedEx comprises 1.4% of Processus Wealth & Capital Management LLC’s investment portfolio, making the stock its 24th largest position. Processus Wealth & Capital Management LLC’s holdings in FedEx were worth $4,127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FDX. Norges Bank bought a new stake in FedEx in the fourth quarter valued at $859,085,000. Boston Partners acquired a new position in shares of FedEx during the third quarter valued at about $468,195,000. AQR Capital Management LLC boosted its position in shares of FedEx by 169.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,733,905 shares of the shipping service provider’s stock worth $638,203,000 after purchasing an additional 1,718,278 shares in the last quarter. Waddell & Associates LLC boosted its position in shares of FedEx by 164.0% during the 4th quarter. Waddell & Associates LLC now owns 1,188,140 shares of the shipping service provider’s stock worth $343,206,000 after purchasing an additional 738,122 shares in the last quarter. Finally, Amundi grew its stake in shares of FedEx by 181.9% in the 1st quarter. Amundi now owns 1,015,844 shares of the shipping service provider’s stock valued at $361,823,000 after buying an additional 655,504 shares during the period. 84.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Barclays decreased their target price on FedEx from $450.00 to $425.00 and set an “overweight” rating for the company in a research report on Wednesday, June 17th. Seaport Research Partners began coverage on FedEx in a research note on Wednesday, May 27th. They issued a “buy” rating for the company. Rothschild & Co Redburn decreased their price objective on FedEx from $375.00 to $344.00 and set a “neutral” rating for the company in a report on Tuesday, June 2nd. Stephens raised FedEx to a “strong-buy” rating in a research report on Wednesday, July 8th. Finally, Bank of America increased their target price on FedEx from $376.00 to $378.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, FedEx has a consensus rating of “Moderate Buy” and an average price target of $350.54.

Insider Activity

In related news, Director Paul S. Walsh sold 5,042 shares of the company’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $324.56, for a total transaction of $1,636,431.52. Following the completion of the sale, the director owned 16,359 shares in the company, valued at approximately $5,309,477.04. This represents a 23.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

FedEx Trading Up 1.2%

FDX opened at $326.14 on Thursday. FedEx Corporation has a fifty-two week low of $176.00 and a fifty-two week high of $345.36. The firm has a market capitalization of $77.16 billion, a PE ratio of 17.62, a P/E/G ratio of 1.66 and a beta of 1.30. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.48 and a quick ratio of 1.44. The company’s 50-day moving average is $319.09 and its 200 day moving average is $350.93.

FedEx (NYSE:FDX) last released 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 during the quarter. FedEx had a return on equity of 16.49% and a net margin of 4.68%. As a group, research analysts predict that FedEx Corporation will post 17.6 earnings per share for the current fiscal year.

FedEx Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Monday, June 22nd were given a dividend of $1.22 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $4.88 annualized dividend and a dividend yield of 1.5%. FedEx’s payout ratio is presently 26.36%.

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.